TORONTO, Oct. 22, 2015 /CNW/ - SQI Diagnostics Inc. ("SQI Diagnostics" or the "Company") (TSX-V: SQD; OTCQX: SQIDF), today announced a product development agreement with a global pharmaceutical company that formalizes the terms of multiple drug initiatives over the next three years.
SQI is a Toronto-based life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics. SQI's technology is used to create custom tests for clients in the drug development market that can now deliver as many as 30 different unique results -- with the potential for more -- from a single SQI test. In doing this, it removes the work needed to develop, run, and purchase materials for 30 separate single tests.
SQI's relationship with this pharmaceutical client began with the development of two evaluation tests. The second is a 21-plex test that is in the final stages of being put into clinical production. Today's announcement covers a new 3-year agreement that will see SQI technology used in 5 new drugs currently in development by the pharmaceutical company, as well as finished multiplexed assays for its existing portfolio.
"This agreement with an influential global player in the estimated $US11 billion market for immunogenicity and bioanalytical testing is exactly where SQI wants to be at this stage of its growth," said Andrew Morris, CEO of SQI Diagnostics. "Revenue earned to date from our growing list of multinational customers has been from fees for new test development and analytical services. This agreement marks an important step in moving our business to earning recurring revenues from on-going kit sales. Our clients in particular and Big Pharma in general, have a multitude of drugs in development that can benefit from our advanced multiplexed diagnostic testing technology."
SQI's custom tests can significantly reduce the number of tests performed during drug development by pharmaceutical companies. This, in turn, reduces the number of blood samples needed, the volume needed per blood sample, the total time to process the tests and the total cost of testing, especially as drugs move into the clinical development stage, as well as reducing labor costs by utilizing an industry-unique fully automated system.
SQI's products have also been shown to significantly improve the drug tolerance of anti-drug antibody (ADA) tests, sensitivity and other vital performance metrics via its custom-built multiplexed test panels. Ultimately, this results in better, more cost-effective and easier-to-access data.
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 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.
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, Russ Peloquin, Vice President, Global Commercial Operations, 913.484.9022, [email protected]; Investor Relations Contact, Andrew Morris, Chief Executive Officer, 416.674.9500 ext. 229, [email protected]; Lennie Ryer, Chief Financial Officer, 416.674.9500 ext. 241, [email protected]