HAUPPAUGE, N.Y., (GLOBE NEWSWIRE) -- Chembio Diagnostics, Inc. (Nasdaq: CEMI), a leading point-of-care diagnostic company focused on infectious diseases, announced today a proposed public offering of an undetermined number of shares of its common stock. All shares of common stock to be sold in the proposed offering will be offered by Chembio. In addition, Chembio expects to grant the underwriters a 30-day option to purchase additional shares, in a number equal to up to 15% of the number of shares of common stock sold in the proposed offering, at the public offering price less the underwriting discounts and commissions. The proposed offering is subject to market and other conditions, as well as customary closing conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the size or other terms thereof.
Chembio intends to use the net proceeds from the offering to support the refocus of its business strategy, including the manufacturing and further commercialization of the DPP COVID?19 System, to expand its sales force to support growth, to increase its manufacturing capacity and for other general corporate purposes.
Baird is acting as sole book?running manager for the proposed offering. Dougherty & Company LLC is acting as co-manager for the proposed offering.
About Chembio Diagnostics
Chembio is a leading point-of-care diagnostics company focused on detecting and diagnosing infectious diseases including COVID-19, sexually transmitted disease and fever and tropical disease. Chembio’s patented DPP technology platform, which uses a small drop of blood from the fingertip, provides high-quality, cost-effective results in approximately 15 minutes. Coupled with Chembio’s extensive scientific expertise, its novel DPP technology offers broad market applications beyond infectious disease. 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.
