Molecular diagnostics company Co-Diagnostics has closed a non-convertible debt instrument for $2m to accelerate initiatives in infectious disease, liquid biopsy and SNP multiplexing.
The company will apply the incoming funds towards working capital, to expand distribution of its infectious disease testing products, and to immediately accelerate initiatives to develop multiplex screens for liquid biopsy cancer screening, blood-bank screening, and SNP detection with applications in several areas, including agriculture.
Liquid biopsy refers to diagnostic tools that allow detection of cancer using analysis of blood rather than tissue or tumor samples.
The Company’s qPCR assay development CoPrimer technology has distinct properties that gives laboratories the ability to conduct cost-effective research to identify the presence or absence of critical genetic mutations and infectious pathogens, and facilitates development of more accurate, economically-priced products, ideal for laboratories conducting repeat liquid biopsy cancer patient testing.
The CoPrimer technology has also been shown to offer other notable advantages compared to current methodologies, including a dramatic reduction in non-specific amplification errors leading to false positive results, and improved multiplex test capabilities for SNP detection, which allows for multiple targets to be identified in a single reaction without costly and time-consuming re-optimization of primers.
Co-Diagnostics CEO Dwight Egan said: “We are pleased to announce that this new financing gives the Company the runway we need to advance our position in the infectious disease diagnostics market, liquid biopsy for cancer detection, and SNP detection for agricultural and other industries.
“News of the Company’s recent progress has made a positive impact and contributed to our ability to access the capital markets with a non-convertible debt financing on favorable terms. Having our current capital needs met also facilitates a clear pathway towards increased sales in the near-term, as well as flexibility in managing our balance sheet going forward through this anticipated period of expansion.”
Source: Company Press Release