NEW YORK CITY, NEW YORK / ACCESSWIRE / January 15, 2019 / Share prices ofCo-Diagnostics, Inc., (CODX) a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, hit highs of $1.54 on Monday, January 14, nearly 26% higher than the previous close and on a healthy trading volume just shy of 1.13M – over 53 times the daily average. The movement comes after news of Co-Diagnostics' participation and presentation as a guest of LGC, Biosearch Technologies (LGC) at the 27th International Plant and Genome conference (PAG XXVII), held this week in San Diego.
CODX shares followed suit as the Nasdaq Composite (IXIC) trended downward to end 2018. Nasdaq's recovery has already begun, so time will tell whether this positive movement is an indication that CODX is gearing up for a recovery of its own, building on the momentum of the Company's participation in PAG XXVII and their 2018 accomplishments as discussed by Company CEO Dwight Egan in a virtual investor conference in December. CODX shares ultimately settled at $1.29 on January 14, up over 14% on the day.
Following the signing of a license agreement in October 2018, the flexibility and scalability of Co-Diagnostics' patented CoPrimer™ technology have been available to customers of LGC, who is owned by funds affiliated with KKR, and whose 2,300 employees operate out of 19 countries worldwide with a strategy to develop highly innovative tools in the polymerase chain reaction (PCR) diagnostics space. LGC is described as an international leader in the extended life sciences sector and in the design, development, and manufacture of sophisticated, custom oligonucleotide-based tools and associated reagents for applied markets.
With over 3,000 leading genetic scientists and researchers from academic and enterprise organizations expected to attend PAG XXVII, Co-Diagnostics believes that in addition to LGC's global customer base, the presentation will also generate increased awareness of the Company's groundbreaking technological advances in multiplex PCR and SNP genotyping among the agrigenomics industry worldwide.
Mr. Egan, who in October anticipated that the CoPrimer license agreement with LGC would be the first such agreement of many, wasquoted as being "honored to present with LGC at the PAG conference, arguably the best global forum for the CoPrimer platform to gain international recognition for its applications in the ag-bio industry," and as saying that he believed "LGC customers will greatly benefit from the scalability and cost-savings advantages of adopting CoPrimers in their businesses."
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