Co‑Diagnostics closed a direct equity offering on Oct 29 2025, raising approximately $7 million in gross proceeds by selling 12,727,272 shares of common stock at $0.55 per share under a Form S‑3 registration statement. Maxim Group LLC served as the placement agent.
The proceeds will be used to fund working capital needs and general corporate purposes, with a focus on continued investment in the Co‑Dx PCR platform and related pipeline development. The company has been investing heavily in this platform to expand at‑home and point‑of‑care testing capabilities.
The financing follows a period of declining revenue, with full‑year 2024 revenue at $3.9 million, down 42.5% from the prior year, and quarterly revenue falling from $0.5 million in Q1 2024 to $0.1 million in Q1 2025, and from $2.7 million in Q2 2024 to $0.2 million in Q2 2025. These results underscore the need for additional capital to sustain operations and development.
Co‑Diagnostics has also announced a joint venture with Arabian Eagle to establish CoMira Diagnostics in Saudi Arabia, expanding its presence in the Middle East and North Africa. The venture aligns with Saudi Vision 2030 and aims to localize manufacturing and broaden market reach.
The company previously raised approximately $3.8 million in a registered direct offering at $0.40 per share. The new offering represents a significant capital infusion to support ongoing research, development, and commercialization efforts.
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