Co-Diagnostics Announces Closing of Debt Financing

Company to accelerate initiatives in infectious disease, liquid
biopsy and SNP multiplexing

SALT LAKE CITY–(BUSINESS WIRE)–Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, proprietary platform for the development of
molecular diagnostic tests, announced today the closing of a
non-convertible debt instrument for $2M. The Company will apply the
incoming funds towards working capital, to expand distribution of its
infectious disease testing products, and to immediately accelerate
initiatives to develop multiplex screens for liquid biopsy cancer
screening, blood-bank screening, and SNP detection with applications in
several areas, including agriculture.

Liquid biopsy refers to diagnostic tools that allow detection of cancer
using analysis of blood rather than tissue or tumor samples. The
Company’s qPCR assay development CoPrimer™ technology has distinct
properties that gives laboratories the ability to conduct cost-effective
research to identify the presence or absence of critical genetic
mutations and infectious pathogens, and facilitates development of more
accurate, economically-priced products, ideal for laboratories
conducting repeat liquid biopsy cancer patient testing.

The CoPrimer technology has also been shown to offer other notable
advantages compared to current methodologies, including a dramatic
reduction in non-specific amplification errors leading to false positive
results, and improved multiplex test capabilities for SNP detection,
which allows for multiple targets to be identified in a single reaction
without costly and time-consuming re-optimization of primers.

Dwight Egan, Chief Executive Officer of Co-Diagnostics, remarked, “We
are pleased to announce that this new financing gives the Company the
runway we need to advance our position in the infectious disease
diagnostics market, liquid biopsy for cancer detection, and SNP
detection for agricultural and other industries. News of the Company’s
recent progress has made a positive impact and contributed to our
ability to access the capital markets with a non-convertible debt
financing on favorable terms. Having our current capital needs met also
facilitates a clear pathway towards increased sales in the near-term, as
well as flexibility in managing our balance sheet going forward through
this anticipated period of expansion.”

About Co-Diagnostics, Inc.:

Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics
company that develops, manufactures and markets a new, state-of-the-art
diagnostics technology. The Company’s technology is utilized for tests
that are designed using the detection and/or analysis of nucleic acid
molecules (DNA or RNA). The Company also uses its proprietary technology
to design specific tests to locate genetic markers for use in industries
other than infectious disease and license the use of those tests to
specific customers.

Forward-Looking Statements:

This press release contains forward-looking statements.
Forward-looking statements can be identified by words such as
“believes,” “expects,” “estimates,” “intends,” “may,” “plans,” “will”
and similar expressions, or the negative of these words. Such
forward-looking statements are based on facts and conditions as they
exist at the time such statements are made and predictions as to future
facts and conditions.
Forward-looking statements in this release
include statements regarding the (i) use of funding proceeds, (ii)
expansion of product distribution, (iii) acceleration of initiatives in
liquid biopsy and SNP detection, (iv) use of the Company’s liquid biopsy
tests by laboratories, (v) capital resources and runway needed to
advance the Company’s products and markets, (vi) increased sales in the
near-term, (vii) flexibility in managing the Company’s balance sheet,
(viii) anticipation of business expansion, and (ix) benefits in research
and worldwide accessibility of the CoPrimer technology and its
cost-saving and scientific advantages. Forward-looking statements are
subject to inherent uncertainties, risks and changes in circumstances.

Actual results may differ materially from those contemplated or
anticipated by such forward-looking statements. Readers of this press
release are cautioned not to place undue reliance on any forward-looking
statements. The Company does not undertake any obligation to update any
forward-looking statement relating to matters discussed in this press
release, except as may be required by applicable securities laws.


Company Contact:
Andrew Benson
Investor Relations

Lytham Partners, LLC
Joe Diaz, Robert Blum and
Joe Dorame