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Salt Lake City, UT, July 18, 2019 (GLOBE NEWSWIRE) -- Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today favorable results of a study to detect cancer mutations using its patented CoPrimer™ technology, with applications in liquid biopsy and companion diagnostic tests.
Unlike invasive and more expensive tissue biopsies, liquid biopsies identify traces of cancer in a simple blood draw. The Company's study, performed on circulating free DNA (cfDNA) reference materials, demonstrated highly specific detection of the ten mutations associated with non-small cell lung cancer (NSCLC), reliably and successfully distinguishing the genes with mutations from those without. The CoPrimer-based polymerase chain reaction (PCR) test was also shown to be highly sensitive, identifying the NSCLC genes at the lowest possible percentage available with the reference material.
PCR-based liquid biopsy tests are simpler and more affordable compared to other methods of monitoring cancer patients, such as whole-body imaging, although relatively few blood tests are currently available. The results of the Company's study also confirm the usefulness of the CoPrimer platform as a cancer treatment companion diagnostic, to monitor treatment response and provide early detection of drug resistance mutations.
Dwight Egan, Co-Diagnostics CEO, commented: "The global cancer diagnostics market was recently valued at $144 bn and growing, as healthcare professionals focus on more effective diagnostics and monitoring to battle one of the leading causes of death worldwide. We anticipate a large and ready market among clinical laboratories for NSCLC and other cancer liquid biopsy tests designed on our CoPrimer platform. Given the relatively few PCR liquid biopsy tests on the market and the growing demand for more, we believe the advantages of our technology will create meaningful revenue opportunities and position Co-Diagnostics to become a leading innovator of liquid biopsy solutions.”
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, 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.
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.
Head of Investor Relations