Shares of Co-Diagnostics Inc. (CODX) surged more than 45% in pre-market trading on Friday after the company announced its foray into Bangladesh, Pakistan, Nepal, and Sri Lanka, a move that lifts its total addressable market to an estimated $13 billion.
The biotech company said the expansion will be carried out through its Indian joint venture, CoSara Diagnostics. The expansion will support the rollout of CoSara’s PCR Pro point-of-care platform and SARAGENE test products, pending regulatory approvals.
Mohal Sarabhai, CEO of CoSara, said that South Asia represents a large and rapidly growing market for molecular diagnostics, with a significant need for easily accessible, non-invasive, quick, and reliable testing solutions.
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