Molecular diagnostics company Co-Diagnostics Inc (Nasdaq:CODX) reported on Friday the issuance of 3,448,278 shares of its common stock under definitive agreements with institutional investors.
In the registered direct offering, the company issued the common stock priced at-the-marked a purchase price per share of USD1.45 for gross proceeds of approximately USD5.0m, before deducting placement agent fees and other offering expenses.
Net proceeds may be used by the company for further commercialisation and expansion of its infectious disease testing, agrigenomics and vector control verticals, acceleration of sales and technology licensing activities, ongoing development of additional applications for its technology in markets related to liquid biopsy and next-gen sequencing, as well as for working capital and other general corporate purposes.
The closing of the offering is expected to occur on or about 28 January 2020, subject to the satisfaction of customary closing conditions.
HC Wainwright & Co is acting as the exclusive lead placement agent for the offering. Maxim Group LLC is acting as co-placement agent.
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