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NEW YORK (360Dx) – Chembio Diagnostics today announced the pricing of a public offering that is expected to bring in $16 million.

The firm said it has priced the offering of 2,370,435 shares of its common stock at $6.75 per share, well below its Wednesday closing price on the Nasdaq of $8.22.

Its shares were down more than 11 percent to $7.26 in early morning trading.

Craig-Hallum Capital Group is the managing underwriter for the proposed offering. Chembio granted the underwriter a 30-day option to purchase up to an additional 355,565 shares.

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