NEW YORK, NY / ACCESSWIRE / August 29, 2018 / Co-Diagnostics, Inc. (CODX), a molecular diagnostics company that develops, manufactures and markets cutting edge diagnostics technology, recently filed a Form S-3 shelf registration with the Securities and Exchange Commission ("SEC"). The registration is "put on the shelf," metaphorically speaking, allowing a simple format for securities to be registered sold at any point within the 3-year lifespan of the shelf registration statement.
Fast growing med-tech companies such as Co-Diagnostics tend to need to raise capital at greater frequencies relative to companies in other industries, and the filing of the Registration follows previous statements from the Company alluding to accelerating the development of their suite of diagnostics tests along with an anticipated period of expansion. Near-term sales are expected from the Company's suite of infectious disease testing products in the pipeline (e.g. tuberculosis and Hepatitis B), and their SNP detection technology (detection of genetic variations mutations), which carries enormous and lucrative implications in agriculture and other industries, has also been the subject of several public press releases this year.
The recent announcements about the application of the Company's CoPrimer ™ technology in developing multiplex screens for liquid biopsy cancer testing is generating great excitement. Commercialization of liquid biopsies is projected to be considerably disruptive with some estimates putting the market size of this technology close to $2 Billion by 2022.
Liquid biopsy refers to diagnostic tools that allow detection of cancer using analysis of blood rather than tissue or tumor samples. The Company's qPCR assay development CoPrimer technology has distinct and innovative properties that gives laboratories the ability to conduct cost-effective investigations to identify the presence or absence of critical genetic mutations and infectious pathogens, and facilitates development of more accurate, economically-priced products, ideal for laboratories conducting repeat liquid biopsy cancer patient testing.
It should be noted that following a recent announcement concerning the closing of a non-convertible debt financing earlier this month, the Company does not have immediate plans for raising and using additional capital or selling securities under the registration statement. It is anticipated that the Registration statement will provide efficient access to the capital markets and allow Co-Diagnostics to act opportunistically (if and when required) in support of its growth objectives.
Once the shelf registration statement has been declared effective by the SEC, the Company will be in a strong position and in control over its near-term funding needs. The S-3 can be regarded as a prudent step in providing additional financial flexibility on favorable terms for Co-Diagnostics, Inc.
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.
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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.
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SOURCE: Co-Diagnostics, Inc.