Molecular diagnostics company Co-Diagnostics has completed the acquisition of Idaho Molecular and Advanced Conceptions for nearly 4.72 million shares of the company’s stock.
The acquisition includes additional common warrants totaling 465,000, providing Co-Diagnostics with all existing and future assets and intellectual property related to the company’s upcoming at-home/point-of-care diagnostic device.
The acquisition, first announced on Dec. 22 2021, is expected to streamline the commercialization of the Eikon platform and YourTest PCR device as it nears completion. The device has been designed with highly specialized optics to accommodate multiplexed assays as the company expands its future suite of Eikon products to include additional respiratory and other infectious diseases utilizing the company’s patented CoPrimer technology.
Kirk Ririe and Carl Wittwer, PhD, MD, have also respectively become president of the wholly owned subsidiary and chairman of the company’s Scientific Advisory Board.
“We are pleased to announce that this important acquisition is complete, and for the value it brings to the Company as we take this step towards the next phase of our growth focused on making this next-generation healthcare solution available worldwide. We look forward to continuing to develop and iterate new, groundbreaking products on the Eikon platform,” says Dwight Egan, CEO of Co-Diagnostics.
The YourTest PCR device has not been reviewed by the FDA and is not available for sale.