Co-Diagnostics Announces Development of Proprietary Sample Prep Instrument for PoC Testing
Rhea-AI Summary
Co-Diagnostics (Nasdaq: CODX) announced development of a proprietary sample preparation instrument for its point-of-care Co-Dx PCR MTB test, designed for low-cost, user-friendly sample processing in resource-limited settings. The device supports sputum and a novel tongue swab method, uses single-button operation with no measuring tools, and includes a built-in safety feature to inactivate live organisms. Clinical evaluations in India for the MTB test are expected to begin before year-end 2025. Manufacturing is anticipated with Systronics under India’s "Make in India" initiative.
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News Market Reaction 2 Alerts
On the day this news was published, CODX declined 8.73%, reflecting a notable negative market reaction. Argus tracked a trough of -22.9% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $2M from the company's valuation, bringing the market cap to $20M at that time.
Data tracked by StockTitan Argus on the day of publication.
New device has the potential to help empower decentralized PCR testing in nearly 30,000 primary health centers across
The new instrument has been engineered to deliver a low-cost, user-friendly solution for sample processing in resource-limited PoC and near-PoC settings, supporting both sputum and the novel tongue swab sample collection used in the Company's upcoming MTB test, which is expected to begin clinical evaluations in
"While tuberculosis ranks as the deadliest infectious disease in the world, it is treatable and curable if diagnosed. Decentralizing PCR out of the roughly 1,000 district hospitals and making the technology available to the nearly 30,000 primary health centers currently performing microscopy is among the most significant transitions for the tuberculosis testing landscape in
Mr. Egan continued, "The new instrument will allow us to meet our high standards for performance, cost-efficiency, safety, and ease-of-use, all while keeping production costs low and strengthening our ties with our existing manufacturing partnerships in
Systronics, a subsidiary of Ambalal Sarabhai Enterprises Limited (ASE Group) and sister company of Synbiotics Ltd (the Company's partner in its Indian JV CoSara Diagnostics Pvt. Ltd.), is anticipated to be the Company's manufacturing partner for the instrument, allowing the device to qualify for the advantages of goods manufactured under the "Make in
*The Co-Dx PCR platform (including the Co-Dx PCR Home™, Co-Dx PCR Pro™, mobile app, and all associated tests and software) is subject to review by the FDA and/or other regulatory bodies and is not available for sale.
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements regarding planned manufacturing arrangements and the sample preparation instrument's ability to meet Co-Diagnostics' high standards for performance, cost-efficiency, safety and ease-of-use, while strengthening ties with existing Indian partnerships. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements, including but not limited to risks related to successfully completing the development of an instrument that has the potential to help empower decentralized PCR testing in nearly 30,000 primary health centers across
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SOURCE Co-Diagnostics