The company has been working with Idaho Molecular and Advanced Conceptions for the development of its upcoming at-home diagnostic device
Co-Diagnostics completes acquisition of two Biotech companies. (Credit: Michal Jarmoluk from Pixabay.)
US-based molecular diagnostics provider Co-Diagnostics has completed the acquisition of biotechnology companies Idaho Molecular and Advanced Conceptions.
Last month, the company has signed definitive agreements, under which the two biotech companies will become its wholly-owned subsidiaries.
Under the terms of the agreements, Dr. Kirk Ririe will become president of the new subsidiary and Dr. Carl Wittwer will be the chairman of the scientific advisory board. Dr. Ririe and Dr. Wittwer are pioneers of rapid and real-time PCR who have rolled out a series of PCR instruments in use around the world.
Co-Diagnostics has issued nearly 4.72 million shares of its common stock, along with a total of 465,000 additional common warrants.
Co-Diagnostics CEO Dwight Egan said: “We are pleased to announce that this important acquisition is complete, and for the value it brings to the company as we take this step towards the next phase of our growth focused on making this next-generation healthcare solution available worldwide.”
Co-Diagnostics has been working with Idaho Molecular and Advanced Conceptions for the development of its upcoming at-home/point-of-care diagnostic device.
The acquisition is expected to offer all the existing and future assets and intellectual property related to the company’s upcoming at-home diagnostic device.
It would support the commercialisation of its at-home/point-of-care diagnostic devices Eikon platform and YourTest PCR device, said the company.
Co-Diagnostics has designed the YourTest PCR device with highly specialised optics to host multiplexed assays, as it expands its future suite of Eikon products.
Eikon platform is expected to include additional respiratory and infectious diseases testing using the company’s patented CoPrimer technology.
The single-use YourTest PCR Covid-19 test cartridges, which work either with saliva or nasal swab samples, are designed to be affordable, and results are sent to users’ smartphones.
Egan added: “For nearly a year now we have had the honour of working with some of the greatest minds in PCR device development, and we are pleased to be able to announce that with this merger they will become part of the Co-Dx family.
“We believe that this acquisition immediately increases the company’s value and will allow for greater efficiency when developing future product iterations and as we begin principle and large-scale manufacturing of the device and initial Covid-19 test.”