Major Milestone in Commercialization
TORONTO, Sept. 12, 2016 /CNW/ - SQI Diagnostics Inc. ("SQI Diagnostics" "SQI" or the "Company") (TSX-V: SQD; OTCQX: SQIDF), today announced that it has sold its second sqidlite-DH system in its diagnostic business segment. Management believes that sale of the second system to a single customer marks an important milestone in the commercialization of its customer's multiplexed DNA test for infections in human blood in the US market.
"We are growing our business with this important customer to SQI. The sale of this second system is further indication of the market potential of the sqidlite™-DH System in DNA detection based applications. This sale continues to strengthen SQI's strategic positioning as an important manufacturer and supplier of equipment and multiplexed test kits to high-throughput diagnostic customers and their applications", said Andrew Morris CEO of SQI Diagnostics.
SQI's relationship with this diagnostic customer began over a year ago to assist in bringing new complex diagnostic products to market. Since then we have been working together with them to automate the test process. SQI and the customer are continuing with the technology transfer activities towards scale-up and manufacturing of test kits.
While the ultimate use of the diagnostic test kits is confidential, our customer believes this will provide significant competitive advantages through improvements in time-to-results, lower costs and more comprehensive diagnosis in critical testing applications.
This is our second sqidlite-DH sale in our diagnostic business segment and third platform sale overall. We have a fourth system installed at a global biotech customer that is under evaluation.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that develops clinical grade multiplexed microarray and molecular assays run on its automated instrumentation for the pharmaceutical research, animal health, and clinical diagnostics markets. SQI develops custom research and diagnostic assays that are multiplexed; meaning the simplification, consolidation and automation of many individual tests into one. This increases sample throughput, reduces time, cost and chance for human error, and provides excellent data quality. For more information, please visit sqidiagnostics.com.
This news release contains certain forward-looking statements, including, without limitation, statements containing the words "will", "expects", "intends" 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 risks related to agreements and future agreements to sell our products, the failure to obtain necessary regulatory approvals, general economic and market segment conditions, and international risk and currency exchange, the success of our Diagnostic Tools and Services business and our intent to build near-term revenue streams from this business, 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 laws.
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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, firstname.lastname@example.org; Investor Relations Contact: Chief Executive Officer, Andrew Morris, 416.674.9500 ext. 229, email@example.com; Vice President of Finance, Patricia Lie, 416.674.9500 ext. 277, firstname.lastname@example.org