TORONTO, April 15, 2015 /CNW/ - SQI Diagnostics Inc. (TSX-V: SQD; OTCQX: SQIDF), a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics ("SQI"), today announced the delivery and installation of a sqidlite™ system under the terms of an agreement with a top tier global pharmaceutical customer. As previously disclosed, two custom immunogenicity assays have been successfully developed for this customer.
SQI has executed an agreement to install the fully automated sqidlite system at one of the customer's US-based facilities. Under the terms of the agreement, the customer will use the equipment primarily in order to validate the performance of a 21-plex test developed for this customer to run on SQI's sqidlite system. Successful, final evaluation is expected to result in the purchase of the sqidlite system and the on-going sales of initial products for use in the customer's clinical programs. The Company is currently in discussions to initiate development services for one or more additional products in 2015.
"We are pleased to have advanced to this last stage of the sales process with this customer who is a key opinion leader in this important and growing market of immunogenicity and bioanalytical testing and who has a multitude of drugs in clinical development that could benefit from our advanced multiplexed diagnostic testing," said Andrew Morris, CEO of SQI Diagnostics.
The economic benefits of using SQI's custom tests with Ig_plex™ technology and sqidlite automated testing equipment in drug development are to decrease the total number of tests performed through multiplexing while at the same time requiring significantly less volume of valuable blood samples; reducing the total time required to process the tests resulting in significantly reduced labour costs and testing timelines. All of this has a significant impact on the customer's total cost of testing in the related clinical phases of their drug development programs. SQI's Ig_plex products have been shown to significantly improve the drug tolerance, sensitivity and other important performance metrics through the use of its custom anti-drug-antibody (ADA) tests, ultimately resulting in better, more cost effective, and easier to obtain data.
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.
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SOURCE SQI Diagnostics Inc.
For further information: Sales and Marketing Contact: Vice President, Global Commercial Operations, Russ Peloquin, 913.484.9022, email@example.com; Investor Relations Contact: Chief Executive Officer, Andrew Morris, 416.674.9500 ext. 229, firstname.lastname@example.org; Chief Financial Officer, Lennie Ryer, 416.674.9500 ext. 241, email@example.com