An American company with no track record.
| | | | | | | The American biotech company providing the technology to the first Indian company to receive a preliminary license to manufacture COVID-19 test kits sold just $700 worth of tests in 2018, and had cumulative losses of $23.1 million as of September 2019. The prospectus for its most recent fund-raising round shed doubts on if the company would remain a going concern.
Earlier this month, at a public event in Utah, Co-Diagnostics Inc.’s head of business development, Joe Featherstone, said the company had devised the test in just seven days using advanced computer algorithms rather than the standard process of trial and error, which takes several weeks. Its India manufacturing partner, Synbiotics Ltd, has a track record of manufacturing anti-fungal medication, but no previous experience in making diagnostic kits. |
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