Co-Diagnostics Announces $5.5 Million Registered Direct Offering

SALT LAKE CITY–(BUSINESS WIRE)–Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company
with a unique, patented platform for the development of molecular
diagnostic tests, today announced that it has entered into definitive
agreements with institutional investors for the purchase of 3,925,716
shares of its common stock, at a purchase price per share of $1.40, in a
registered direct offering. The closing of the offering is expected to
occur on or about February 4, 2019, subject to the satisfaction of
customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the
offering.

The gross proceeds to the Company, before deducting placement agent fees
and other offering expenses, are expected to be approximately $5.5
million. Co-Diagnostics intends to use the net proceeds from this
offering for expansion of existing initiatives in the infectious disease
testing and agrigenomics verticals, to further develop and commercialize
applications of its technology in the growing liquid biopsy and next-gen
sequencing markets, to expand its sales efforts, and for working capital
and other general corporate purposes.

The shares of common stock are being offered by Co-Diagnostics pursuant
to a “shelf” registration statement on Form S-3 that was originally
filed on August 14, 2018 and declared effective by the Securities and
Exchange Commission (“SEC”) on September 7, 2018, and the base
prospectus contained therein (File No. 333-226835). The offering of the
shares of common stock will be made only by means of a prospectus
supplement that forms a part of the registration statement.

A final prospectus supplement and accompanying base prospectus relating
to the shares of common stock being offered will be filed with the SEC.
Copies of the final prospectus supplement and accompanying base
prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or
by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at placements@hcwco.com.

This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy any of the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.

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, (ix) benefits in research and worldwide accessibility of the
CoPrimer™ technology and its cost-saving and scientific advantages and
(x) statements regarding the offering, the expected gross proceeds from
the offering, the intended use of proceeds and the timing of the closing
of the offering. 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

Andrew Benson
Co-Diagnostics Investor Relations
801-438-1036
investors@codiagnostics.com