Co-Diagnostics Partners with Saudi Arabia to Expand Co-Dx™ PCR Platform in the Middle East

Co-Diagnostics Signs Strategic MOU with Saudi Partner

Co-Diagnostics, Inc. (NASDAQ: CODX), a prominent player in the molecular diagnostics field, has taken a significant step towards expanding its market presence in the Middle East. The company recently announced the signing of a Memorandum of Understanding (MOU) with a regional partner in the Kingdom of Saudi Arabia (KSA). This partnership aims to establish a joint venture that focuses on the development, manufacturing, and distribution of Co-Diagnostics' proprietary Co-Dx™ PCR platform and other intellectual properties throughout the Middle East and North Africa (MENA).

The Co-Dx™ PCR platform is recognized for its innovative testing capabilities, and the joint venture is anticipated to enhance the availability of these tests, aligning with KSA's Vision 2030 goals. This government initiative seeks to diversify the country's economy and improve healthcare accessibility, making it a prime location for Co-Diagnostics' expansion efforts. As KSA has been one of the largest international markets for Co-Diagnostics' Logix Smart® tests, this joint venture signifies the company’s commitment to enhancing healthcare solutions in the region.

Under the terms of the MOU, the Saudi partner will offer essential local operational support. This includes access to necessary infrastructure, qualified personnel, and expertise in navigating regulatory requirements, all of which are crucial for launching Co-Dx products across MENA countries. The arrangement is similar to Co-Diagnostics' successful operations in India through its joint venture, CoSara Diagnostics Pvt Ltd.

Dwight Egan, CEO of Co-Diagnostics, expressed enthusiasm about the MOU, stating, “We are pleased to announce this Memorandum to formalize the structure, scope, and mission of an anticipated joint venture in KSA. This illustrates our dedication to increasing the accessibility of high-quality PCR diagnostics on a global scale.” Egan emphasized the importance of expanding their reach to provide both the upcoming Co-Dx PCR platform and existing lab-based PCR diagnostic products.

It’s noteworthy that the Co-Dx PCR platform, which includes the PCR Home™, PCR Pro™, and associated tests, is currently under review by the FDA and other regulatory bodies. As a result, it is not yet available for commercial sale.

Co-Diagnostics, based in Utah, specializes in the development and marketing of advanced diagnostic technologies that are vital for detecting genetic markers and analyzing nucleic acid molecules, whether DNA or RNA. This MOU not only strengthens the company’s foothold in a rapidly growing market but also reflects its ongoing mission to innovate in the field of molecular diagnostics.

As the venture progresses, Co-Diagnostics aims to leverage the local partner's capabilities to ensure smooth operations and successful outreach across the region, contributing significantly to the healthcare landscape of the MENA area. The anticipated partnership presents exciting opportunities for both companies, enhancing their capabilities in providing crucial diagnostic solutions that address current and emerging health concerns in the region.

With these advancements, Co-Diagnostics is set to play an important role in transforming healthcare accessibility and quality in one of the most significant markets for diagnostics innovation. As discussions continue, the expectation is that this collaboration will lead to effective execution and launch, ultimately benefiting the healthcare systems in Saudi Arabia and beyond.