Our strategy going forward is focused on making this next-generation healthcare solution available worldwide. “The infectious disease testing landscape has shifted dramatically in the past 2 years, especially as it relates to Covid,” continued Egan, “and we have long maintained that regular, efficient, affordable PCR tests at the point-of-care and especially in at-home settings is the only way to truly operationalize testing to the extent necessary to allow for a high quality of life in this changed world. The affordable single-use YourTest PCR Covid test cartridges is designed to work with either saliva or nasal swab samples would be analyzed in the reusable device with results displayed on users’ smartphones, pairing gold-standard PCR results with the affordability and speed of less accurate testing platforms.
The YourTest PCR device has been designed with highly specialized optics to accommodate multiplexed assays as the Company expands its suite of Eikon products to include additional respiratory and other infectious diseases utilizing the Company’s patented CoPrimer™ technology. We believe that this acquisition immediately increases the Company’s value and will allow for greater efficiency when developing future product iterations and as we begin principle and large-scale manufacturing of the device and initial Covid test, all with the additional financial benefit of allowing commercialization of these groundbreaking products without royalties or restrictions.”
#KIRK EASE DIAGNOSTICS SERIES#
Per the terms of the agreements, Dr. Kirk Ririe and Dr. Carl Wittwer, both pioneers of rapid and real-time PCR who have launched a series of PCR instruments in use worldwide, and key personnel in the platform’s development to date, will respectively become president of the wholly-owned subsidiary and Chairman of the Company’s Scientific Advisory Board.ĭwight Egan, CEO of Co-Diagnostics, remarks, “For nearly a year now we have had the honor of working with some of the greatest minds in PCR device development, and we are pleased to be able to announce that with this merger they will become part of the Co-Dx family. The Company expects the agreements to close prior to the end of the year 2021.
#KIRK EASE DIAGNOSTICS PLUS#
Terms of the agreement include the issuance of nearly 4.72 million shares of the Company’s stock, including those shares provided as incentives to encourage efficient and timely completion of development and manufacturing milestones, plus additional common warrants totaling 465,000. The Company expects that the acquisition will streamline the commercialization of the Eikon™ platform and YourTest™ PCR device as it nears completion and prepares for a market release with an easy-to-use sample-to-result Covid test.
The transactions will provide the Company with all existing and future assets and intellectual property related to the platform. Co-Dx has been working with Idaho Molecular and Advanced Conceptions on the development of Co-Diagnostics’ upcoming at-home/point-of-care diagnostic device. and Advanced Conceptions, Inc., pursuant to which each of them will become wholly-owned subsidiaries of Co-Dx. Salt Lake City - Co-Diagnostics, Inc.(Nasdaq: CODX) (the “Company”), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today that it has entered into definitive agreements with each of Idaho Molecular Inc.
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