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Co-Diagnostics Closes $5M Offering of Shares

NEW YORK – Molecular diagnostics firm Co-Diagnostics said Tuesday that it is has closed a previously announced direct offering of 3.4 million shares of common stock for a purchase price of $1.45 per share and gross proceeds of about $5.0 million.

The Salt Lake City, Utah-based company said it intends to use the net proceeds from the offering for further commercialization and expansion of its infectious disease testing, agrigenomics, and vector control verticals.

Further, it expects to use the financing to accelerate sales and technology licensing activities, for ongoing development of additional applications for its technology in markets related to liquid biopsy and NGS, and for working capital and other general corporate purposes.

HC Wainwright was the exclusive lead placement agent for the offering, and Maxim Group was the co-placement agent.

Co-Diagnostics recently expanded internationally in India and Africa.

In early Tuesday morning trading on the Nasdaq, its stock retreated about 16 percent to $2.88 per share.