Press Release – New York, NY – February 27, 2020 – Securities and corporate law firm Carmel, Milazzo & Feil LLP announced today that it has represented Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, in a registered direct offering priced at-the-market under Nasdaq rules of 470,000 shares of its common stock, at a purchase price of $9.00 per share, in a registered direct offering priced at-the-marked under the Nasdaq rules. The closing of the offering is expected to occur on or about March 2, 2020, subject to the satisfaction of customary closing conditions. The gross proceeds to the Company, before deducting placement agent fees and other offering expenses, are expected to be approximately $4.2 million. Co-Diagnostics intends to use the net proceeds from this offering for acquisition of PCR (polymerase chain reaction) equipment and raw materials to be used in connection with sale of tests used to diagnose infectious disease, including strains and mutations of coronavirus, as well as research and development costs associated with test development for additional pathogens and test menu expansion, and for working capital and other general corporate purposes.
H.C. Wainwright & Co. is acting as the exclusive lead placement agent for the offering. Maxim Group LLC is acting as co-placement agent.
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.
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 certain verticals or markets, (iv) capital resources and runway needed to advance the Company’s products and markets, (v) increased sales in the near-term, (vi) flexibility in managing the Company’s balance sheet, (vii) anticipation of business expansion, (viii) benefits in research and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages and (ix) 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, including market conditions. 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.