SALT LAKE CITY, Sept. 8, 2020 /PRNewswire/ -- Co-Diagnostics, Inc.(Nasdaq: CODX), (the Company), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, today announced that it has entered into an agreement with Arches Research, Inc, a CLIA laboratory and subsidiary of Polarity TE, Inc, (Nasdaq: PTE), to expand Arches' COVID-19 testing services using Co-Diagnostics' Logix Smart™ COVID-19 test kit.
Arches Research began using Co-Diagnostics' tests for its customers earlier this year. The announcement follows news last week of additional, independent third-party validation of the Company's test, supporting its performance characteristics and value in helping communities, schools, and workplaces to re-open safely.
Dwight Egan, CEO of Co-Diagnostics, remarked, "We are pleased to have this opportunity to further expand our relationship with one of our valued CLIA lab clients to help meet demand for COVID-19 testing. Arches has been an important customer in the ongoing battle against the coronavirus, and we expect this agreement will also create opportunities for sales of additional molecular diagnostic products in our development pipeline, including our upcoming Logix Smart Flu A/Flu B/COVID-19 test kit."
The CE-marked and FDA EUA Co-Diagnostics Logix Smart COVID-19 test is currently available to all clinical laboratories certified under Clinical Laboratory Improvement Amendments (CLIA), and is authorized to be used for the diagnosis of SARS-CoV-2, the virus that causes COVID-19, in the US and many other countries.
Arches received a Clinical Laboratory Improvement Amendments of 1988 (CLIA) certificate of registration at the end of April and began testing for COVID-19 shortly thereafter. CLIA is regulated by the Centers for Medicare & Medicaid Services (CMS) with a primary goal to ensure quality laboratory testing.
About Co-Diagnostics, Inc.: Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a 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.
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.