Co-Diagnostics to sign purchase agreement with MEDCIS Pathlabs
SANDY, Utah: Co-Diagnostics, Inc. ("Co-Diagnostics" or the "Company"), a molecular diagnostics company with a unique, proprietary platform for the development of diagnostic tests, and MEDCIS Pathlabs India Pvt. Ltd., have agreed to the terms of a purchase agreement for Co-Diagnostics products to be used throughout India.
MEDCIS Pathlabs and its associates and attendees, together comprising a Clinical Investigation Services provider of healthcare services with a strategy of delivering integrated testing solutions to their customers, has agreed to an initial purchase of up to 36,000 of the Company's tests, specifically those for Hepatitis B, Hepatitis C, HIV, and human papillomavirus.
The tests will be manufactured and branded by CoSara Diagnostics, the Company's manufacturing joint venture, who will also pursue all relevant regulatory approvals, and are expected to be used in MEDCIS' own network of ISO-certified and NABL and CAP-accredited franchises and branches across India.
The agreement also extends to future Co-Diagnostics-developed products, including a blood bank panel to help address a market in India that exceeds $1 billion annually.
Co-Diagnostics CEO Dwight Egan commented, "This agreement has the potential to represent our most significant revenue to date through the profit sharing agreement with our Joint Venture in India, once the tests in question have completed all requisite validation procedures. It is fitting that it would be with MEDCIS Pathlabs, whose commitment to helping improve the quality of patient care, all at affordable costs, parallels our own ambitions."