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Co-Diagnostics Utilizes CoPrimer Platform to Design New Coronavirus Detection Test

Streetwise Reports, Streetwise Reports
0 Comments| January 24, 2020

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Molecular diagnostics company Co-Diagnostics' shares opened more than 144% higher after the firm reported it has designed a test for virus detection of the new coronavirus, 2019-nCoV, using its CoPrimer™ platform.


In the wake of widespread news and worldwide concerns regarding efforts to contain the spread of the latest strain of the coronavirus, Salt Lake City, Utah-based molecular diagnostics company Co-Diagnostics Inc. (CODX:NASDAQ), today announced that "it has completed principle design work for a PCR screening test for new coronavirus, 2019-nCoV, intended to address potential need for detection of the virus."

The company indicated that following the guidelines published by the World Health Organization (WHO) and Centers for Disease Control (CDC), the new test was designed using its proprietary software system featuring the firm's patented CoPrimer™ technology.

The firm advised that "an outbreak of respiratory illness caused by the pneumonia-like 2019-nCoV has spread rapidly over the past two weeks, after first being discovered in the Chinese city of Wuhan on December 31, 2019." Subsequently, Chinese officials confirmed human-to-human transmission of the virus on January 20, 2020, and have implemented a soft quarantine effectively placed on Wuhan, warning people not to travel to or from the city. Wuhan has a population of approximately 11 million and is located along the Yangtze River about 500 miles due west of Shanghai.

The company's CEO Dwight Egan commented, "There are several challenges to developing a test for a virus so relatively new on the world stage, especially one with many closely related genetic cousins such as SARS and MERS. 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. With a situation currently unfolding where at least 17 deaths have already been reported among the hundreds infected, it is vital that healthcare professionals have access to the highest-quality diagnostic tools available, to be able to provide prompt and accurate diagnoses...We believe that if the WHO takes the step of declaring the illness a global health emergency following collection of more data in the days and weeks to come, Co-Diagnostics will be well positioned to quickly assist in providing these state of the art tools to affected countries."

Co-Diagnostics is a molecular diagnostics firm headquartered in Salt Lake City, Utah, that "develops, manufactures and markets new, state-of-the-art diagnostics technology". The company employs its innovative molecular tools for detection of infectious diseases, liquid biopsies for cancer screening and agricultural applications. The firm's technology is "utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA)." In addition, Co-Diagnostics creates and licenses specific tests in order to locate genetic markers for use in other applications and industries besides infectious diseases.

Co-Diagnostics started the day with a market capitalization of around $19.6 million with approximately 17.34 million shares outstanding and a short interest of about 3.4%. CODX shares opened greater than 140% higher today at $2.76 (+$1.63, +144.25%) over yesterday's $1.13 closing price. The stock has traded today between $1.88 and $2.80 per share and is currently trading at $2.20 (+$1.07, +94.69%).

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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