Chembio Announces Proposed Public Offering of Common Stock
Chembio intends to use the net proceeds from the offering 1) to fund the proposed acquisition of opTricon GmbH announced by the Company earlier today, 2) to support its business growth strategy, including increasing the size of its global sales force, broadening U.S. manufacturing automation, expanding and improving its facilities, and advancing its product development efforts, and 3) for general corporate purposes.
A shelf registration statement on Form S-3 relating to the common stock offered in the underwritten offering described above was declared effective by the
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Chembio 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 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 Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding Chembio's expectations of the completion, timing and size of the proposed public offering and the anticipated use of proceeds therefrom. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as risks and uncertainties inherent in Chembio's business, including those described in the company's periodic filings with the
Source: Chembio Diagnostics, Inc.