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Co-Diagnostics stock soars on the completion of initial work for a coronavirus detection test

Proactive Investors Thursday, 23 January 2020
Co-Diagnostics Inc (NASDAQ:CODX), a molecular diagnostics company, announced Thursday that it has completed the principle design work for a genetic screening test to detect the deadly Wuhan coronavirus.  The test was developed using the Salt Lake City company’s PCR-based Co-Primer technology and proprietary software system while adhering to the guidelines laid out by the World Health Organization (WHO) and the Centers for Disease Control (CDC). Co-Diagnostics shares rocketed 86% higher to $2.11 on Thursday afternoon. “There are several challenges to developing a test for a virus so relatively new on the world stage, especially one with many closely-related genetic cousins such as SARS and MERS,” CEO Dwight Egan said in a statement.  “One of the most important advantages of our CoPrimer platform is its ability to reliably and accurately differentiate between similar genetic sequences, in order to reduce the likelihood of a false positive diagnosis.” READ: Co-Diagnostics' genetic detection technology on display at international agriculture conference The pneumonia-like coronavirus was discovered in Wuhan, China on December 31 and the country confirmed human-to-human transmission on January 20. A day later, the first case was discovered in the US. So far, at least 17 people have died, according to The New York Times.  Officials in Wuhan imposed a travel ban Thursday morning, temporarily but indefinitely suspending all flights and trains departing from the city, according to a South China Morning Post report. “With a situation currently unfolding where at least 17 deaths have already been reported among the hundreds infected, it is vital that healthcare professionals have access to the highest-quality diagnostic tools available, to be able to provide prompt and accurate diagnoses,” Egan said. “We believe that if the WHO takes the step of declaring the illness a global health emergency following collection of more data in the days and weeks to come, Co-Diagnostics will be well positioned to quickly assist in providing these state-of-the-art tools to affected countries." Co-Diagnostics’ tests work by detecting and analyzing nucleic acid molecules in DNA or RNA in order to locate specific genetic markers.  Contact Andrew Kessel at [email protected]  Follow him on Twitter @andrew_kessel —Updated to include stock movement—
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Co-Diagnostics completes initial work on coronavirus detection test

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