Co-Diagnostics, Inc. Continues to Execute on International Expansion
Company completes sale and installation to one of the largest private molecular diagnostics labs in Ghana
Salt Lake City, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Salt Lake City, Utah – October 29, 2019 – 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 in a recent visit to Ghana the Company collaborated with Dare Labs to set up the largest private molecular diagnostics laboratory in Kumasi, the second largest city in Ghana, marking the Company’s expansion into the African continent.
Kumasi (pop: ~1.7 million) is the capital of the Ashanti Region, the most populated region in Ghana with an estimated 5.8 million people. The sale included laboratory equipment and installation, and training Dare Labs employees in the complete molecular diagnostics process, to help serve the city of Kumasi and the surrounding area. Dare Labs’ purchase consisted of Co-Diagnostics test kits for malaria, which was responsible for 19% of recorded deaths in Ghana in 2015. In addition to malaria, a disease for which the country of Ghana ranks as second in the world for reported cases with 8.8 million, Co-Diagnostics expects to provide reagents for other common infectious diseases in the region which includes HIV, tuberculosis, human papillomavirus, syphilis, and more.
“Through partnership with Dare Labs, Co-Diagnostics is providing better access to molecular diagnostics at affordable prices to millions of people,” said Dwight Egan, Company CEO. “We are pleased to be on the forefront of helping a nation so highly burdened with malaria to combat the disease through early, accurate detection, and look forward to delivering additional tests to meet the growing demand for our high-quality diagnostics.”
David Amoako, owner and CEO of Dare Labs, remarked, “In Ghana, as in other sub-Saharan African countries, the number one medical reason for employees’ absence from work, students’ absence from school and patients’ frequent visits to the hospital is malaria. Dare Labs in collaboration with Co-Diagnostics Inc. brings to Ghana advanced molecular diagnostics technology in the fight against malaria and other infectious diseases. With state-of-the-art PCR technology and novel test kits from Co-Diagnostics, Dare Labs is well positioned to become a market leader in malaria and the infectious disease diagnostics space.”
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company’s technology is 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 to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers.
Forward-Looking Statements:
This press release contains forward-looking statements. 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 the (i) use of funding proceeds, (ii) expansion of product distribution, (iii) acceleration of initiatives in liquid biopsy and SNP detection, (iv) use of the Company’s liquid biopsy tests by laboratories, (v) capital resources and runway needed to advance the Company’s products and markets, (vi) increased sales in the near-term, (vii) flexibility in managing the Company’s balance sheet, (viii) anticipation of business expansion, and (ix) benefits in research and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances. 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. 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.
Company Contact:
Andrew Benson
Head of Investor Relations
