New oligonucleotide facility is designed to
support "Make in India" initiative
by synthesizing Co-Primers® in-house. Attendees of new
ribbon-cutting event expected to include representatives from NGOs
and government leaders
SALT
LAKE CITY, Dec. 10, 2024 /PRNewswire/
-- Co-Diagnostics, Inc. (Nasdaq: CODX) (the
"Company" or "Co-Dx"), a molecular diagnostics company with a
unique, patented platform for the development of molecular
diagnostic tests, today announced that the inauguration of CoSara
Diagnostics Pvt. Ltd.'s oligonucleotide synthesis facility
will take place December 11, 2024, in
Ranoli, India.
In support of the "Make in India" initiative, the new facility is
designed to manufacture the Company's patented
Co-Primers® chemistry, which underpins Co-Dx's and
CoSara's lab-based PCR diagnostic tests and which powers the test
cups for the new Co-Dx PCR at-home and point-of-care testing
platform*. Qualifying under this initiative is anticipated to
facilitate access to India's large
and robust healthcare marketplace.
"We are greatly pleased with the results of this growth stage as
we look towards the future, which is expected to include additional
facility expansion for manufacturing the Co-Dx PCR Pro
instrument and the test cups for illnesses like TB, HPV and more,
as we scale to meet the needs of the most populous country in the
world," remarked Mohal Sarabhai, CEO of CoSara, the joint venture
between Ambalal Sarabhai Enterprises Limited (ASE group) and
Co-Diagnostics, Inc. "India is
home to some of the world's best and brightest scientists,
researchers and medical professionals who we believe will recognize
the value of the Co-Primers PCR technology and of the forthcoming
testing platform."
The WHO reported that 10.8 million people fell ill from
tuberculosis, or TB, in 2023, causing an estimated 1.25 million
deaths. These numbers indicate that TB has likely replaced COVID-19
as the world's leading cause of death from a single infectious
agent.
Co-Diagnostics' CEO Dwight Egan
added "This event is an important milestone in our Company's
journey to close the infectious disease diagnostics gap worldwide,
and in our story coming full circle. The new facility and the
grantors who helped to fund it provide tangible evidence of the
Company's foresight that partnering with Synbiotics Ltd. (an ASE
group company) in 2017 to form CoSara would help lay the groundwork
for introducing state-of-the-art Co-Dx technology to India's high-tech healthcare marketplace. We
believe that synthesizing Co-Primers in-house will play a vital
role in enhancing manufacturing efficiency and removing barriers as
we move towards regulatory approval and commercialization of our
new PCR testing platform in India.
We are grateful for our invaluable partners in these efforts, whose
hard work has helped to bring this facility online."
Invitations to the event may be requested via
info@cosara.in.
*The Co-Dx PCR platform (including the PCR Home™,
PCR Pro™, mobile app, and all associated tests) is
subject to review by the FDA and/or other regulatory bodies and is
not yet available for sale. The Co-Dx PCR Pro instrument and Co-Dx
COVID-19 Test are currently under review by the FDA.
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a
Utah corporation, is a molecular
diagnostics company that develops, manufactures and markets
state-of-the-art diagnostics technologies. The Company's
technologies are 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 for its Co-Dx PCR at-home and point-of-care platform and to
locate genetic markers for use in applications other than
infectious disease.
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. Forward-looking statements include
statements made with respect to accessing the Indian healthcare
market, to reducing overheads and to our Co-Dx PCR platform and
forthcoming tests. 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 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. There can be no assurance that any of the anticipated
results will occur on a timely basis or at all due to certain risks
and uncertainties, a discussion of which can be found in our Risk
Factors disclosure in our Annual Report on Form 10-K, filed with
the Securities and Exchange Commission (SEC) on March 14, 2024, and in our other filings with the
SEC. 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.
Please note that we disclaim any responsibility for the
content of external links provided in this press release. These
links are provided solely for the reader's convenience and do not
constitute an endorsement by the Company.
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SOURCE Co-Diagnostics
