The Company intends to use funds awarded by
the Bill & Melinda Gates Foundation toward completion of
tuberculosis and HPV tests for its Co-Dx PCR Home™
platform
SALT
LAKE CITY, July 18, 2023 /PRNewswire/
-- Co-Diagnostics, Inc. (Nasdaq: CODX) (the "Company"
or "Co-Dx"), a molecular diagnostics company with a unique,
patented platform for the development of molecular diagnostic
tests, today announced grants awarded by the Bill & Melinda
Gates Foundation related to the tuberculosis (TB) and human
papillomavirus (HPV) tests on the Company's Co-Dx PCR Home™
platform.
Co-Dx intends to use funds awarded by the
Gates foundation toward completion of TB and HPV tests for its new
platform
The TB and HPV grants in the amounts of $1.33 million and $987,000 respectively will be applied towards
completion of these tests, intended for priority global
markets.
In 2014, all United Nations Member States and the World Health
Organization (WHO) committed to ending the global TB epidemic by
2030, before the COVID-19 pandemic slowed, stalled or reversed
progress of global TB targets. The WHO estimates that roughly 4.2
million cases of TB went unidentified in 2021 worldwide,
representing nearly 40% of actual cases, highlighting the need for
a dramatic increase of affordable, high-quality, point-of-care TB
diagnostics to enable rapid treatment decisions to be made for a
disease that has a mortality rate of about 50% if left
untreated.
The National Cancer Institute estimates that high-risk HPVs
cause roughly 5% of all cancers worldwide, with the rate among
women being nearly 10 times higher than that for men and leading to
an estimated 264,000 cervical cancer deaths each year according to
the WHO. More than 85% of these deaths are in low- and
middle-income countries, and all of which the WHO believes can be
dramatically reduced by access to diagnostics, vaccinations, and
cancer screenings.
"The WHO and UN initiative to end the global TB epidemic is
exactly in line with the key functionality of our new Co-Dx PCR
Home platform currently in development, and with our stated mission
to prevent the spread of infectious diseases by increasing the
availability of high-quality PCR diagnostics worldwide," said
Dwight Egan, CEO of
Co-Diagnostics.
"Despite being a highly treatable disease, TB took the lives of
1.6 million people in 2021, and we believe our new platform will
help support the worldwide effort to help prevent the spread of
both TB and HPV in countries where they have been endemic killers
for generations. This includes India, where we have already created
infrastructure and manufacturing capabilities through our joint
venture, CoSara Diagnostics. We believe that our new platform
has the potential to dramatically improve access to diagnostics and
thus reduce healthcare costs by making high quality diagnostics
more accessible to the people and places where they are most
needed."
The Co-Dx PCR Home and its associated tests are subject to
review by the FDA and/or other regulatory bodies and are not yet
available for sale.
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a
Utah corporation, is a molecular
diagnostics company that develops, manufactures and markets
state-of-the-art diagnostics technologies. The Company's
technologies are 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 for its Co-Dx PCR Home™ platform and to locate genetic
markers for use in applications other than infectious disease.
Forward-Looking Statements:
This press
release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(PSLRA) that are subject to a number of risks and uncertainties.
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 our belief that our new
platform will help support the worldwide effort to help prevent the
spread of both TB and HPV and our believe that our new platform has
the potential to dramatically improve access to diagnostics and
reduce healthcare costs. 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. There can
be no assurance that any of the anticipated results will occur on a
timely basis or at all due to certain risks and uncertainties, a
discussion of which can be found in our Risk Factors disclosure in
our Annual Report on Form 10-K, filed with the Securities and
Exchange Commission (SEC) on March 16,
2023, and in our other filings with the SEC. 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