SQI Diagnostics Reports Fourth Quarter and Year End Financial Results
Highlights
- Subsequent to year end, announced that the U.S. Food and Drug Administration (FDA) cleared the Company's automated SQiDworks(TM) Diagnostics Platform and its multiplexed IgXPLEX(TM) Rheumatoid Arthritis (RA) assay for marketing in the United States; - Received a Class II Medical Device License from Health Canada for its SQiDworks platform and RA assay; - Accelerated the development, verification and validation of additional clinical panels of biomarkers to multiplex including the highest-demand autoimmune test panels for celiac disease, vasculitis, lupus and inflammatory bowel diseases (Crohn's disease, ulcerative colitis); - Subsequent to year end, completed a private placement resulting in gross proceeds of $6,594,786, which strengthened the Company's balance sheet and diversified its institutional shareholder base; - Following year end, entered into an evaluation agreement for placement of a SQiDworks platform in the first calendar quarter of 2010 at a major Canadian reference laboratory. Under the terms of the agreement, the customer will have 90 days to evaluate the performance of the SQiDworks system for use with the Company's test panels for aiding in the diagnosis of rheumatoid arthritis. Upon successful completion of the evaluation the customer will have the right, but not the obligation to begin purchasing consumables for its commercial purposes.
"SQI's accomplishments in 2009 were prerequisites for the commercial success that we are building towards in 2010 and beyond," said
Financial Results
For the year ending
For the quarter ending
Gross Research and Development (R&D) expenditures were
R&D expenditures for the three month period ended
Corporate expenses, which include administrative salaries and related expenses, general and administrative expenses, advertising and promotion expenses, travel expenses, interest expenses and professional and consulting fees totaled
At
Subsequent to the year ended
Management believes that cash on hand at
Detailed financial statements and the MD&A are available at www.sedar.com.
About SQI Diagnostics
SQI Diagnostics is a medical systems company that develops proprietary technology in multiplexing, miniaturization and automation. SQI provides laboratories the ability to simultaneously analyze multiple biomarkers, deliver accurate patient results in less time, significantly reduce labour, and increase profits...All in One Drop. For more information please visit www.sqidiagnostics.com.
Certain information in this press release is based on beliefs and assumptions of the Company's senior management and information currently available to it that may constitute forward-looking information within the meaning of securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements.
This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
%SEDAR: 00021000E
For further information: For further information: Chief Financial Officer, Andrew Morris, (416) 674-9500 ext. 229, [email protected]; Media and Investor Relations, Adam Peeler, (416) 815-0700 ext. 225, [email protected]
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