In a significant move to broaden its global footprint, Co-Diagnostics, Inc. (NASDAQ: CODX), a prominent molecular diagnostics company, recently announced a strategic joint venture with Arabian Eagle Manufacturing, a firm based in the Kingdom of Saudi Arabia. This partnership aims to facilitate the research, development, manufacturing, assembly, distribution, and commercialization of Co-Diagnostics' advanced technologies and intellectual property throughout Saudi Arabia and 18 additional countries in the Middle East and North Africa. This includes their innovative Co-Dx PCR point-of-care platform, marking a pivotal step in regional healthcare innovation.
This collaboration underscores Co-Diagnostics' commitment to advancing healthcare accessibility and aligns seamlessly with the core objectives of Saudi Vision 2030, particularly in fostering technology localization, industrial diversification, and healthcare innovation. The agreement outlines Arabian Eagle's responsibilities, which include managing local operations, customer support, establishing manufacturing facilities, handling regulatory clearances, and overseeing logistics. Similar to Co-Diagnostics' successful partnership in India with CoSara Diagnostics Pvt Ltd, CoMira, the newly formed entity, will receive an exclusive license to utilize, produce, and commercialize Co-Dx's intellectual property, encompassing the forthcoming Co-Dx PCR platform and its current range of lab-based PCR diagnostic products. Infectious disease tests under development for the new platform, set to begin clinical evaluations by late 2025, target critical health issues such as tuberculosis, an 8-type HPV multiplex test, and an upper respiratory multiplex test for influenza A and B, COVID-19, and RSV.
Co-Diagnostics' CEO, Dwight Egan, expressed enthusiasm for the partnership, highlighting the region's expanding market for medical devices and diagnostics. He emphasized that the collaboration reinforces the company's dedication to bridging the gap in high-quality PCR diagnostics accessibility. Furthermore, Co-Diagnostics recently secured $10 million through a registered direct offering of its common stock to institutional investors, bolstering its capital for these ambitious initiatives. As of premarket trading on Monday, Co-Diagnostics shares saw a 2.62% increase, trading at $0.35, positioning the stock near its 52-week low of $0.22, according to Benzinga Pro data.
This strategic alliance signifies a forward-looking approach to global health, demonstrating how innovative partnerships can drive technological advancement and improve healthcare outcomes worldwide. By uniting scientific expertise with regional operational strength, this venture is poised to make a substantial positive impact on public health across the Middle East and North Africa, fostering a future where advanced diagnostic tools are more readily available to those who need them most.