TORONTO, April 29 /CNW/ - SQI Diagnostics Inc. (TSXV: SQD), a medical systems automation company focused on evolving
laboratory-based autoimmune biomarker testing, today announced it has
received a license from Health Canada permitting the Company to market
its IgX PLEX™ Celiac Panel, a quantitative 4-plex panel, which will run
on SQI's automated SQiDworks™ Diagnostics Platform.
This marks the Company's fourth multiplexed panel, and its second
quantitative panel, approved by Health Canada.
"This Health Canada license for our second-generation celiac assay
provides prospective customers with another autoimmune test to run on
our automated platform, which can increase the profitability of their
diagnostic testing owing to our technology's benefits of labour
reductions, multiplexing and efficiency," said SQI Diagnostics CEO
Claude Ricks. "While we are excited about the Canadian marketplace, we
are also working diligently towards the commercialization of our
second-generation quantitative products for the U.S. market."
SQI's second-generation multiplexed celiac panel measures and reports
four analytes simultaneously: Anti-gliadin (AGA) IgA, AGA IgG,
Anti-tissue transglutaminase (tTG) IgA and Anti-tTG IgG.
In 2010, Health Canada granted SQI a license to sell its
first-generation, 4-plex qualitative IgX PLEX celiac panel. The Company
believes that second-generation, quantitative assays have the potential
to be perceived more favourably by the marketplace because they provide
clinicians with additional tools to quantify the levels of biomarkers
associated with diseases. Quantification is important to understand
disease levels and progression.
The Company anticipates that its quantitative celiac product line will
progress further later this year with the release of a 6-plex
quantitative panel that adds the emerging biomarkers deaminated Gliadin
(DGP) IgA and IgG to the current 4-plex panel.
Outside of North America, SQI expects to launch sales efforts in Europe
in the second half of 2011 for its quantitative rheumatoid arthritis
and celiac multiplexed assays and SQiDworks platform.
Celiac disease is a common autoimmune disorder brought on by the
consumption of the protein gluten, which is found in foods containing
wheat, barley or rye. Celiac disease causes an immune reaction in the
small intestine, causing damage to the surface of the small intestine
and an inability to absorb certain nutrients. A recent study in the
peer reviewed journal Gastroenterology reported that the incidence of celiac disease has quadrupled since 1950
to one in 106 Americans, and that the disease remains poorly diagnosed.
In addition to its suite of celiac assays, SQI is building greater
pipeline depth by developing a number of other high-demand autoimmune
assays including a quantitative 6-plex celiac panel, a quantitative
12-plex panel for lupus and a quantitative 3-plex panel for vasculitis.
These assays remain on track to be filed with various regulatory bodies
including Health Canada and the FDA this year.
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 news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE SQI Diagnostics Inc.
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