Co-Diagnostics Inc (NASDAQ: CODX) is seeing incredible gains this morning, up more than 80% early on. The gains follow an announcement made by the company that it has launched a mosquito diagnostic tool. Here’s what’s happening:
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CODX Stock Rockets On Product Launch
Co-Diagnostics announced the launch of a new product in a press release early this morning. In the release, the company said that it launched its Vector Smart NAM test.
The Vector Smart test is used to identify the presence of West Nile virus, St. Louis encephalitis, and western equine encephalitis in mosquito populations. In a statement, Dwight Egan, CEO at CODX, had the following to offer:
Our CoPrimer™-based North American mosquito test is the first multiplex polymerase chain reaction (PCR) test of its kind, with a target market of over 1,000 mosquito abatement districts across the continent. High-quality PCR tests help these centers identify and focus their efforts on those areas where the infectious diseases are found, allowing them to be more efficient and effective in preventing the spread of disease.
In addition to being the only multiplex test for these diseases available today, the test’s sensitivity is unmatched by any similar or single-plex products. Sales of the test began in Q2 2019, which we expect will continue to increase.
Why This News Is So Significant
City, county, and state municipalities are charged with controlling mosquito populations in the United States, and for good reason. West Nile and other serious illnesses are carried across the country by migratory birds. Mosquitos then transfer these diseases to humans and livestock.
In order to fight this issue, government municipalities spend large sums of money on both pesticide and non-pesticide options for controlling mosquito populations. In fact, mosquito control is the fastest growing segment in the pest control market, one that, according to the company’s press release, generated $9 billion in 2018.
With a test to assess the danger of specific mosquito populations now available, it will likely be in high demand by municipalities across the United States.
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