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Proprietary Company design process facilitates rapid response in detecting mutation of a new coronavirus strain circulating in the UK
SALT LAKE CITY, Dec. 22, 2020 /PRNewswire/ -- 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 completed principal design work for a PCR test that would allow researchers to identify certain mutations in a newly detected variant of SARS-CoV-2 known as VUI 202012/01.
The new coronavirus strain comprises several mutations and may be more contagious than its predecessors. London and the southeast of Great Britain began Sunday morning at Level 4, which requires the effective closure of the affected areas, and further limits contact with others. Travel restrictions have also been put in place by countries concerned about exposure to the new strain of the virus.
Dwight Egan, CEO of Co-Diagnostics, commented "One of the most important advantages of our CoPrimer™ platform is its ability to reliably and accurately differentiate between similar genetic sequences, in order to reduce the likelihood of a false positive diagnosis. The multiplexing capabilities of our CoPrimer platform go hand-in-glove with the technology's applications in detecting small genetic variations in a given gene. As we have demonstrated earlier on during this pandemic, our technology also facilitates rapid test development that we believe could help get testing solutions on the ground quickly as impactful mutations are identified."
Co-Diagnostics also confirmed that the genetic mutations in the new variant are not believed to interfere with the performance of the Company's existing line of COVID-19 diagnostics, and that any new test developed for this mutation would be a separate product, distinct from the Company's other tests.
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.
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 rely on any forward-looking statements. Any forward-looking statement made by the Company in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. 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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