NEW YORK (GenomeWeb) — Co-Diagnostics announced today that it has sold $3 million worth of preferred stock in a transaction that eliminates the Salt Lake City, Utah-based company's debt.

According to Co-Diagnostics, the preferred shares are convertible into common stock at a price of $1.20 per share. The deal included negotiating the conversion of a $2 million note to preferred stock, as well as the sale of an additional $1 million of preferred stock for cash.

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