NEW YORK (GenomeWeb) – Chembio Diagnostics today priced its public offering of about 1.8 million shares of its common stock at $6.75 per share.

The company estimated net proceeds from the offering, which is expected to close on or about Feb. 13, to be $11.2 million.

Proceeds will be used for business expansion and working capital, including product development, operational expansion or improvements — such as new automated equipment and a facilities update, clinical trials, and other related activities — and sales and marketing, Chembio said.