Co-Diagnostics to Raise USD 5.5m from Registered Direct Offering.
M2 PHARMA-February 1, 2019-Co-Diagnostics to Raise USD 5.5m from Registered Direct Offering
(C)2019 M2 COMMUNICATIONS
- US-based molecular diagnostics company Co-Diagnostics, Inc. (NASDAQ: CODX) has entered into definitive agreements with institutional investors for the purchase of 3,925,716 shares of its common stock, at a purchase price per share of USD 1.40, in a registered direct offering, the company said.
The closing of the offering is expected to occur on or about February 4, 2019, subject to the satisfaction of customary closing conditions.
H.C. Wainwright and Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the company, before deducting placement agent fees and other offering expenses, are expected to be approximately USD 5.5m.
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 shares of common stock are being offered by Co-Diagnostics pursuant to a "shelf" registration statement on form S-3 that was originally filed on August 14, 2018 and declared effective by the Securities and Exchange Commission on September 7, 2018, and the base prospectus contained therein (File No. 333-226835).
The offering of the shares of common stock will be made only by means of a prospectus supplement that forms a part of the registration statement.
Co-Diagnostics, a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics technology.
The company's technology is utilised 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.
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|Date:||Feb 1, 2019|
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