Business Wire03.09.20
Co-Diagnostics Inc., a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, has closed its previously announced registered direct offering priced at-the-market under Nasdaq rules of 3,448,278 shares of common stock for a purchase price of $1.45 per share, for gross proceeds of approximately $5 million.
H.C. Wainwright & Co. acted as the exclusive lead placement agent for the offering. Maxim Group LLC acted as co-placement agent.
Co-Diagnostics intends to use the net proceeds from this offering for further commercialization and expansion of its infectious disease testing, agrigenomics, and vector control verticals, acceleration of sales and technology licensing activities, ongoing development of additional applications for its technology in markets related to liquid biopsy and next-gen sequencing, 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 Sept. 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.
Last month, Co-Diagnostics launched a research use only (RUO) CoPrimer test for the 2019-nCoV coronavirus. The launch follows weeks of efficient design, development, and verification activities to ensure that the polymerase chain reaction (PCR) test’s performance meets the requirements of a large and growing market for coronavirus detection. The test was designed using the company’s proprietary process, including the CoDx Design software system, to rapidly identify and verify the most optimal target on the 2019-nCoV genome for a PCR assay. Co-Diagnostics believes that the test’s unique design will provide enhanced accuracy when detecting the presence of the coronavirus, including improved specificity over tests designed on a different platform.
“Increased specificity is one of the hallmarks of tests built using our patented CoPrimer platform,” remarked Dwight Egan, CEO of Co-Diagnostics. “Leveraging our proprietary design process and software has allowed us to quickly move this product from design into commercialization, and to do so with the confidence that our high-quality product meets our goal of providing an effective, much-needed global diagnostic solution in an emergency situation. As a result of our rapid development, we have already received requests from customers in countries across the world to purchase tests. Sales and shipments of products will be fulfilled from our Utah headquarters to customers who have the capacity to utilize RUO products to slow the spread of this epidemic.”
H.C. Wainwright & Co. acted as the exclusive lead placement agent for the offering. Maxim Group LLC acted as co-placement agent.
Co-Diagnostics intends to use the net proceeds from this offering for further commercialization and expansion of its infectious disease testing, agrigenomics, and vector control verticals, acceleration of sales and technology licensing activities, ongoing development of additional applications for its technology in markets related to liquid biopsy and next-gen sequencing, 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 Sept. 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.
Last month, Co-Diagnostics launched a research use only (RUO) CoPrimer test for the 2019-nCoV coronavirus. The launch follows weeks of efficient design, development, and verification activities to ensure that the polymerase chain reaction (PCR) test’s performance meets the requirements of a large and growing market for coronavirus detection. The test was designed using the company’s proprietary process, including the CoDx Design software system, to rapidly identify and verify the most optimal target on the 2019-nCoV genome for a PCR assay. Co-Diagnostics believes that the test’s unique design will provide enhanced accuracy when detecting the presence of the coronavirus, including improved specificity over tests designed on a different platform.
“Increased specificity is one of the hallmarks of tests built using our patented CoPrimer platform,” remarked Dwight Egan, CEO of Co-Diagnostics. “Leveraging our proprietary design process and software has allowed us to quickly move this product from design into commercialization, and to do so with the confidence that our high-quality product meets our goal of providing an effective, much-needed global diagnostic solution in an emergency situation. As a result of our rapid development, we have already received requests from customers in countries across the world to purchase tests. Sales and shipments of products will be fulfilled from our Utah headquarters to customers who have the capacity to utilize RUO products to slow the spread of this epidemic.”