Co-Diagnostics Rallies On Plans To Develop Screening Test For Coronavirus

Shares of molecular diagnostic company Co-Diagnostics Inc (NASDAQ: CODX) are riding high on the Wuhan coronavirus wave, at their highest level in about a year.

Benzinga · 01/23/2020 13:37

Shares of molecular diagnostic company Co-Diagnostics Inc (NASDAQ: CODX) are riding high on the Wuhan coronavirus wave, at their highest level in about a year.

The Utah-based company said it has completed principle design work for a PCR screening test for the new coronavirus, 2019-nCoV, which will potentially detect the virus.

Co-Diagnostics said the new test uses its patented CoPrimer technology and was designed to use its proprietary software system. The test would follow the guidelines published by the World Health Organization and Centers for Disease Control, the company added.

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"One of the most important advantages of our CoPrimer platform is its ability to reliably and accurately differentiate between similar genetic sequences, in order to reduce the likelihood of a false positive diagnosis," said Dwight Egan, CEO of Co-Diagnostics. "With a situation currently unfolding where at least 17 deaths have already been reported among the hundreds infected, it is vital that healthcare professionals have access to the highest-quality diagnostic tools available, to be able to provide prompt and accurate diagnoses."

The outbreak of the coronavirus in the Wuhan province of China has left about 450 people infected and 20 people dead in China. This virus supposedly had its origin from sea food and causes pneumonia.

In the U.S., a confirmed case is reported, with a man travelling from Wuhan to Seattle having contracted the virus.

Co-Diagnostics stock was rallying 155% to $2.88 per share at time of publication.