Co-Diagnostics, Inc. Announces Elimination of Debt, Additional Capital Infusion SALT LAKE CITY-(BUSINESS WIRE)

Inc. Announces Elimination of Debt, Additional Capital Infusion

LAKE CITY-(BUSINESS WIRE)-Jan 30, 2019-Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company

with a unique, patented platform for the development of molecular diagnostic tests, announced today the sale of $3 million of

preferred shares, convertible to common stock at a fixed price of $1.20 per share. The transaction consisted of negotiating the

conversion of a $2M note to preferred stock, effectively eliminating the Company's debt, and an additional sale of $1M of

preferred shares for cash.

news followed recent Company announcements of its CoPrimer technology platform being presented at the Plant and Animal

Genome (PAG) XXVII conference, and the launch of the first private-label CoPrimer product. CoPrimer technology has been shown

to offer significant advantages compared to other PCR platforms, including a substantial reduction in errors that lead to false

positive results, and dramatically improved multiplex test capabilities for molecular diagnostics, including infectious disease

testing, agrigenomics, liquid biopsy and NGS applications.

Egan, CEO of Co-Diagnostics, commented, "This financing benefits our shareholders by providing additional capital to accelerate

our growth strategy. We believe that this exciting era of the Company's expansion will continue as we build on our notable

scientific, regulatory, and strategic milestones from 2018. The Company's improved balance sheet also provides a strong

foundation for continued momentum."

Co-Diagnostics, Inc.:

Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics

technology. The Company's technology is utilized for tests that are designed using the detection and/or analysis of nucleic

acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests to locate genetic markers

for use in industries other than infectious disease and license the use of those tests to specific customers.

press release contains forward-looking statements. Forward-looking statements can be identified by words such as "believes,"

"expects," "estimates," "intends," "may," "plans," "will"

and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as

they exist at the time such statements are made and predictions as to future facts and conditions. Forward-looking statements

in this release include statements regarding the (i) use of funding proceeds, (ii) expansion of product distribution, (iii) acceleration

of initiatives in liquid biopsy and SNP detection, (iv) use of the Company's liquid biopsy tests by laboratories, (v) capital

resources and runway needed to advance the Company's products and markets, (vi) increased sales in the near-term, (vii)

flexibility in managing the Company's balance sheet, (viii) anticipation of business expansion, and (ix) benefits in research

and worldwide accessibility of the CoPrimer technology and its cost-saving and scientific advantages. Forward-looking statements

are subject to inherent uncertainties, risks and changes in circumstances. Actual results may differ materially from those contemplated

or anticipated by such forward-looking statements. Readers of this press release are cautioned not to place undue reliance on

any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statement relating

to matters discussed in this press release, except as may be required by applicable securities laws.