Co-Diagnostics (NASDAQ: CODX) announced that its Indian joint venture, CoSara Diagnostics Pvt. Ltd., has signed an agreement to expand its commercial and distribution territory across South Asia to include Bangladesh, Pakistan, Nepal and Sri Lanka. This expansion significantly increases the company's addressable market to an estimated $13.0 billion, according to a press release issued by the company.
The expansion supports planned commercialization of the CoSara PCR Pro(R) point-of-care platform and SARAGENE(R) product line, subject to regulatory approvals. The company is building regional distribution channels and positioning for broader deployment of its molecular diagnostics solutions across the newly added territories.
The move comes as Co-Diagnostics seeks to leverage its proprietary technologies for tests designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The company also uses its technology to design specific tests for its Co-Dx PCR at-home and point-of-care platform, which is subject to regulatory review and not currently for sale, and to identify genetic markers for applications other than infectious disease.
Co-Diagnostics is a Utah corporation that develops, manufactures and markets state-of-the-art diagnostics technologies. The expansion into South Asia is expected to open new revenue streams and strengthen the company's presence in the region, which has significant unmet needs in molecular diagnostics.
For more information about Co-Diagnostics and its technologies, visit https://co-dx.com/. The full press release is available at https://ibn.fm/2aATV.
Forward-looking statements in this article involve risks and uncertainties that may cause actual results to differ materially. These include factors beyond management's control as detailed in the company's filings with the SEC. The company undertakes no duty to update this information unless required by law.
