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GenMark Diagnostics, Chembio Diagnostics Price Stock Offerings

NEW YORK ─ GenMark Diagnostics said Wednesday that it has priced an approximately $70 million public offering of its common stock. Separately, Chembio Diagnostics said it has priced a $27.5 million offering of its common stock.

Carlsbad, California-based GenMark said it expects to sell 7,253,886 shares at $9.65 per share. It has granted the underwriters of the offering a 30-day option to purchase up to an additional 1,088,082 shares at the public offering price, less underwriting discounts and commissions.

GenMark said it intends to use the net proceeds for general corporate purposes, which may include increasing its working capital and funding research and development. Further, it may use the net proceeds for capital expenditures, including an expansion of its menu and increasing its manufacturing capacity and yield to address future market opportunities. GenMark said it may also use a portion of the net proceeds to repay its debt under a loan and security agreement with Solar Capital Partners.

Cowen and William Blair are joint book-running managers for the offering. Canaccord Genuity is the lead manager, and BTIG and Needham are co-managers.

Hauppauge, New York-based Chembio said it expects to sell 2,338,468 shares of its common stock at a price of $11.75 per share. Chembio has granted the underwriters a 30-day option to purchase up to an additional 350,770 shares of common stock at the public offering price less the underwriting discounts and commissions.

Chembio said it intends to use the net proceeds to support the refocus of its business strategy, including the manufacturing and further commercialization of its DPP COVID‑19 System, expanding its sales force to support growth, increasing its manufacturing capacity, and other general corporate purposes.

Baird is sole book‑running manager and Dougherty is co-manager for Chembio's offering.

Both the GenMark and Chembio offerings are expected to close on or about May 11.

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