Blog Coverage Chembio Announces Major Leadership Shuffle as CEO Sperzel Takes Medical Leaves

Upcoming AWS Coverage on Advanced Accelerator Applications Post-Earnings Results

LONDON, UK / ACCESSWIRE / June 2, 2017 / Active Wall St. blog coverage looks at the headline from Chembio Diagnostics, Inc. (NASDAQ: CEMI) as the Company announced on May 30, 2017, that John J. Sperzel III, the Chief Executive Officer of the Company, is taking a medical leave of absence. In conjunction with Mr. Sperzel’s leave of absence, on May 30, 2017, Chembio’s Board of Directors appointed Sharon Klugewicz, President of Chembio America Region and former COO, as acting Chief Executive Officer. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

One of Chembio Diagnostics’ competitors within the Diagnostic Substances space, Advanced Accelerator Applications S.A. (NASDAQ: AAAP), disclosed on May 31, 2017, its financial results for Q1 2017 which ended on March 31, 2017. AWS will be initiating a research report on Advanced Accelerator Applications in the coming days.

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The Announcement

Sharon Klugewicz joined Chembio in 2012 and served as President of Americas Region since 2016. Prior to the post, she served as the Chief Operating Officer and as Vice President of QA/QC. Ms. Klugewicz, previously served at Pall Corporation (NYSE: PLL) as Senior Vice President, Scientific Laboratory, and Services, as well as other prior commercial and operational leadership positions in the 20-year service in Pall Corp.

The Executive Leadership Team at Chembio also includes Javan Esfandiari, Chief Science And Technology Officer and Executive Vice President, who has been on the Chembio platform since 2000; Robert Passas Ph. D., President EMEA and APAC Regions, who joined Chembio in 2016; Richard J. Larkin, Chief Financial Officer and Executive Vice President, who has been a part of the Company since 2004; Paul Lambotte, Vice President, product development, who joined the platform in 2014; and David Gyorke, Vice President Operations, joined Chembio in January 2016. The announcement included the election of directors, appointment of certain officers, and compensatory arrangements of certain officers.

The Southeast Expansion

Chembio Diagnostics, the leader in point-of-care (POC) diagnostics test for infectious diseases, announced on November 04, 2016, the acquisition of RVR Diagnostics Sdn Bhd (RVR), a Malaysian, privately-held manufacturer and distributor of POC diagnostic tests for infectious diseases. Under terms of the agreement, Chembio paid up to $1.5 million in cash and $2 million in Chembio’s stock based on the achievement of certain milestones. The acquisition of RVR delivered Chembio additional revenue and a strategically located and cost-effective manufacturing facility that will be crucial to execute operations in multiple global markets, including the rapidly growing Asian markets.

Chembio Growth Prospects

Chembio develops, manufactures, licenses, and markets proprietary rapid diagnostic tests in the $8 billion POC testing market. The Company has developed a patented POC test platform technology, the Dual Path Platform technology, which has significant advantages over lateral-flow technologies. The technology offers Chembio with an important pipeline of business opportunities for the development and manufacture of new products.

On May 03, 2017, Chembio announced that it has secured $5.8 million order from Fiocruz, to supply test components and intermediate product for the production of Dual Path Platform technology (DPP) HIV 1/2 Assay in Brazil and subsequent supply to Brazil’s Ministry of Health. Chembio also announced on the same day that it has received a GMP certification for the Chembio New York manufacturing facility from Brazil’s health regulatory agency, where the certification was granted in collaboration with Fiocruz.

Prior to the announcement, on April 04, 2017, the Company collaborated with FIND to develop a POC test that can identify multiple life-threatening acute febrile infections common in the Asia/Pacific region. Over the next 12 months, both Companies agreed to develop a simple, rapid, and cost-effective test based on Chembio’s proprietary DPP technology platform.

Stock Performance

At the closing bell, on Thursday, June 01, 2017, Chembio Diagnostics’ stock slipped 4.55%, ending the trading session at $6.30. A total volume of 10.98 thousand shares were traded at the end of the day. In the previous three months, shares of the Company have advanced 7.69%. At Thursday’s closing price, the stock’s net capitalization stands at $76.36 million.

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