5 February 2019 - - US-based molecular diagnostics company Co-Diagnostics, Inc. (NASDAQ: CODX) has closed an offering, raising around USD 5.5m, the company said.

In a registered direct offering, Co-Diagnostics issued and sold 3,925,716 shares of its common stock at a price of USD 1.40 per share, for gross proceeds of approximately USD 5.5m.

H.C. Wainwright and Co. acted as the exclusive placement agent for the offering. Maxim Group LLC acted as financial advisor to Co-Diagnostics, Inc.

Co-Diagnostics intends to use the net proceeds from this offering for expansion of existing initiatives in the infectious disease testing and agrigenomics verticals, to further develop and commercialise applications of its technology in the growing liquid biopsy and next-gen sequencing markets, to expand its sales efforts, and for working capital and other general corporate purposes.

The offering of the shares of common stock was made only by means of a prospectus supplement that forms a part of the registration statement.

Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, 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).

Co-Diagnostics 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.