Under the agreement, Arches will provide Covid-19 testing for customers referred by Co-Diagnostics and, to support additional demand, Co-Diagnostics will provide to Arches testing equipment in exchange for Arches’ commitment to use only Co-Diagnostics tests on the equipment
PolarityTE, a biotechnology company developing regenerative tissue products and biomaterials, today announced that its subsidiary, Arches Research, Inc., has entered into a strategic partnership with Co-Diagnostics, Inc. (Nasdaq: CODX) to expand COVID-19 testing operations.
Under the agreement, Arches will provide COVID-19 testing for customers referred by Co-Diagnostics and, to support additional demand, Co-Diagnostics will provide to Arches testing equipment in exchange for Arches’ commitment to use only Co-Diagnostics tests on the equipment. Arches has previously been performing COVID-19 testing for its customers using Co-Diagnostics’ Logix Smart™ COVID-19 test kit.
David Seaburg, Chief Executive Officer of PolarityTE commented, “We are excited by this opportunity to expand our testing capabilities and offer rapid and affordable COVID-19 testing for our community’s increasing demand. Additionally, this relationship facilitates a meaningful revenue opportunity for PolarityTE, which we believe will significantly help to reduce our cash burn.” Mr. Seaburg continued, “We look forward to growing this collaboration with Co-Diagnostics to potentially include additional molecular diagnostic testing opportunities in the future.”
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.
Source: Company Press Release