SQI Diagnostics Completes Sale of Automated Sqidlite Platform to Predictive Cardiac Customer
Final Step being completed in Commercialization for Predictive Cardiac Event Test
TORONTO, Nov. 30, 2017 /CNW/ - SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD; OTCQX: SQIDF), today announced it has successfully converted a multi-biomarker cardiac event prediction test from a pioneer in the field of predictive diagnostic medicine, into an SQI-based multiplex test. The test has also been successfully automated on SQI's "sample-to-answer" sqidlite™ system.
SQI is a life sciences and diagnostics company that develops and commercializes proprietary multiplexing technologies and products for advanced microarray diagnostics.
Based on the successful completion of product development and test automation by SQI, the customer has acquired a sqidlite for their CLIA laboratory in Irvine, California. This sqidlite system will be installed and undergo final validation in this customer's CLIA laboratory in December 2017 where they are already servicing thousands of patients from North America annually. The predictive cardiac tests will also be available to their global customer base of renowned cardiologists, hospitals, and reference laboratories around the world.
"We are pleased to be advancing the relationship with this innovative cardiac testing pioneer to the commercial stage," said Andrew Morris, CEO of SQI Diagnostics. "We believe the revenue potential for kits sales of this product is very promising and we look forward to working with this world-class predictive health innovator to service their large and growing list of customers using this important predictive diagnostic tool in their clinics."
About SQI Diagnostics
SQI Diagnostics is the 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.
Sales and Marketing Contact:
Vice President, Global Commercial Operations
Russ Peloquin
913.484.9022
[email protected]
SQI Investor Relations Contact:
Chief Executive Officer
Andrew Morris
416.674.9500 ext. 229
[email protected]
Vice President, Finance and Administration
Patricia Lie
416.674.9500 ext. 277
[email protected]
Forward-looking Information
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.
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.
For further information: Sales and Marketing Contact: Vice President, Global Commercial Operations, Russ Peloquin, 913.484.9022, [email protected]; SQI Investor Relations Contact: Chief Executive Officer, Andrew Morris, 416.674.9500 ext. 229, [email protected]; Vice President, Finance and Administration, Patricia Lie, 416.674.9500 ext. 277, [email protected]
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