TORONTO, Aug. 30, 2016 /CNW/ - SQI Diagnostics Inc. (TSX-V: SQD; OTCQX: SQIDF) (the "Company" or "SQI"), today announced the sale of a sqidlite™ system under the terms of an agreement with a top tier global pharmaceutical customer.
In partnership with this customer, SQI has developed several unique multiplexed assays utilizing its proprietary technology. SQI's customer is currently running these tests in their laboratory to generate data from drug study patient samples on SQI's automated system.
"We are excited to continue the successful commercialization efforts of our Drug Development Testing business," said Andrew Morris, CEO of SQI Diagnostics. "The sale of this platform is the culmination of a long evaluation process that sets the stage for the ongoing sale of test kits to this global pharmaceutical customer."
The sale represents another validation by the pharmaceutical industry of SQI's cutting-edge multiplexing technology. There are two major financial benefits to using SQI technology in drug development: one, reducing the number of tests performed through multiplexing; and two, using far less volume of valuable blood samples. The result for our Pharma customers is lower costs through significantly reduced labour 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 products have been shown to significantly improve the drug tolerance, sensitivity and other important performance metrics through the use of its tests. This ultimately results in data that are better, more cost effective, and easier to obtain.
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.
This press release contains certain statements including, without limitation, the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "believe", "in the process", "benefits", "leading to", "position" "possible", "is subject to" and other similar expressions which may constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectations and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements involve risks and uncertainties including, but not limited to: our ability to market and sell our products including our novel multiplexing technologies and detection platforms; our ability to maintain any technical or product advantages; the success of our Diagnostic Tools and Services business and our intent to build near-term revenue streams from this business; the successful regulatory filing and receipt of regulatory approvals for our later stage quantitative diagnostic consumable kits; adverse changes in general economic conditions; international risk and currency exchange fluctuations; competitor activity; technology changes; regulatory approvals and the impact of healthcare reform legislation; and, SQI's ability to raise additional funds in the future.
Such statements, risks and uncertainties are detailed in the Company's ongoing filings with the securities regulatory authorities, and are available to the public at www.sedar.com. 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: Sales and Marketing Contact: Russ Peloquin, Vice President, Global Commercial Operations, 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, Finance and Administration, Patricia Lie, 416.674.9500 ext. 277, firstname.lastname@example.org