Company to use funds awarded by the Bill
& Melinda Gates Foundation toward the tuberculosis test for its
Co-Dx™ PCR platform
SALT
LAKE CITY, Nov. 2, 2023 /PRNewswire/ --
Co-Diagnostics, Inc. (Nasdaq: CODX) (the "Company" or
"Co-Dx"), a molecular diagnostics company with a unique, patented
platform for the development of molecular diagnostic tests, today
announced a grant awarded by the Bill & Melinda Gates
Foundation to support the tuberculosis (TB) test in development,
designed to be run on the upcoming Co-Dx™ PCR platform*. The amount
awarded is $8.976 million.
The Company's TB test, which Co-Dx has designed for afflicted
markets worldwide highly burdened by the disease, will be applied
towards regulatory and clinical validation activities, increasing
manufacturing capacity, and additional platform software
development.
The World Health Organization (WHO) has highlighted the need to
dramatically increase the availability of affordable, high-quality,
point-of-care TB diagnostics to enable more rapid treatment
decisions for TB, a disease that has a mortality rate of about 50%
if left untreated.
Dwight Egan, CEO of
Co-Diagnostics said, "Co-Dx is committed to making point-of-care TB
diagnostics more accessible around the world, and we are pleased
that this commitment will be supported by the additional proceeds
of this new grant as we follow through on our mission to prevent
the spread of infectious diseases by increasing the availability of
PCR diagnostics worldwide. The WHO estimates that nearly 40% of TB
cases went undiagnosed in 2021, or roughly 4.2 million, which
represents a significant opportunity for this new platform to make
a positive impact."
The grant will leverage the existing infrastructure and
manufacturing capabilities of Co-Diagnostics' joint venture in
India, CoSara Diagnostics. Those
assets will be enhanced and expanded to help meet the anticipated
demand for testing once the Co-Dx PCR platform, including the
associated TB test, is available.
Egan continued, "Co-Dx supports the WHO's and United Nations'
joint initiative to end the global TB epidemic by 2030, and we
expect that this new grant will help to accelerate the role the
Company is able to play in that initiative and to address the
shortfalls in TB diagnoses and treatment in the wake of
COVID-19."
*The Co-Dx PCR at-home and point-of-care platform (including
the PCR Home™, PCR Pro™, mobile app, and all associated tests) is
subject to review by the FDA and/or other regulatory bodies and is
not yet available for sale.
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a
Utah corporation, is a molecular
diagnostics company that develops, manufactures and markets
state-of-the-art diagnostics technologies. The Company's
technologies are utilized for tests that are designed using the
detection and/or analysis of nucleic acid molecules (DNA or RNA).
The Company also uses its proprietary technology to design specific
tests for its Co-Dx PCR at-home and point-of-care platform and to
locate genetic markers for use in applications other than
infectious diseases.
Forward-Looking Statements:
This press
release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(PSLRA) that are subject to a number of risks and uncertainties.
Forward-looking statements can be identified by words such as
"believes," "expects," "estimates," "intends," "may," "plans,"
"will" and similar expressions, or the negative of these words.
Such forward-looking statements are based on facts and conditions
as they exist at the time such statements are made and predictions
as to future facts and conditions. Forward-looking statements in
this release include statements regarding our belief that our new
platform will help support the worldwide effort to help prevent the
spread of TB, our belief that demand for TB tests will increase,
and our belief that our new platform has the potential to
dramatically improve access to diagnostics and reduce healthcare
costs. Actual results may differ materially from those contemplated
or anticipated by such forward-looking statements. Readers of this
press release are cautioned not to place undue reliance on any
forward-looking statements. There can be no assurance that any of
the anticipated results will occur on a timely basis or at all due
to certain risks and uncertainties, a discussion of which can be
found in our Risk Factors disclosure in our Annual Report on Form
10-K, filed with the Securities and Exchange Commission (SEC) on
March 16, 2023, and in our other
filings with the SEC. The Company does not undertake any obligation
to update any forward-looking statement relating to matters
discussed in this press release, except as may be required by
applicable securities laws.
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SOURCE Co-Diagnostics