31 January 2019 - - US-based molecular diagnostics company Co-Diagnostics, Inc. (NASDAQ: CODX) has sold USD 3m of preferred shares, convertible to common stock at a fixed price of USD 1.20 per share, the company said.

This transaction consisted of negotiating the conversion of a USD 2m note to preferred stock, effectively eliminating the company's debt, and an additional sale of USD 1m of preferred shares for cash.

The news followed recent company announcements of its CoPrimer technology platform being presented at the Plant and Animal Genome XXVII conference, and the launch of the first private-label CoPrimer product.

CoPrimer technology has been shown to offer significant advantages compared to other PCR platforms, including a substantial reduction in errors that lead to false positive results, and dramatically improved multiplex test capabilities for molecular diagnostics, including infectious disease testing, agrigenomics, liquid biopsy and NGS applications.

Co-Diagnostics, 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).

Co-Diagnostics 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.