Molecular diagnostics company Co-Diagnostics Inc (Nasdaq:CODX) announced on Thursday the completion of its registered direct offering of 3,324,676 shares of its common stock.

The offering was priced at-the-marked under the Nasdaq rules at a purchase price per share of USD3.08 for gross proceeds of approximately USD10.2m.

Net proceeds are intended to be used by the company for acquisition of PCR (polymerase chain reaction) equipment to be used in connection with sales of reagents used for tests to diagnose infectious disease, including strains and mutations of coronavirus, as well as research and development costs associated with test development for additional pathogens and test menu expansion, and for working capital and other general corporate purposes.

HC Wainwright & Co acted as the exclusive placement agent for the offering.