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The firm will use the funds to commercialize its newly cleared molecular diagnostics platform and gastrointestinal pathogen panel test.
The firm earlier this week announced a public offering of up to $25 million of its common stock, but today it said that it would not proceed due to market conditions.
Chembio's Q3 revenues are expected to rise between 21 and almost 24 percent year over year. It is purchasing OpTricon, which develops handheld analyzers, for $5.5 million.
The company said it intends to use the proceeds for working capital and corporate purposes, including capital expenditures, R&D, clinical trials, and more.
The company plans to use parts of the proceeds from the offering to pay for the recent settlement with Illumina.
Biocept closed a $14.8 million public offering earlier this year and recently reported ending the second quarter with $2.6 million in cash and cash equivalents.
The filing follows the firm's recent close of a $2 million non-convertible debt instrument and CE marking for its tuberculosis test.
Proceeds from the offering, expected to close on or about Aug. 14, could be used to fund acquisitions, to repay existing debts, or for working capital.
The company had previously said that it expected gross proceeds of up to $22.6 million if rights to all 25,000 securities units were exercised.
Proceeds from the offering could be used to fund acquisitions, to repay existing debts, or for working capital.