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Co-Diagnostics Signs Agreements to Sell $5.5M in Stock

NEW YORK (GenomeWeb) — Co-Diagnostics announced today that it has signed definitive agreements to sell $5.5 million in common stock to institutional investors through a registered direct offering.

According to Co-Diagnostics, the agreements call for the sale of roughly 3.9 million shares at $1.40 per share. The offering is expected to close on Monday. HC Wainwright is the exclusive placement agent for the offering.

Salt Lake City, Utah-based Co-Diagnostics said it intends to use the proceeds of the offering to advance its ongoing infectious disease testing and agrigenomics initiatives, to further develop and commercialize applications of its CoPrimer PCR technology in the liquid biopsy and next-gen sequencing markets, to expand its sales efforts, and for working capital and other general corporate purposes.

Yesterday, Co-Diagnostics said it had sold $3 million worth of preferred stock in a transaction that eliminated its debt.