Co-Diagnostics, Inc. Signs Agreement to Acquire all Assets and Intellectual Property Related to At-Home/Point-of-Care Platform Definitive merger agreements provide the Company with all existing and future assets, future

Inc. Signs Agreement to Acquire all Assets and Intellectual Property Related to At-Home/Point-of-Care Platform

merger agreements provide the Company with all existing and future assets, future product iterations, and intellectual property rights

of the platform, creating a fully integrated product line and streamlining commercialization

Lake City, Utah - December 22, 2021 - Co-Diagnostics, Inc. (Nasdaq: CODX) (the "Company"), a molecular

diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today that it has entered

into definitive agreements with each of Idaho Molecular Inc. and Advanced Conceptions, Inc., pursuant to which each of them will become

wholly owned subsidiaries of Co-Dx. Co-Dx has been working with Idaho Molecular and Advanced Conceptions on the development of Co-Diagnostics'

upcoming at-home/point-of-care diagnostic device. The transactions will provide the Company with all existing and future assets and intellectual

property related to the platform.

Company expects that the acquisition will streamline the commercialization of the Eikon platform and YourTest PCR device

as it nears completion and prepares for a market release with an easy-to-use sample-to-result COVID-19 test. Terms of the agreement include

issuance of nearly 4.72 million shares of the Company's stock, including those shares provided as incentives to encourage efficient

and timely completion of development and manufacturing milestones, plus additional common warrants totaling 465,000. The Company expects

the agreements to close prior to end of the year 2021.

the terms of the agreements, Dr. Kirk Ririe and Dr. Carl Wittwer, both pioneers of rapid and real-time PCR who have launched a series

of PCR instruments in use worldwide, and key personnel in the platform's development to date, will respectively become president

of the wholly owned subsidiary and Chairman of the Company's Scientific Advisory Board.

Egan, CEO of Co-Diagnostics, remarked, "For nearly a year now we have had the honor of working with some of the greatest minds

in PCR device development, and we are pleased to be able to announce that with this merger they will become part of the Co-Dx family.

We believe that this acquisition immediately increases the Company's value and will allow for greater efficiency when developing

future product iterations and as we begin principle and large-scale manufacturing of the device and initial COVID-19 test, all with the

additional financial benefit of allowing commercialization of these groundbreaking products without royalties or restrictions."

YourTest PCR device has been designed with highly specialized optics to accommodate multiplexed assays as the Company expands its suite

of Eikon products to include additional respiratory and other infectious diseases utilizing the Company's patented CoPrimer

technology. The affordable single-use YourTest PCR COVID-19 test cartridges, being designed to work with either saliva or nasal swab

samples, would be analyzed in the reusable device with results displayed on users' smartphones, pairing gold-standard PCR results

with the affordability and speed of less accurate testing platforms.

infectious disease testing landscape has shifted dramatically in the past 2 years, especially as it relates to COVID-19," continued

Mr. Egan, "and we have long maintained that regular, efficient, affordable PCR tests at the point-of-care and especially in at-home

settings is the only way to truly operationalize testing to the extent necessary to allow for a high quality of life in this changed

world. Our strategy going forward is focused on making this next-generation healthcare solution available worldwide. We believe that

this acquisition provides the best opportunity to realize the full potential of the Eikon platform, and the Company as a whole. This

business combination gives us the talent and technology to build on the foundation we have already established and propels us forward

as the world traverses from centralized healthcare to more efficient and cost effective at-home and point-of-care business models."

YourTest PCR device has not been reviewed by the FDA and is not available for sale.

Co-Diagnostics, Inc.:

Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets 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 within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA)

that are subject to a number of risks and uncertainties. Risks and uncertainties that may cause such differences include, among other

things: closing of the transactions with Idaho Molecular and Advanced Conceptions may be delayed or not occur at all; integration of

Idaho Molecular and Advanced Conceptions may be slower or more difficult than anticipated resulting in a delay in development of the

product; development and regulatory approval of the YourTestTM PCR device may be delayed by circumstances beyond our control leading

to a later, if ever, product commercial launch; our products may not prove to be as effective as other products currently being commercialized

or to be commercialized in the future by competitors; risks inherent in manufacturing and scaling up to commercial quantities while maintaining

quality controls; the uncertainties inherent in new product development, including the cost and time required to gain regulatory clearance

for such product and to commercialize such product(s);and, market acceptance of our products once commercialized. Readers are cautioned

not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's

current estimates, projections, expectations, and beliefs. There can be no assurance that any of the anticipated results will occur on

a timely basis or at all due to certain risks and uncertainties, a discussion of which can be found in the Risk Factors disclosure in

our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 25, 2021, and in our other filings with

the SEC. 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.