Co-Diagnostics (NASDAQ:CODX) Continuing to Expand and Evolve to Meet Global Challenges

New York, New York, UNITED STATES


New York City, April 17, 2020 (GLOBE NEWSWIRE) -- Co-Diagnostics (NASDAQ:CODX) Continuing to Expand and Evolve to Meet Global Challenges

Co-Diagnostics (NASDAQ:CODX), with its unique, patented polymerase chain reaction (“PCR”) testing technology, saw its stock increase over 40% yesterday.  Hardly surprising: Unemployment is skyrocketing, while policymakers across countries race to implement fiscal and monetary measures to alleviate the financial burden on citizens and shore up economies under severe strain. The IMF even suggested that the pandemic had instigated an economic downturn the likes of which the world has not experienced since the Great Depression.

It is no surprise that governments are realising that the only way out of the horrendous cost of the lock down measures is through rigorous mass testing.

Mass testing (for both infection and immunity) will allow healthy people return to work and those who are infected get appropriate treatment. For this, countries will need adequate supplies of testing kits.

One major hurdle in enabling mass testing and treatment had been the supply of the swabs used for collecting nasopharyngeal samples. The main manufacturer of swabs, Copan, is based in Northern Italy. With closed borders, supply chains have suffered. This makes Co-Diagnostics’ news yesterday—namely, that its technology has been validated on samples other than those collected solely by nasal swabs—highly significant.

OralDNA Labs recently informed the U.S. Food and Drug Administration (FDA) that it has validated and plans to use a test powered by Co-Diagnostics in its lab.

Using saliva completely changes the testing landscape. For saliva tests individuals need only "swish and gargle," meaning less invasive and faster testing. This is an important step to achieving rigorous mass testing.

In terms of testing capacity and speed it should be noted that while other tests such as  Abbot’s purport that they can detect positive results in 5 minutes and negative in 13 minutes, that is in a point of care setting, such as a doctor’s office or hospital bedside.  At optimal performance each machine may run 10 or so tests in an hour, which may indeed be beneficial such an environment; however, in order to meet global demand of high-throughput testing, an alternative like Co-Diagnostics’ Logix Smart COVID-19 kit could potentially play a significant role as their tests can provide results for up to 46 tests in 90 mins on a single machine.  This would be necessary to make the most of the increase in sample collection that saliva testing could bring to the table.

While the Covid-19 outbreak has been responsible for the share price rocketing, opinion from some sources suggesting that the stock is trading higher than it should ignore the true extent of the current crisis -  Covid-19 is an insidious part of our lives until a vaccine is not only developed, but also administered on an exceptionally wide, global scale.  With estimates ranging from 12 to 18 months, there is lot of testing to be done to ensure that we can go about our lives with some semblance of normality.

The battle against coronavirus is entering the next phase. Widespread testing and tracing capabilities are critical to easing lockdowns, restarting the economies and giving people hope. Placing limits on the company, its stock, or revenue is therefore premature at this stage with the share price still well short of H.C. Wainwright’s target of $20.

Disclosure: Co-Diagnostics Inc is a client of BDA International.

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