TORONTO, March 27, 2017 /CNW/ - SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD; OTCQX: SQIDF), a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics ("SQI"), has signed an agreement with an Irvine, CA-based pioneer in the field of predictive diagnostic medicine.
In the agreement, SQI will transform this customer's multi-biomarker test into an SQI-based multiplex test, with kits to be manufactured at SQI's state-of-the-art facility in Toronto. The agreement also calls for the automation of the test on SQI's sqidlite system which would then be sold to the customer to run the tests at its CLIA laboratory. In addition to running the test in their own laboratory, SQI's customer also plans to sell both the test kit and SQI automation systems to its ever-expanding global customer base. These customers are renowned cardiologists, hospitals, and reference laboratories around the world.
This customer's test marks a major advancement in medicine's ability to predict the chances of a heart attack before it happens. It is the first test of its kind to detect heart attack risk factors in patients through the use of a blood test. The test's performance attributes were presented at the 12th Annual World Congress on Insulin Resistance, Diabetes & Cardiovascular Disease to a distinguished faculty of global scientists, researchers, and practicing clinicians. As reported, the test can predict the likelihood that patients will experience a heart attack (ACS event) within a 5-year period – allowing physicians to implement potentially life-saving prevention plans.
"We're excited to be the technology platform upon which this exciting new test will be based and to add another great customer to our diagnostics segment portfolio," said Andrew Morris, CEO of SQI Diagnostics. "We believe the test will transform the way cardiovascular testing and cardiac event prediction is performed. Clearly, the commercial potential for this predictive test is very promising as is illustrated by the esteemed and growing list of customer clinics using this important predictive diagnostic tool. We believe this product will add significantly to our 2017 revenues and expect further growth beyond 2017"
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
SQI Investor Relations Contact:
Chief Executive Officer
416.674.9500 ext. 229
Vice President, Finance and Administration
416.674.9500 ext. 277
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.
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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, [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]