Chembio Receives $8.5 Million Commitment from Bio-Manguinhos to Purchase Components for Production of DPP® Assays in Brazil ...
December 05 2017 - 8:50AM
Chembio Diagnostics, Inc. (Nasdaq:CEMI), a leader in point-of-care
(POC) diagnostic tests for infectious diseases, today announced
that it has received an $8.5 million commitment from
Bio-Manguinhos, to purchase from Chembio test components and
intermediate product for production of DPP® HIV Assays and DPP®
Leishmania Assays in Brazil, and for the purpose of subsequent
supply to Brazil’s Ministry of Health. The Company expects these
sales to occur during 2018.
Chembio also announced that subsequent to the
end of the third quarter of 2017, it received payments of $4.2
million of accounts receivable balances from Bio-Manguinhos,
including payments for sales during the fourth quarter of 2017, for
Chembio products previously sold and delivered to
Bio-Manguinhos.
Bio-Manguinhos is a subsidiary of the
Oswaldo Cruz Foundation (Fiocruz), which is responsible for the
development and production of vaccines, diagnostics and
biopharmaceuticals, primarily to meet the demands of Brazil's
national public health system. Chembio has had a
long-standing relationship with Bio-Manguinhos, supplying multiple
products for the POC detection of HIV and other infectious
diseases.
John Sperzel, Chembio's CEO, commented, "We are
appreciative that Brazil’s Ministry of Health is continuing to
purchase the high-quality DPP® HIV Assays and DPP® Leishmania
Assays from Bio-Manguinhos, for the country’s testing programs. The
use of rapid POC diagnostic tests, along with prevention and
treatment, are essential elements of Brazil’s response to HIV and
Leishmaniosis incidence, and we are pleased to play an important
role in the country’s effort to reduce infection rates.”
Chembio DPP® HIV 1/2 Assay detects antibodies to
HIV-1 and HIV-2 in oral fluid, fingerstick whole blood, venous
whole blood, serum or plasma samples, and provides results in as
little as 15 minutes. Using fingerstick whole blood samples, the
diagnostic sensitivity of the assay to detect HIV infection is
99.8%, and the diagnostic specificity is 100%. The DPP® HIV 1/2
Assay is FDA-approved, WHO pre-qualified, CE-marked, and
ANVISA-approved.
About Chembio Diagnostics
Chembio Diagnostics, Inc. develops,
manufactures, licenses and markets rapid diagnostic tests in the
growing $8.0 billion POC testing market. The Company markets its
products directly and through third-party distributors under
the brand names: DPP®, STAT-PAK®, SURE CHECK®, and
STAT-VIEW®.
Chembio has developed and patented
the DPP® technology platform, which offers significant
advantages over traditional POC lateral-flow technologies and
provides the Company with a significant pipeline of business
opportunities in the area of sexually transmitted disease, tropical
and fever disease, and technology collaborations.
Headquartered in Medford, NY, 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 13485. Each of Chembio Diagnostic Systems Inc. and
Chembio Diagnostics Malaysia Sdn Bhd is a wholly-owned subsidiary
of Chembio Diagnostics, Inc. For more information, please
visit: www.chembio.com.
Forward-Looking Statements
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.
Contact:
Vida Strategic Partners (investor relations)Stephanie C.
Diaz(415) 675-7401sdiaz@vidasp.com
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