Chembio Diagnostics Announces Closing of Public Offering of Common Stock
May 11 2020 - 10:20AM
Chembio Diagnostics, Inc. (Nasdaq: CEMI) (“Chembio”), a
leading point-of-care diagnostic company focused on infectious
diseases, announced today the closing of its previously announced
public offering of 2,619,593 shares of its common stock, which
included 281,125 shares issued pursuant to the partial exercise by
the underwriters of their option to purchase additional shares, at
a public offering price of $11.75 per share for gross proceeds of
approximately $30.8 million. All shares of common stock sold
in the offering were offered by Chembio.
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 acted as sole book-running manager for the
offering. Dougherty & Company LLC acted as co‑manager for the
offering.
The offering was made pursuant to an effective
shelf registration statement on Form S-3 (No. 333-227398)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and a prospectus supplement and accompanying
prospectus, which are available on the SEC’s website located at
www.sec.gov. Copies of the final prospectus supplement and
accompanying prospectus may also be obtained by contacting Robert
W. Baird & Co. Incorporated, Attention: Syndicate Department,
777 E. Wisconsin Avenue, Milwaukee, WI 53202, by telephone at (800)
792-2473 or by email at syndicate@rwbaird.com.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
About Chembio
DiagnosticsChembio 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.
DPP is Chembio’s registered trademark. For
convenience, this trademark appears in this release without ®
symbols, but that practice does not mean that Chembio will not
assert, to the fullest extent under applicable law, its rights to
its trademark.
Forward-Looking StatementsThis
press release contains statements concerning, among other matters,
the anticipated use of net proceeds from the offering, that
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
reflect management’s current views based on certain assumptions,
and they involve risks and uncertainties. Actual results, events or
performance may differ materially from the forward-looking
statements due to a number of important factors, and will be
dependent upon a variety of factors, including risks described in
public reports filed by Chembio with the SEC, including under the
caption “Risk Factors” in Chembio’s Annual Report on Form 10‑K
for the fiscal year ended December 31, 2019, as amended, and
Chembio’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020. Chembio undertakes no obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise.
Contact: Philip TaylorGilmartin
Group(415) 937-5406investor@chembio.com
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