NEW YORK--(BUSINESS WIRE)--Chembio Diagnostics, Inc. (OTCBB:CEMI) today reported a private placement transaction in the total amount of $8.15 million of Series C 7% Convertible Preferred Stock together with warrants to purchase common stock. The private placement was co-led by Inverness Medical Innovations, Inc. and Crestview Capital Master, LLC, each investing two million dollars. The proceeds of the financing will be used to fund for general corporate purposes including growth and capital initiatives such as additional manufacturing equipment, FDA clinical trials, marketing, travel, investor relations, public relations and payment of debt. Approximately $600,000 of the private placement resulted from conversion of previously outstanding debt of the Company.
