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Co-Diagnostics Announces $4.2M Direct Offering

NEW YORK – Molecular diagnostic company Co-Diagnostics announced Thursday that it has entered into an agreement with institutional investors for a $4.2 million registered direct offering.

The offering is for the purchase of 470,000 shares of common stock at the purchase price of $9.00 per share, with the closing expected to occur on or before March 2, 2020.

The exclusive lead placement agent for the offering is HC Wainwright. Maxim Group is acting as co-placement agent.

Co-Diagnostics intends to use the net proceeds for the acquisition of PCR equipment and raw materials for its infectious disease tests, including strains and mutations of coronavirus, for research and development costs associated with test menu expansion, and for working capital.