Agreement represents landmark for Company, made possible following several recent advancements
NEW YORK CITY, NY / ACCESSWIRE / November 1, 2018 / The newly-patented CoPrimer™ technology, developed and made available by Co-Diagnostics, Inc. (NASDAQ: CODX), is the subject of a recent license agreement with LGC, Biosearch Technologies, the first such agreement to license the CoPrimers technology.
In the agreement, the company agrees to license CoPrimers to LGC Biosearch, a global leader in the design, several development, and manufacture of sophisticated, custom oligonucleotide-based tools and associated reagents for applied markets, on an exclusive basis for use in certain agricultural applications.
Co-Diagnostics views the addition of CoPrimers to LGC's portfolio of products as a major validation of the quality of their technology. Representatives of LGC have remarked that they believe that the innovation of CoPrimers will compliment their product offerings, and also that LGC's reach and expertise will in turn augment Co-Diagnostics' efforts in the molecular diagnostics space. As CoPrimers are introduced to LGC's customer base, the applications of the technology beyond the agricultural scope of this agreement will help expand Co-Diagnostics' own customer base far more organically and efficiently. Furthermore, CoPrimers can only be designed using Co-Diagnostics' proprietary CoDx Design™ Services, which services will be offered to all LGC customers to assist them in designing the innovative, cost-saving PCR solutions only allowed by this patented technology.
Dwight Egan, CEO had this to say: "Co-Diagnostics anticipates this to be the first of many CoPrimer technology license agreements where the accuracy, time- and cost-saving advantages of true multiplex polymerase chain reaction ("PCR"), without concern of cross-reactivity among primer sets leading to inaccurate results, is critical for the application…"
This Agreement is the result of a joint development project conducted over the past year to test the performance of CoPrimers in multiplexed reactions. This project resulted in the company's recent press releases regarding advancements in its technology to successfully multiplex several targets, meaning its technology was shown to be able to accurately test for multiple genetic sequences on the molecular level in a single test, as opposed to running multiple discrete tests. The development project used multiplexed CoPrimers to locate specific genetic traits in seed products and genetic mutations, by identifying the presence of variations or mutations in a genetic code. The results of the project have applications far beyond those in the agricultural industry, such as liquid biopsy for cancer detection, and next-gen sequencing to aid in the diagnosis of genetic disorders.
In addition to the successful results of the development project, recent company milestones such as the patent issuance for the CoPrimer technology, successfully CE-marking two CoPrimer products for the infectious disease IVD market, and the market validation as seen by the expanded reach of their global sales efforts helped pave the way for this agreement.
Biosearch Technologies, the complete genomics portfolio from LGC, operates from cGMP and ISO 13485:2016 certified production facilities and has been the sole manufacturer of Co-Diagnostics' CoPrimers since 2013. LGC is an international leader in the extended life sciences sector, including human healthcare, agri-food & the environment. LGC provides a comprehensive range of reference materials, proficiency testing schemes, genomics reagents and instrumentation, as well as research and measurement services. Its scientific tools and solutions enable organisations to advance research, develop new products and form an essential part of their quality and compliance procedures.
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.
For more information about Co-Diagnostics' agricultural products, visit: www.codiagnostics.com/products/agricultural-solutions/
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. 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 include statements regarding the (i) use of funding proceeds, (ii) expansion of product distribution, (iii) acceleration of initiatives in liquid biopsy and SNP detection, (iv) use of the Company's liquid biopsy tests by laboratories, (v) capital resources and runway needed to advance the Company's products and markets, (vi) increased sales in the near-term, (vii) flexibility in managing the Company's balance sheet, (viii) anticipation of business expansion, and (ix) 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.
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SOURCE: Co-Diagnostics, Inc.
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