Chembio Announces Pricing of $6.0 Million Public Offering of Common Stock
MEDFORD, N.Y., March 28, 2013 (GLOBE NEWSWIRE) -- CHEMBIO DIAGNOSTICS, INC.
(Nasdaq:CEMI) today announced that it has priced an underwritten public
offering of 1,200,000 shares of its common stock. Each share of common stock
sold in this offering will be sold for $5.00 per share.The net proceeds of
the offering, after deducting the underwriters' discounts and other estimated
offering expenses payable by the Company, will be approximately $5.5 million.
The Company intends to use the net proceeds from this offering for business
expansion and working capital.The Company expects to close the transaction,
subject to customary conditions, on or about April 3, 2013.
Craig-Hallum Capital Group LLC is the sole book-running manager for the
offering with The Benchmark Company, LLC serving as a co-manager for the
A shelf registration statement (File No. 333-185932) relating to these
securities was previously filed with, and declared effective by, the U.S.
Securities and Exchange Commission.A preliminary prospectus supplement
related to the offering was filed with the U.S. Securities and Exchange
Commission on March 27, 2013.A final prospectus supplement describing the
terms of the offering will be filed with the U.S. Securities and Exchange
Commission and will form a part of the effective registration statement.
Copies of the final prospectus supplement and accompanying prospectus relating
to the offering may be obtained, when available, by contacting Craig-Hallum
Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402,
by calling 612-334-6300, or by emailing firstname.lastname@example.org. An
electronic copy of the final prospectus supplement and accompanying prospectus
relating to the offering will be available on the website of the U.S.
Securities and Exchange Commission at www.sec.gov.
This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any offer or sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of such jurisdiction.
About Chembio Diagnostics
Chembio Diagnostics, Inc. develops, manufactures, licenses and markets
proprietary rapid diagnostic tests in the growing $10 billion point-of-care
testing market. Chembio's two FDA PMA-approved, CLIA-waived, rapid HIV tests
are marketed in the U.S. by Alere, Inc. (formerly, Inverness Medical
Innovations, Inc.). Chembio markets its HIV STAT-PAK®line of rapid HIV tests
internationally to government and donor-funded programs directly and through
distributors.Chembio has developed a patented point-of-care test platform
technology, the Dual Path Platform (DPP®) technology, which has significant
advantages over lateral-flow technologies.This technology is providing
Chembio with a significant pipeline of business opportunities for the
development and manufacture of new products based on DPP®. Headquartered in
Medford, NY, with approximately 174 employees, Chembio is licensed by the U.S.
Food and Drug Administration (FDA) as well as the U. S. Department of
Agriculture (USDA), and is certified for the global market under the
International Standards Organization (ISO) directive 13.485. For further
information please visitwww.chembio.com.
Statements contained herein that are not historical facts may be
forward-looking statements within the meaning of the Securities Act of 1933,
as amended.Forward-looking statements include statements regarding the
intent, belief or current expectations of the Company and its management.Such
statements, which are estimates only, reflect management's current views, are
based on certain assumptions, and involve risks and uncertainties.Actual
results, events, or performance may differ materially from the above
forward-looking statements due to a number of important factors, and will be
dependent upon a variety of factors, including, but not limited to Chembio's
ability to obtain additional financing and to obtain regulatory approvals in a
timely manner, as well as the demand for Chembio's products.Chembio
undertakes no obligation to publicly update these forward-looking statements
to reflect events or circumstances that occur after the date hereof or to
reflect any change in Chembio's expectations with regard to these
forward-looking statements or the occurrence of unanticipated events.Factors
that may impact Chembio's success are more fully disclosed in Chembio's most
recent public filings with the U.S. Securities and Exchange Commission.
(631) 924-1135 Ext. 125
Anne Marie Fields
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