TORONTO, Aug. 24 /CNW/ - SQI Diagnostics Inc. (TSX-V: SQD), a medical
systems automation company focused on evolving laboratory-based biomarker
testing, today announced its financial and operational results for the third
quarter ended June 30, 2009.
"We continued our discussions with the U.S. Food and Drug Administration
during the quarter on our application to market SQI's automated SQiDworks(TM)
Diagnostics Platform and its QuantiSpot(TM) Rheumatoid Arthritis (RA) Assay in
the United States," said Andrew Morris, CFO of SQI Diagnostics. "We expect to
have a decision from the FDA shortly. A favourable decision would allow us to
market our technology to U.S.-based clinical laboratories focused on keeping
pace with the growing demand for biomarker testing. We have already made
progress with potential customers in Canada where our platform and RA assay
are currently approved for sale."
SQI anticipates executing on a number of upcoming milestones in the
coming quarters including:
- Attaining a response from the FDA regarding the Company's application
to sell its SQiDworks Platform and QuantiSpot RA test kit in the
- Developing a customer base of clinical laboratories in Canada and the
- Building out its franchise of QuantiSpot autoimmune test panels
including test panels for Irritable Bowel Disease (Crohn's disease,
ulcerative colitis), Celiac disease, and Thyroid Disease;
- Adding CCP IgA as a fifth biomarker to the current Health Canada-
approved 4-plex RA; CCP IgA has clinical utility as an early RA
- Commercializing a novel anti-TNF Research-Use-Only product to assist
clinicians in the treatment of Inflammatory Bowel Diseases and RA
For the quarter ending June 30, 2009, the Company recorded a net loss of
$1,354,277 ($0.05 per share) compared to a net loss of $1,323,804 ($0.06 per
share) for the quarter ended June 30, 2008. The net losses for the period
ending June 30, 2009 were materially the same as for the quarter ending June
Research and Development expenses were $825,129 in the quarter ending
June 30, 2009 compared to $828,032 during the same quarter last year.
Corporate expenses, which include administrative salaries and related
expenses; general and administrative expenses; advertising and promotion
expenses; travel expenses; interest expenses and professional and consulting
fees totaled $210,239 for the quarter ended June 30, 2009 compared to $130,639
for the quarter ended June 30, 2008. The major contributors to the increase
between the periods were costs related to travel for supplier quality
validation, salary-related compensation increases and marketing costs.
At June 30, 2009, current assets were $4,402,113 compared to $4,362,320
at September 30, 2008. Working capital as at June 30, 2009 was $4,022,693
compared to $3,244,418 at September 30, 2009.
Management believes that the cash on hand at June 30, 2009 will be
sufficient to fund Company operations to the middle of 2010. The successful
commercial launch and generation of revenue in the 2010 fiscal year would
extend that period.
Detailed financial statements and the MD&A are available at
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 and quantitative patient results in less time, significantly
reduce labor, and increase profits...All in One Drop. Please visit
www.sqidiagnostics.com for more information.
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. In particular, statements about the likelihood and timing of
the anticipated launch of the Company's Automated SQiDworks(TM) Diagnostics
Platform and QuantiSpot Rheumatoid Arthritis Assay in the United States
involve forward-looking information. Actual results, events, and performance
may differ materially. Readers are cautioned not to place undue reliance on
these forward-looking statements.
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy
of this news release.
For further information:
For further information: Chief Financial Officer, Andrew Morris, (416)
674-9500 ext. 229, email@example.com; Media and Investor Relations,
Adam Peeler, (416) 815-0700 ext. 225, firstname.lastname@example.org