Co-Diagnostics, Inc. Announces Closing of $5.5 Million Registered Direct Offering
February 04 2019 - 3:00PM
Business Wire
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, patented platform for the development of
molecular diagnostic tests, today announced the closing of its
previously announced offering. In a registered direct offering,
Co-Diagnostics issued and sold 3,925,716 shares of its common stock
at a price of $1.40 per share, for gross proceeds of approximately
$5.5 million.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering. Maxim Group LLC acted as financial advisor to
Co-Diagnostics, Inc.
Co-Diagnostics intends to use the net proceeds from this
offering for expansion of existing initiatives in the infectious
disease testing and agrigenomics verticals, to further develop and
commercialize applications of its technology in the growing liquid
biopsy and next-gen sequencing markets, to expand its sales
efforts, and for working capital and other general corporate
purposes.
The shares of common stock offered in the registered direct
offering were offered and sold by Co-Diagnostics pursuant to a
“shelf” registration statement on Form S-3 (Registration No.
333-226835), including a base prospectus, previously filed with and
declared effective by the Securities and Exchange Commission (SEC)
on September 7, 2018. The offering of the shares of common stock
was made only by means of a prospectus supplement that forms a part
of the registration statement. A final prospectus supplement and an
accompanying base prospectus relating to the registered direct
offering was filed with the SEC and is available on the SEC's
website located at http://www.sec.gov. Electronic copies of the
prospectus supplement and accompanying base prospectus may also be
obtained from H.C. Wainwright & Co., LLC at 430 Park Avenue,
3rd Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail
at placements @hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
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, (ix) benefits in research and
worldwide accessibility of the CoPrimer™ technology and its
cost-saving and scientific advantages and (x) statements regarding
the intended use of proceeds. 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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version on businesswire.com: https://www.businesswire.com/news/home/20190204005621/en/
Company Contact:Andrew BensonCo-Diagnostics Investor
Relations801-438-1036investors@codiagnostics.com
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