CHICAGO--(BUSINESS WIRE)--Cardio Diagnostics Holdings, Inc (Nasdaq: CDIO), a pioneer of artificial intelligence-driven precision cardiovascular medicine tests, today announced the launch of the Company’s new integrated facility in Iowa City, Iowa. This facility will house Cardio Diagnostics' new research laboratory, high-complexity Clinical Laboratory Improvement Amendments (CLIA) laboratory, and fulfillment center, serving as the epicenter for distributing sample collection kits to clients and performing all laboratory research and commercial testing. Initial operations at this facility are expected to commence in Q4 2023, with full operations anticipated in Q1 2024.
"The launch of the new lab and fulfillment facility marks a critical milestone in Cardio Diagnostics' strategy to vertically integrate operations," said Meesha Dogan, Ph.D., CEO and Co-Founder of Cardio Diagnostics. "This facility provides a robust operational hub to accelerate research and development, centralize sample collection kit distribution, scale commercial testing, significantly improve efficiency, and reduce costs. It allows Cardio Diagnostics to reduce reliance on external service providers, enhancing agility as we fulfill demand and scale."
The modular setup of the high-complexity CLIA laboratory will enable Cardio Diagnostics to process up to 10,000 tests per month while reducing laboratory processing costs, which currently accounts for the largest portion of the cost of goods sold, by up to 60%. Additionally, performing kitting and fulfillment of sample collection kits internally reduces this cost by up to 56%. By integrating operations in-house, Cardio Diagnostics expects to meaningfully improve the gross profit margin and will continue to explore opportunities to further scale capacity and drive down costs.
"Establishing an internal high-complexity CLIA lab will facilitate the development of a testing process that can be completed in under 4 hours. This time frame fits well with our vision of our heart disease diagnostic tests being eventually offered as essentially point-of-care tests, with a same-day turnaround in almost all medical markets," said Robert Philibert, MD Ph.D., Chief Medical Officer and Co-Founder of Cardio Diagnostics.
The launch of Cardio Diagnostics’ operational hub will foster continued innovation, amplify commercialization opportunities, and set new standards to improve patient outcomes globally through best-in-class, low-cost precision cardiovascular diagnostics.
About Cardio Diagnostics
Cardio Diagnostics is an artificial intelligence-powered precision cardiovascular medicine company that makes cardiovascular disease prevention, detection, and management more accessible, personalized, and precise. The Company was formed to further develop and commercialize clinical tests by leveraging a proprietary Artificial Intelligence (AI)-driven Integrated Genetic-Epigenetic Engine (“Core Technology”) for cardiovascular disease to become one of the leading medical technology companies for improving prevention, detection, and treatment of cardiovascular disease. For more information, please visit www.cardiodiagnosticsinc.com.
Forward-Looking Statements
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