Chembio Diagnostics Announces Pricing of its Public Offering of Common Stock
Chembio intends to use the net proceeds from the offering for business expansion and working capital, including product development, operational expansion or improvements, such as new automated equipment and a facilities update, clinical trials and other related activities, and sales and marketing.
Chembio also announced that it is terminating the At-The-Market (ATM) offering that it announced on
A shelf registration statement on Form S-3 (No. 333-210003) relating to the shares of common stock to be issued in the offering was filed with the
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.
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.
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 Chembio 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 preliminary prospectus supplement, the accompanying base prospectus and most recent public filings with the
Source: Chembio Diagnostics, Inc.