SALT LAKE CITY--(BUSINESS WIRE)--Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, proprietary platform for the development of molecular diagnostic tests, announced today the filing of a shelf registration statement on Form S-3 with the Securities and Exchange Commission (“SEC”) to sell up to an aggregate amount of $25 million of its shares, which amount shall be subject to securities regulations.
This announcement follows the Company’s most recent Form 10Q filing and the closure of $2 Million in debt financing announced on Friday, Aug. 10, 2018, and other press releases concerning advancements in the Company’s SNP detection technology and the CE marking of its Logix Smart™ MTB test.
Dwight Egan, Chief Executive Officer of Co-Diagnostics, commented, “This Form S-3 shelf registration statement enhances the Company’s financial flexibility in the event appropriate opportunities present themselves. We are confident that the cost-saving and scientific advantages that our technology makes available to laboratories and customers alike will not only facilitate a leap forward in research but increase accessibility of these life-changing diagnostics worldwide.”
A Form S-3 filing (also referred to as a shelf offering or shelf registration) allows a public company to register securities in a simpler format than that of an S-1 registration, even if no present intention exists to sell all securities being registered. The Company became eligible to file the Form S-3 one year after their initial public offering in July 2017.
The terms of any securities offered under the registration statement, and the intended use of the net proceeds resulting therefrom, will be established at the times of the offerings, if any, and will be described in prospectus supplements filed with the SEC at the times of the offerings.
Although the registration statement relating to these securities has been filed with the SEC, it has not yet become effective and, at the present time, Co-Diagnostics does not have any commitments to sell securities under the shelf registration statement.
These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release is not an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A copy of the shelf registration statement on Form S-3 and copies of the prospectus supplements relating to any offerings under the registration statement, when available, can be obtained by contacting Investor Relations.
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 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.