Co-Diagnostics, Inc. Receives Enhanced U.S. Patent Protection for CoPrimer Technology Used in COVID-19 Test

Rhea-AI Summary

Co-Diagnostics (Nasdaq: CODX) has received increased patent protection from the U.S. Patent Office for its CoPrimer technology used in COVID-19 testing. This patent, providing comprehensive protection for the CoPrimer molecule, emphasizes its unique structure that enhances PCR diagnostic tests. The technology has been successfully deployed worldwide and licensed for various applications, contributing to significant revenue and profitability. The optimized CoPrimer structure minimizes false positives, enhancing diagnostic accuracy. The company's growth also includes advancements in multiple sectors beyond infectious diseases.

Positive

• Enhanced patent protection for CoPrimer technology validates its uniqueness.
• Significant revenues and profitability linked to CoPrimer-based COVID-19 test kits.
• Licensing of technology by LGC, expanding its reach to over 200 countries.
• Broad applications of CoPrimer technology in sectors like AgBio and liquid biopsy.

Negative

• None.

SALT LAKE CITY, Aug. 20, 2020 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, announced today that the United States Patent and Trademark Office has granted increased patent protection for the Company's novel CoPrimer™ technology used in the Company's COVID-19 test kit and its other molecular diagnostic tests. This new patent further validates the uniqueness of the CoPrimer molecule, and provides even more comprehensive protection for all of its potential applications.

The original patent received on October 18, 2018 covered certain applications of the CoPrimer molecule—which has been shown to enhance the output of polymerase chain reaction ("PCR") molecular diagnostic tests by dramatically minimizing false positive test results—and its use in PCR, but not the molecule itself. The additional patent covers the physical structure of the CoPrimer molecule, with more broad claims and including all configurations of a molecule with such a structure.

CoPrimer technology is the platform used in the Company's flagship COVID-19 testing kits, which have been deployed throughout the world and across the United States. CoPrimer technology has also been licensed for certain applications by LGC, Biosearch Technologies, an international leader in the extended life sciences sector, whose footprint covers over 200 countries.

Dwight Egan, Co-Diagnostics CEO, commented, "Receiving this additional patent emphasizes the uniqueness of our CoPrimer technology. The beneficial advantages of CoPrimers in test design and performance are already being realized by laboratories across the country and rest of the world, particularly in the battle against the coronavirus pandemic, which has propelled the Company to significant revenues and profitability.

"CoPrimer technology is also used in the products manufactured and marketed by our Joint Venture in India, driving record sales and a profitable quarter for that entity as well. The CoPrimer-based Logix Smart COVID-19 test kit has been authorized for use as an in vitro diagnostic (IVD) by regulatory authorities in the United States, the European Community, Mexico, India, Australia, and others, after validations confirming its performance and quality have been performed by or presented to the regulatory bodies in those regions. In addition to infectious disease diagnostics, this technology platform also serves as the foundation for Co-Diagnostics' other verticals, including our growing mosquito abatement/vector control vertical, AgBio, liquid biopsy technology, and next-gen sequencing applications, and we are pleased that the United States patent office has provided us with even more thorough and robust protection for our most important intellectual property."

Patent no. 10,704,087, "COOPERATIVE PRIMERS, PROBES, AND APPLICATIONS THEREOF," covers the synthesis of a nucleic acid molecule in the structure first developed by Dr. Satterfield in 2012, called a "CoPrimer." Unlike CoPrimer molecules, traditional primer molecules in PCR technology will often cause false results by interacting with each other rather than the target sequence. The patented structure of CoPrimers prevents this interaction, making the technology ideal for a wide array of PCR applications.

About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a 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.

 

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SOURCE Co-Diagnostics

FAQ

What recent patent was granted to Co-Diagnostics (CODX) regarding its CoPrimer technology?

Co-Diagnostics received enhanced patent protection for its CoPrimer technology used in COVID-19 testing, emphasizing its unique structure.

How does the CoPrimer technology improve COVID-19 testing for Co-Diagnostics (CODX)?

CoPrimer technology enhances PCR testing by minimizing false positive results, leading to improved diagnostic accuracy.

What impact has Co-Diagnostics (CODX) seen from its CoPrimer technology?

The CoPrimer technology has contributed to significant revenues and profitability for Co-Diagnostics, particularly during the COVID-19 pandemic.

In which countries is Co-Diagnostics' COVID-19 test kit authorized for use?

The Co-Diagnostics COVID-19 test kit is authorized in the United States, European Community, Mexico, India, Australia, and more.

What broader applications does Co-Diagnostics (CODX) have for its CoPrimer technology?

Beyond COVID-19, CoPrimer technology is utilized in sectors such as AgBio, liquid biopsy, and next-gen sequencing.