Business
Co-Diagnostics, Inc. Reports 2019 Year-End Financial Results and Progress Updates
SALT LAKE CITY--(BUSINESS WIRE)-- Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development
About this update from Co-diagnostics, Inc.
[{"type":"text","content":" SALT LAKE CITY--(BUSINESS WIRE)--\nCo-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced the filing of their financial results for the fiscal year ending December 31, 2019, as well as updates on the Company’s growth and progress for 2019 and 2020 to date in the following areas:\n\n\nMilestones:\n\n\n\nA license agreement with LGC, Biosearch, an international leader in the extended life sciences sector whose footprint covers over 200 countries, was expanded to provide additional licensing opportunities, which the Company began to see realized in 2019.\n\n\nCompany launched its vector control vertical in mid-2019 and experienced growth in that sector throughout the year. Products launched for the vector control vertical in 2019 to identify the presence of infectious diseases in mosquito populations included multiplex tests for Zika/dengue/chikungunya, West Nile/St. Louis encephalitis/western equine encephalitis (WNV/SLEV/WEE), and West Nile/St. Louis encephalitis/eastern equine encephalitis (WNV/SLEV/EEE). EEE had a particularly deadly season in states along the eastern United States, and the development of this assay was a direct result of demand for the product.\n\n\nFollowing the outbreak in China beginning at the end of 2019, the Company was able to successfully leverage its unique, proprietary test design platform to design a test for COVID-19, to become the first U.S. company with a CE marking for that test, and to begin marketing as the pandemic grew. As a result of the Company’s high-quality test design, Co-Diagnostics was able to quickly establish a global network of clients, resulting in revenue in the first quarter of 2020 since the time that the CE marking was obtained. Sales will be further bolstered following an FDA policy which facilitated sales of the Company’s clinically evaluated coronavirus test to U.S. markets.\n\n\n\nStrategic Relationships:\n\n\n\nConstruction of the facility for CoSara Diagnostics Pvt Ltd., the Company’s joint venture with Synbiotics Limited for manufacturing and sales in India, saw its inaugural opening in April 2019. Later, CoSara received clearance by the CDSCO to be used as in vitro diagnostics for tuberculosis, human papillomavirus, hepatitis B, hepatitis C, and malaria.\n...