Major market opportunities for chip technology to dramatically reduce disease testing time from days and hours to minutes.
TORONTO, July 24, 2017 /CNW/ - SQI Diagnostics (TSX-V: SQD; OTCQX: SQIDF), today announced a technology development partnership and licensing agreement with the McMaster University Department of Engineering to develop chip technology for use in multi-array disease testing.
SQI is a Toronto-based life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced multiplexed diagnostics. SQI's existing proprietary technology enables global pharmaceutical and diagnostic testing companies to perform highly complex multiplex tests much faster, more accurately and at a lower cost.
The market for these tests is global, measured in the hundreds of millions of dollars, and growing. And an even larger market awaits in testing for diseases at the point of care such as hospitals, ER units and medical offices, using rapid, portable diagnostic devices that can provide results in minutes. Early in 2017 SQI approached Dr. Ishwar Puri's team of the McMaster University Department of Engineering who are pioneers in creating novel detection technologies.
Their initial work has now advanced to the stage where SQI and McMaster are partnering to further develop the instant chip technology and detection devices that will enable a wide-array of multi-result tests to be offered directly to health care professionals and patients in clinical settings worldwide.
The SQI-McMaster collaboration was made possible, in part, by a grant from the Ontario Centres of Excellence through the VIP program which helps eligible Ontario companies develop, implement and commercialize technical innovations by supporting industry-academic collaborations. Industry can leverage Ontario's world-class academic institutions to solve business challenges, develop new products and processes, and increase productivity while advancing innovations that help to build and sustain Ontario's knowledge-based economy.
Said Andrew Morris, President and CEO of SQI Diagnostics: "Part of SQI's transition from a research company to a commercial enterprise involves constantly seeking out new markets, technologies and applications in diagnostic testing. The McMaster relationship is part of that market-development strategy."
Said Dr. Ishwar Puri, Director of the Multiphysics Research Group (MuRG) at McMaster's Department of Engineering: "We are very excited to partner with SQI on this technology. Combining SQI's deep expertise in multiplexing and immunoassay science with the early, yet very exciting performance of the MuRG diagnostic platform developed by our world-class group here at McMaster is very promising".
About SQI Diagnostics
SQI is a life sciences and diagnostics company that develops clinical grade multiplexed microarray and molecular assays run on its automated instrumentation for the pharmaceutical research, animal health, and clinical diagnostics markets. SQI develops custom research and diagnostic assays that are multiplexed; meaning the simplification, consolidation and automation of many individual tests into one. This increases sample throughput, reduces time, cost and chance for human error, and provides excellent data quality.
About McMaster University
McMaster is a noted public research university based in Hamilton Ontario. It is one of four Canadian universities listed among the Top 100 universities in the world and is renowned for its innovation in both learning and discovery. It has a student population of 23,000, and more than 160,000 alumni in 140 countries.
About Ontario Centres of Excellence (OCE) Inc
OCE drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario's global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario's industry, universities, colleges, research hospitals, investors and governments.
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SOURCE SQI Diagnostics Inc.
For further information: Sales and Marketing Contact: Vice President, Global Commercial Operations, Russ Peloquin913.484.9022, [email protected]; Investor Relations Contacts: 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]