Chembio Appoints James D. Merselis to Board of Directors
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MEDFORD, NY, Mar 20 (MARKET WIRE) --
Chembio Diagnostics, Inc. (OTCBB: CEMI) today announced that James D. Merselis
has been appointed to the Company's Board of Directors, increasing the number
of directors to five, including a majority of independent directors.
From 2002 through 2007 Mr. Merselis was President, CEO and a director of
HemoSense, Inc., a point-of-care diagnostic company focused initially on
blood coagulation systems for monitoring patients taking warfarin. At
HemoSense, he led the Company's development from a pre-revenue, venture-backed
start-up through an initial public offering and on to a successful
organization selling products in more than 20 countries and a market share
exceeding 25% in the U.S. professional segment. In August 2007, Mr. Merselis
negotiated the sale of HemoSense to Inverness Medical Innovations. Previously he
was President and CEO of Micronics, Inc., where he established key
relationships with Amgen, Honeywell and Waytek, and helped transform
Micronics from a research project to one focused on commercializing
microfluidics tools. Earlier in his career Mr. Merselis was with Boehringer
Mannheim, where he advanced through a variety of positions in the U.S. and
Europe
over a period of more than 20 years, lastly as Senior Vice President and
Director of the Company's U.S. Laboratory Diagnostics business. Mr. Merselis
holds
a Bachelor of Science (Pre-Med) from Nebraska Wesleyan University and an
Advanced
Management Program Certificate from Harvard Business School.
"We are delighted to welcome Jim to our Board of Directors as his
considerable experience and successful track record -- particularly with
point-of-care clinical diagnostics -- will be of great value as we expand our
product portfolio, leverage proprietary technology and establish Chembio as an
industry leader," said Larry Siebert, Chembio's president and chief executive
officer. "Jim's proven abilities in organizational development, product
commercialization and financing, among other strengths, are ideal for Chembio,
and we look forward to benefiting from his insight and advice."
About Chembio Diagnostics
Chembio Diagnostics, Inc., a developer and manufacturer of proprietary rapid
diagnostic tests, participates in the growing $5 billion point-of-care testing
market. Chembio's two U.S. Food and Drug Administration (FDA) PMA-approved,
CLIA-waived, rapid HIV tests are marketed in the U.S. by a third-party
company. Chembio markets its HIV STAT-PAK(R) line of rapid HIV tests
internationally to government and donor-funded programs directly and through
distributors. Chembio also has rapid tests for veterinary tuberculosis and
Chagas disease. In 2007 Chembio received a U.S. patent for its Dual Path
Platform (DPP(TM)) technology, which has significant advantages over currently
availablelateral-flow technologies. This technology is providing Chembio with a
significant pipeline of business opportunities for the development and
manufacture of new products based on DPP(TM). Headquartered in Medford, N.Y.
with
approximately 100 employees, Chembio is licensed by the FDA as well as the
U. S. Department of Agriculture, and is certified for the global market under
the International Standards Organization (ISO) directive 13.485.
Forward-Looking Statements
Statements contained herein that are not historical facts may be
forward-looking statements within the meaning of the Securities Act of 1933,
as amended. Forward-looking statements include statements regarding the intent,
belief or current expectations of the Company and its management. Such
statements reflect management's current views, are based on certain assumptions
and involve risks and uncertainties. Actual results, events or performance may
differ materially from forward-looking statements due to a number of important
factors, and will be dependent upon a variety of factors including, but not
limited to, Chembio's ability to obtain additional financing, to obtain
regulatory approvals for its products in a timely manner and the demand for
Chembio's products. Chembio undertakes no obligation to publicly update
these forward-looking statements to reflect events or circumstances that occur
after the date hereof, or to reflect any change in Chembio's expectations
with regard to these forward-looking statements or the occurrence of
unanticipated
events. Factors that may impact Chembio's success are more fully disclosed
in Chembio's filings with the U.S. Securities and Exchange Commission.
Contacts:
Company Contact:
Chembio Diagnostics, Inc.
Matty Arce
(631) 924-1135, ext. 123
www.chembio.com
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc.
Anne Marie Fields
(afields@lhai.com)
(212) 838-3777
Bruce Voss
(bvoss@lhai.com)
(310) 691-7100
Copyright 2008, Market Wire, All rights reserved.
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