Co-Diagnostics Reports Surge in Demand for Coronavirus Tests

Shares of molecular diagnostics company Co-Diagnostics (NASDAQ: CODX) jumped 24% Thursday after the company reported a surge in demand for its tests for COVID-19. The wave of orders came following an announcement by the U.S. Food and Drug Administration last weekend that opened the door for labs to use the diagnostic tests they've developed before those tests get formal approval from the agency.

The change in FDA policy allows laboratories to use tests after in-house validation, and Co-Diagnostics said that it's receiving requests from U.S. clinical laboratories for reagents in preparation for patient testing. CEO Dwight Egan says his company is now manufacturing and shipping coronavirus products to countries on four continents, and it plans to triple its total manufacturing capacity for this test by bringing its facility in India into the effort.

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Source Fool.com