Co-Diagnostics, Inc. Announces Closing of $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 the closing of its previously
announced offering. In a registered direct offering, Co-Diagnostics
issued and sold 3,925,716 shares of its common stock at a price of $1.40
per share, for gross proceeds of approximately $5.5 million.

H.C. Wainwright & Co. acted as the exclusive placement agent for the
offering. Maxim Group LLC acted as financial advisor to Co-Diagnostics,
Inc.

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 offered in the registered direct offering
were offered and sold by Co-Diagnostics pursuant to a “shelf”
registration statement on Form S-3 (Registration No. 333-226835),
including a base prospectus, previously filed with and declared
effective by the Securities and Exchange Commission (SEC) on September
7, 2018. The offering of the shares of common stock was made only by
means of a prospectus supplement that forms a part of the registration
statement. A final prospectus supplement and an accompanying base
prospectus relating to the registered direct offering was filed with the
SEC and is available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the prospectus supplement and accompanying base
prospectus may also be obtained from 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 these securities, nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such 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 intended use of proceeds. 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

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