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The Company is in discussions with certain qualified CLIA laboratories who can use COVID-19 tests built on Co-Diagnostics' platform technology in their Emergency Use Authorization (EUA) submissions with the FDA. Once the labs have completed the process required for the EUA submission, it is expected that they would purchase the Company's reagents for use in their COVID-19 diagnostics, as permitted by the FDA.
Dwight Egan, CEO of Co-Diagnostics, commented, "We believe this change will allow the diagnostics industry to respond to the developing situation much more rapidly and effectively, and we applaud the FDA for taking such aggressive action to address the coronavirus outbreak. Co-Diagnostics' patented CoPrimer™ technology has been vetted in numerous applications by some of the most highly-respected firms focusing on molecular technology, and we are pleased to make this platform available domestically immediately to support the FDA's mission to slow the spread of this disease and mitigate its impact.
"In addition to these efforts with US CLIA labs following the change in US policy, our CE-IVD Logix Smart™ COVID-19 test kit has already been shipped to countries on several continents, both for performance evaluation as well as for use as a diagnostic tool where its CE marking makes that possible."
The policy change is a result of the FDA's commitment to aggressively address the current coronavirus outbreak, and allows CLIA laboratories to use tests that have been developed and validated for detection or diagnosis of the novel coronavirus before the FDA has completed the review of the laboratories' submission under Emergency Use Authorization (EUA) guidance. Prior to the chance in policy, all laboratories wishing to test for COVID-19 were required to complete their EUA submission and receive clearance from the FDA.
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.
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 may include statements regarding the (i) use of funding proceeds, (ii) expansion of product distribution, (iii) acceleration of initiatives in certain verticals or markets, (iv) capital resources and runway needed to advance the Company's products and markets, (v) increased sales in the near-term, (vi) flexibility in managing the Company's balance sheet, (vii) anticipation of business expansion, and (viii) benefits in research and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages. 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.
Source: Co-Diagnostics, Inc.
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