SQI Diagnostics Signs Commercial Agreement with Global Pharma Customer
- SQI to Develop Custom 21-Plex Protein Microarray for Drug Epitope Mapping -
TORONTO, March 19, 2014 /CNW/ - SQI Diagnostics Inc. (TSX-V: SQD), a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics, today announced that it has expanded its previously announced product development relationship with a global pharmaceutical company ("Global Pharma 1") to develop a custom multiplex test to support the pharmaceutical company's clinical drug development activities, through the entering into of a revenue-generating agreement with Global Pharma 1 to develop a 21-plex protein microarray.
Pharmaceutical companies expend substantial resources to better understand potential immune responses to the novel therapeutics they are developing. Under this new commercial agreement, SQI will develop a 21-plex protein microarray, based on the already completed prototype, for use in identifying specific immunogenic regions within a specific drug (also known as "epitope mapping") during Global Pharma 1's human clinical trials. The agreement for the second phase of the project includes both payment for services and for the consumables used during development and sample testing.
SQI recently successfully completed development of a series of multiplex anti-drug antibody ("ADA") assays for Global Pharma 1 to detect and measure immunogenic responses to the drug during its pre-clinical development as part of the first phase of the project.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics. The Company's proprietary microarray tests and fully-automated systems are designed to simplify protein and antibody testing workflow, increase throughput, reduce costs and provide excellent data quality. For more information, please visit www.sqidiagnostics.com.
SQI's custom Ig_plex® tests and SQiDlite™ automated testing equipment provide significant benefits to drug developers. SQI's Ig_plex® products have been shown to significantly improve the sensitivity and other important performance metrics of ADA testing, ultimately resulting higher quality data. By decreasing the total number of tests performed through multiplexing, the total time required to process tests is reduced, resulting in reduced labour and testing timelines. In addition, considerably less blood volume is required from patient samples. These benefits can potentially have a significant impact on a customer's total cost of testing in the clinical phases of the customer's drug development programs.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "believe", "in the process", "is subject to", "can" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our ability to carry out our obligations under the agreement referred to in this press release, whether we generate revenue in connection with the agreement referred to in this press release, our need for additional capital to sustain our business, statements with respect to sales of our Ig_ plex® Celiac product and analytical systems, agreements and future agreements to sell our products, the success of our Diagnostic Tools and Services business and our intent to build near-term revenue streams from this business, the completion of our second-generation sqidlite platform, the build-out of our portfolio of quantitative tests, the successful regulatory filing and receipt of regulatory approvals for our later stage quantitative diagnostic kits , the acceleration of our revenue ramp, general economic and market segment conditions, competitor activity, technology changes and regulatory approvals. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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SOURCE SQI Diagnostics Inc.For further information:
Chief Executive Officer
416.674.9500 ext. 229
VP Corporate Development
416.674.9500 ext. 241