Deal Details

Chembio Completes $30.8 Million Follow-On Offering

Healthcare

Chembio follow-on offering

Summary

Chembio Diagnostics, Inc. (“Chembio”) (NASDAQ-CM:CEMI) recently completed an underwritten 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. Chembio intends to use the 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 served as sole book-running manager on this offering.

About

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 extensive scientific expertise, Chembio’s 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. Chembio Diagnostics, Inc. is headquartered in Hauppauge, New York.