Project moving forward on schedule, with production to begin in Q3 2018
SALT LAKE CITY–(BUSINESS WIRE)– Co-Diagnostics, Inc. (NASDAQ: CODX), a diagnostics company with a unique, proprietary platform for the development of molecular diagnostics, announced today an update on the Joint Venture (“JV”) manufacturing facility in Vadodara, India.
CoSara Diagnostics, Pvt., Ltd. (“CoSara”), the JV for manufacturing with Synbiotics Limited, a group company of Asence Inc, a U.S. incorporated company specializing in supplying pharmaceutical products to international markets, broke ground on the future Good Manufacturing Practices (“GMP”) facility in October 2017. All building activities have continued on schedule, with principle construction now almost complete and negotiations underway or work orders placed with various agencies for electrical work, clean room design, heating, ventilation & air-conditioning system and other required infrastructure.
The documentation for the JV’s future Quality Management System, required to seek ISO certification and regulatory approvals, is currently being established, and CoSara management has recently completed meetings with regulatory consultants to finalize the procedure for obtaining the manufacturing license from the Indian government once the plant is ready for inspection.
Co-Diagnostics CEO Dwight Egan commented: “This is an important milestone for the joint venture as we continue to make measurable progress on the execution of our strategic plan. The project is moving forward on schedule and we look forward to initiating manufacturing operations in this state-of-the-art facility for all Co-Diagnostics products that will be sold in India. India remains a central focus for our Company’s infectious disease initiative, with a market that continues to grow both in size and in demand for high-quality, cost-conscious diagnostics, and this facility will be a key component in addressing the extreme needs of this diagnostics market.”
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that has developed and intends to manufacture and sell reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules (DNA or RNA), and to sell diagnostic equipment from other manufacturers as self-contained lab systems.
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. 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.
