TORONTO, Feb. 27 /CNW/ - SQI Diagnostics Inc. (TSX-V: SQD), a medical
systems automation company focused on evolving laboratory-based biomarker
testing, today announced its financial results for the fiscal first quarter
ended December 31, 2007.
"We are excited to continue to move forward with the commercialization of
our SQiDworks(TM) platform and accompanying QuantiSpot(TM) microarray
consumables, a proprietary automated system aimed at providing diagnostic
laboratories significant labour and cost savings," said Claude Ricks, CEO of
SQI Diagnostics. "Building on positive results from our internal validation
trials, we are now focused on validating our platform and lead rheumatoid
arthritis test at world-class diagnostic laboratories. We expect to complete
these studies in the coming months, generating data which not only will be
used in our U.S. regulatory submission, but will also demonstrate the
ease-of-use, speed, and accuracy of our technology in an active laboratory
setting," he added.
On May 4, 2007, the Company began trading on the TSX Venture under the
symbol SQD. In 2007, SQI Diagnostics Inc. changed its year end from
December 14 to September 30.
For the quarter ended December 31, 2007 the Company incurred a net loss
from operations of $1,013,922 or $0.05 per share compared with a net loss of
$712,412 or $0.05 per share for the quarter ended December 31, 2006. The
increased loss during the quarter ended December 31, 2007 compared to the
quarter ended December 31, 2006 was primarily related to increased development
and commercialization activity on the Company's SQiDworks platform and
QuantiSpot autoimmune assays for the detection and quantification of
biomarkers for Rheumatoid Arthritis and Thrombosis.
Revenue for the quarter ending December 31, 2007 was $44,493 compared to
$21,735 for the quarter ending December 31, 2006. The increase was due to a
milestone payment made by Silliker, Inc. for the completion of a Discovery
Stage collaborative project to test the feasibility of developing an
infectious disease assay to detect the presence and levels of antibodies used
to diagnose infection with Botulism organisms.
Research and development expenses for the quarter ended December 31, 2007
were $698,660 compared with $380,293 for the quarter ended December 31, 2006.
The increased research and development expenses were primarily related to
increased staffing and activities required for the development and
commercialization of the automated platform and two lead assays.
General and administrative expenses that include corporate salaries and
related expenses, for the quarter ended December 31, 2007 totaled $221,487
compared with $251,184 for the corresponding period last year. General and
administrative expenses were lower in the quarter ending December 31, 2007
compared to the same period in the previous year owing primarily to a
reduction of corporate salary expense following the reduction in staffing by
At December 31, 2007 the Company had working capital of $2,240,860.
About SQI Diagnostics
SQI Diagnostics is a medical systems automation company focused on
evolving laboratory-based biomarker testing. Using automation and proprietary
miniaturization technologies, SQI Diagnostics significantly improves the
economies of scale for laboratories performing multiple biomarker testing at
high volumes, allowing them to deliver patient results faster using less labor
and fewer resources. SQI Diagnostics' initial products target the $1.4 billion
autoimmune disease market, with initial products for Rheumatoid Arthritis and
Thrombosis scheduled for launch in 2008. SQI Diagnostics is based in Toronto,
Canada. For further 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
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.
For further information:
For further information: Chief Financial Officer, Andrew Morris, (416)
674-9500 ext. 229, email@example.com; Investor Relations, James
Smith, (416) 815-0700 ext. 229, firstname.lastname@example.org