Exhibit
99.1: Press Release Dated April 16, 2008
Chembio
Signs Exclusive DPP™ Development Agreement with Bio-Rad Laboratories,
Inc.
MEDFORD,
N.Y. (April 16, 2008) – Chembio Diagnostics, Inc. (OTC BB: CEMI)
(“Chembio” or the “Company”) announced today that it has signed an exclusive
development agreement with Bio-Rad Laboratories, Inc. (“Bio-Rad”)
(AMEX: BIO and BIOb) to develop a multiplex test employing Chembio’s patented
DPP™ Dual Path Platform test system. The test would also employ
certain proprietary reagents belonging to Bio-Rad. The
agreement contemplates that the parties would enter into a limited exclusive
license to the DPP™ technology. Bio-Rad would have exclusive marketing rights
for the product.
According
to Chembio Chief Executive Officer Larry Siebert, “This collaboration with a
world market leader like Bio-Rad is a good fit for Chembio, as it allows
us to
leverage our DPP intellectual property with our experience in product
development and regulated manufacturing to develop a product to be marketed
by a
leading diagnostics company.”
ABOUT
DPP
The
Dual
Path Platform immunoassay is a recent Chembio innovation in the field of
rapid
testing for which the company received a US patent in 2007. DPP™
technology employs two separate and distinct membrane strips, one for the
sample
migration and one for the test reagents. This unique dual-flow design allows
for
improved control and management of the sample flow. As a result, the
immunological reaction is more efficient than lateral flow tests based upon
studies performed by Chembio.
ABOUT
CHEMBIO
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 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® 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™) technology which has significant advantages over
lateral-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™. Headquartered in Medford, NY, with
approximately 100 employees, Chembio is licensed by the U.S. Food and Drug
Administration (FDA) as well as the U. S. Department of Agriculture (USDA),
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 are
estimates only, as the Company has not completed the preparation of its
financial statements for those periods, nor has its auditor completed the
audit
of those results. Actual revenue may differ materially from those anticipated
in
this press release. 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 the above
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 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 most recent public filings with the
U.S.
Securities and Exchange Commission.
Company
Contact:
Chembio
Diagnostics, Inc.
Susan
Norcott
(631)
924-1135, ext. 125
(
www.chembio.com
)
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