MEDFORD, N.Y., Oct. 22, 2018 (GLOBE NEWSWIRE) -- Chembio Diagnostics, Inc. (Nasdaq: CEMI), a leading point-of-care diagnostics company focused on infectious diseases, today announced that it has commenced an underwritten public offering of $25 million of its common stock to be sold by the Company. Chembio also intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 15% of the number of shares of its common stock sold in the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.

Chembio intends to use the net proceeds from the offering 1) to fund the proposed acquisition of opTricon GmbH announced by the Company earlier today, 2) to support its business growth strategy, including increasing the size of its global sales force, broadening U.S. manufacturing automation, expanding and improving its facilities, and advancing its product development efforts, and 3) for general corporate purposes.

Canaccord Genuity LLC and BTIG, LLC are acting as joint book-running managers for the offering. Craig-Hallum Capital Group LLC is acting as lead manager.

About Chembio Diagnostics

Chembio is a leading point-of-care diagnostics company focused on detecting and diagnosing infectious diseases. The Company’s patented DPP^® technology platform, which uses a small drop of blood from the fingertip, provides high-quality, cost-effective results in ~15 minutes. Coupled with Chembio’s extensive scientific expertise, its novel DPP^® technology offers broad market applications beyond infectious disease, a number of which are under active development with collaboration partners. Chembio’s products are sold globally, directly and through distributors, to hospitals and clinics, physician offices, clinical laboratories, public health organizations, government agencies, and consumers. Learn more at www.chembio.com.