TORONTO, Jan. 17, 2018 /CNW/ - SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD; OTCQB: SQIDF), today announced it has signed a revenue-producing agreement with a global biotechnology company to provide assay development and future sample testing and analysis services.
This customer has contracted test development to SQI to create an immunogenicity assay utilizing SQI's multiplexing technology. After completing test development, SQI anticipates it will be engaged to provide contract research services to provide analytical sample testing. This testing will be done at SQI's state-of-the-art facility in Toronto. This contract research service augments SQI's product offerings enabling pharma and biotech customers to outsource their multiplexed assay development, validation, and testing services to SQI.
"The new customer is a global US-based biotechnology company that develops new drug treatments for patients with serious rare diseases," said Andrew Morris, CEO of SQI Diagnostics. "This is the latest in a growing list of customers to engage SQI's newest and fastest-growing business: contract testing services. In the past 12 months alone, SQI has done 6 revenue-producing deals, with companies ranging from diagnostic companies, to global pharmaceutical and biotechnology companies."
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.
Sales and Marketing Contact:
Vice President, Global Commercial Operations
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.
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]; 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]