By Kim Khan
Investing.com - Shares of Co-Diagnostics (NASDAQ:CODX) soared into the close of trading Monday after the company said a test for Covid-19 received European regulatory approval.
The stock closed up nearly 29% at the closer of regular trading, and eased 0.8% postmarket.
The diagnostics company said its Logix Smart Coronavirus Covid-19 Test got regulatory clearance to be an in vitro diagnostic in markets that accept CE marking (European Community approval).
“Co-Diagnostics has received overwhelming interest in our novel coronavirus diagnostic from all over the world since first announcing its development a month ago,” Co-Diagnostics CEO Dwight Egan said in a statement.
“As the disease has spread from China, so have concerns about the global health community’s ability to contain and control it,” Egan said. “The first step in containment is a prompt, accurate diagnosis, and we are pleased to provide this product to those areas that are able to utilize a CE-marked IVD to protect their residents and visitors from a disease that has already affected millions.”