We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Co Diagnostics Inc | NASDAQ:CODX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.045 | 4.19% | 1.12 | 1.10 | 1.14 | 1.15 | 1.0767 | 1.08 | 67,617 | 21:30:00 |
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, today announced the filing of their financial results for the fiscal year ending December 31, 2019, as well as updates on the Company’s growth and progress for 2019 and 2020 to date in the following areas:
Milestones:
Strategic Relationships:
Intellectual Property and Technology
Financial:
Dwight Egan, CEO of Co-Diagnostics, commented, “Our milestones, steady growth, strengthened strategic relationships, and expanded product pipeline during 2019 have established a solid foundation from which Co-Diagnostics can pursue its commitment to providing the highest quality molecular diagnostic solutions on a global scale.
“Recent events have dramatically changed our trajectory and outlook as we leverage our skill set in the field of infectious disease diagnostics, and we find ourselves in a position to have a significant positive impact on the COVID-19 pandemic. The work we have performed to bring a sorely-needed test to market, first as a CE-marked IVD to countries across the world and now to the United States, speaks to our commitment to providing diagnostic tools that have the potential to save lives by providing accurate diagnoses—the first step in ensuring accurate treatment.
“We are gratified that we have the opportunity to help the United States and many other countries to benefit from increased access to testing for COVID-19, a disease that affects not just patients afflicted with it and their families, but the entire world as a whole.”
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.
Forward-Looking Statements:
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.
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2019
December 31, 2018
ASSETS:
Current Assets
Cash and cash equivalents
$
893,138
$
950,237
Accounts receivable, net
131,382
13,420
Inventory
197,168
18,153
Prepaid expenses
362,566
70,103
Total current assets
1,584,254
1,051,913
Property and equipment, net
196,832
156,138
Investment in joint venture
434,240
345,121
Total other long-term assets
631,072
501,259
Total assets
$
2,215,326
$
1,553,172
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT):
Current Liabilities
Accounts payable
$
5,959
$
148,967
Accrued expenses
200,788
174,444
Accrued expenses (related party)
120,000
120,000
Current notes payable net of $0 and $91,427 discount, respectively
—
1,908,572
Deferred income current
1,323
—
Total current liabilities
328,070
2,351,983
Long-term Liabilities
Accrued liabilities (related-party)
150,000
260,000
Total long-term liabilities
150,000
260,000
Total liabilities
478,070
2,611,983
Commitments and contingencies
STOCKHOLDERS’ EQUITY (DEFICIT):
Preferred stock, $.001 par value, 5,000,000 shares authorized; 25,600 and no shares issued and outstanding, respectively
26
—
Common stock, $.001 100,000,000 shares authorized; 17,342,922 and 12,923,383 shares issued and outstanding, respectively
17,343
12,923
Additional paid-in capital
26,687,701
17,622,433
Accumulated deficit
(24,967,814
)
(18,694,167
)
Total stockholders’ equity (deficit)
1,737,256
(1,058,811
)
Total liabilities and stockholders’ equity (deficit)
$
2,215,326
$
1,553,172
CO-DIAGNOSTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the years ended
December 31,
2019
2018
Net sales
$
214,974
$
39,911
Cost of sales
112,431
9,391
Gross profit
102,543
30,520
Operating expenses:
Selling and marketing
1,061,676
1,165,631
Administrative and general
3,497,273
3,570,786
Research and development
1,371,433
1,361,154
Depreciation and amortization
65,902
50,765
Total operating expenses
5,996,284
6,148,336
Total operating loss
(5,893,741
)
(6,117,816
)
Other expense:
Interest expense
(106,437
)
(134,947
)
Interest income
36,652
19,804
Gain on disposition of assets
850
—
Net loss from investment in joint venture
(232,881
)
(38,764
)
Total other expense
(301,816
)
(153,907
)
Loss before income taxes
(6,195,557
)
(6,271,723
)
Provision for income taxes
—
—
Net loss
$
(6,195,557
)
$
(6,271,723
)
Net loss per share – basic and diluted
$
(0.36
)
$
(0.50
)
Weighted average shares – basic and diluted
16,756,912
12,484,617
View source version on businesswire.com: https://www.businesswire.com/news/home/20200331005526/en/
Company Contact: Andrew Benson Head of Investor Relations +1 801-438-1036 investors@codiagnostics.com
Media Contact: Jennifer Webb Coltrin & Associates, Inc +1.267.912.1173 jennifer_webb@coltrin.com
1 Year Co Diagnostics Chart |
1 Month Co Diagnostics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions