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Chembio enters $20mm term loan with Perceptive Advisors

Executive Summary

Chembio Diagnostics Inc. (infectious disease tests) entered into a $20mm four-year term loan with an affiliate of Perceptive Advisors. The loan bears interest at an annual rate of 8.75% plus the greater of one-month LIBOR and 2.5% and requires no principal payments during the first three years. Chembio also issued to Perceptive Advisors a seven-year warrant to purchase 550k shares at an exercise price of $5.22. The company will use the proceeds for R&D, commercial activities, and to expand its US facilities and automate manufacturing.
Deal Industry
  • Biotechnology
  • In Vitro Diagnostics
    • Chemistry, Immunoassay
Deal Status
  • Final
Deal Type
  • Financing
    • Nonconvertible Debt
    • Private Placement

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