Co-Diagnostics (NASDAQ:CODX) Inc announced that it has completed the acquisition of Idaho Molecular Inc and Advanced Conception Inc to provide the company with all existing and future assets and intellectual property related to its upcoming at-home/point-of-care diagnostic device.
The transaction was settled for 4.72 million shares of Co-Diagnostics (NASDAQ:CODX) stock, and additional common warrants totaling 465,000.
The Salt Lake City, Utah-based company said that the acquisition is expected to streamline the commercialization of the Eikon platform and YourTest PCR device as it nears completion.
READ: Co-Diagnostics to acquire Idaho Molecular and Advanced Conception for its at-home/point-of-care platform
The device has been designed with highly specialized optics to accommodate multiplexed assays as the company expands its future suite of Eikon products to include additional respiratory and other infectious diseases utilizing its patented CoPrimer technology, the company said.
Dr. Kirk Ririe and Dr. Carl Wittwer, both pioneers of rapid and real-time PCR who have launched a series of PCR instruments in use worldwide, and key personnel in the platform’s development to date, have also respectively become president of the wholly-owned subsidiary and chairman of the company’s scientific advisory board.
“We are pleased to announce that this important acquisition is complete, and for the value it brings to the company as we take this step towards the next phase of our growth-focused on making this next-generation healthcare solution available worldwide,” Dwight Egan, CEO of Co-Diagnostics, said in a statement. “We look forward to continuing to develop and iterate new, groundbreaking products on the Eikon platform.”
The company said that the YourTest PCR device has not been reviewed by the FDA and is not available for sale.
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