Co-Diagnostics, Inc. and LGC, Biosearch Technologies Sign License Agreement for CoPrimer Technology
October 30, 2018
Co-Diagnostics agrees to license CoPrimers™ for use in
agricultural applications
SALT LAKE CITY–(BUSINESS WIRE)–Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, proprietary platform for the development of
molecular diagnostic tests, and LGC, Biosearch Technologies, a global
leader in the design, development, and manufacture of sophisticated,
custom oligonucleotide-based tools and associated reagents for applied
markets, announced today that they have signed an exclusive license
agreement related to the use of the Company’s CoPrimer™ technology for
both research and commercial applications.
This Agreement is the result of a joint development project conducted
over the past year to test the performance of CoPrimers in multiplexed
reactions when locating specific genetic traits in seed products and
genetic mutations, including SNP detection.
Dwight Egan, CEO of Co-Diagnostics, commented, “The importance of the
validation for our company and technology provided by this license
agreement cannot be overstated. We believe the participation of an
industry leading portfolio like Biosearch Technologies speaks volumes
about the quality and uniqueness of our CoPrimer platform technology. As
Biosearch Technologies clients begin to adopt our technology under the
terms of this agreement, we look forward to offering our CoDX Design
Services to help streamline and improve their operations, as well as to
introducing them to further applications of CoPrimers to widen our
customer base.
“Co-Diagnostics anticipates this to be the first of many CoPrimer
technology license agreements where the accuracy, time- and cost-saving
advantages of true multiplex polymerase chain reaction (“PCR”), without
concern of cross-reactivity among primer sets leading to inaccurate
results, is critical for the application. We expect that the results of
the research and proofs of concept we have demonstrated throughout the
course of the development project will have direct applications to any
business, industry, or institution that relies on PCR technology, and
that all such industries will benefit from an improved, better PCR.”
Mark Dearden, VP Strategy and Marketing, LGC, Biosearch Technologies,
said, “The addition of the CoPrimer technology to our portfolio
demonstrates our commitment to apply innovative technologies that drive
workflow efficiencies and enable our customers to achieve more. We
believe the CoPrimer technology overcomes many of the traditional
shortfalls of multiplex PCR, and are confident our customers will also
realize the added flexibility and scalability this technology can bring
to their businesses. The technology is highly complementary to our
existing oligonucleotide and PCR reagent portfolio, and aligns with our
strategy to develop highly innovative, mission critical tools in this
space.
“While this Agreement covers the core CoPrimer technology for PCR
applications, we are excited about the growing partnership with
Co-Diagnostics. LGC is hopeful our expertise in automation, reagents,
and oligonucleotides will help expand the applications for the CoPrimer
technology, and look forward to future collaborations with
Co-Diagnostics.”
Biosearch Technologies, the complete genomics portfolio from LGC,
operates from cGMP and ISO 13485:2016 certified production facilities,
and has been the sole manufacturer of Co-Diagnostics’ CoPrimers since
2013.
LGC is an international leader in the extended life sciences sector,
including human healthcare, agri-food & the environment. LGC provides a
comprehensive range of reference materials, proficiency testing schemes,
genomics reagents and instrumentation, as well as research and
measurement services. Its scientific tools and solutions enable
organisations to advance research, develop new products and form an
essential part of their quality and compliance procedures.
Notes
Mark Dearden is available for interview. Biosearch Technologies’ logo
and pictures available on request.
About LGC
LGC is an international leader in the extended life sciences sector,
including human healthcare, agri-food & the environment. LGC provides a
comprehensive range of reference materials, proficiency testing schemes,
genomics reagents and instrumentation, as well as research and
measurement services. Its scientific tools and solutions enable
organisations to advance research, develop new products and form an
essential part of their quality and compliance procedures.
LGC’s 2,300 employees include internationally-recognized scientists who
are experts in their field. Headquartered in London, it operates out of
19 countries worldwide and is extensively accredited to quality
standards such as GMP, GLP, ISO 13485, ISO 17034, ISO 17043, ISO/IEC
17025 and ISO 9001.
LGC has been home to the UK Government Chemist for more than 100 years
and is the UK National Measurement Laboratory and Designated Institute
for chemical and bio measurement. LGC has been privately-owned since
1996 and has diversified through internal investment and acquisition to
be an international leader in its chosen niche markets. LGC is now owned
by funds affiliated with KKR.
For more information, please visit www.lgcgroup.com.
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.
Contacts
Media Contact
LGC
Julian Quigley
Media Relations &
Social Media Manager
+44 (0)20 8943 8491
julian.quigley@lgcgroup.com
or
Company
Contact
Co-Diagnostics Investor Relations
Andrew Benson
801-438-1036
or
Investor
Contact
Lytham Partners, LLC
Joe Diaz, Robert Blum and Joe
Dorame
602-889-9700
investors@codiagnostics.com