Chembio Receives $10.5 Million Commitment from Bio-Manguinhos for Production of DPP® Assays in Brazil
October 16 2018 - 7:00AM
Chembio Diagnostics, Inc. (Nasdaq: CEMI), a leader in point-of-care
(POC) diagnostic tests for infectious diseases, today announced
that it has received a $10.5 million commitment from Bio-Manguinhos
to purchase test components and intermediate product from Chembio
for the production of DPP® HIV and DPP® Leishmania assays
in Brazil and their subsequent supply to Brazil's Ministry of
Health. The Company expects to recognize these revenues during
2019.
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.
“We are pleased with the ongoing commitment from
Brazil's Ministry of Health and the increased level of annual
purchases of our high-quality DPP® assays by Bio-Manguinhos,”
stated John Sperzel, Chembio’s Chief Executive Officer and
President. “The use of rapid diagnostic tests is an essential
element of Brazil's response to infectious disease incidence. We
are grateful that our DPP® assays will continue to play a vital
role in the country's effort to reduce infection rates.”
Chembio’s 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 it 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
DiagnosticsChembio 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 to 20 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.
Forward-Looking StatementsThis
press release contains statements concerning Chembio’s sales and
revenue expectations 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, but not limited to: the timely fulfillment by
Bio-Manguinhos of its obligations under its purchase commitment;
the ability of Chembio to maintain existing, and timely obtain
additional, regulatory approvals and to timely obtain additional
financing; the risks of doing business with a foreign country,
including geopolitical, international and other challenges as well
as potential material adverse effects of tariffs and other changes
in U.S. trade policy; and other risks described in public reports
filed by Chembio with the U.S. Securities and Exchange Commission
to date, including under the caption “Risk Factors” in Chembio’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2017 and Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2018, and in the future. 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.
Media contact:Lynn Pieper
LewisGilmartin Group(415) 937-5402investor@chembio.com
Chembio Diagnostics (NASDAQ:CEMI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Chembio Diagnostics (NASDAQ:CEMI)
Historical Stock Chart
From Apr 2023 to Apr 2024