SQI Signs Agreement with a World-Leading Pharmaceutical Company
Nov 20, 2017, 09:00 ET
TORONTO, Nov. 20, 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, today announced it has signed a revenue-producing agreement with one of the world's largest pharmaceutical companies to provide assay development as well as sample testing services.
This pharmaceutical customer has a unique need to measure how their drugs interact with a key biomarker in the human body by measuring antibody levels. SQI is in a unique position with its multiplexing technology to develop an automated, multiplexed test to measure these drug-biomarker interactions.
In addition, because of the sensitive timeframe of this project, the customer has also engaged SQI to provide contract research services to provide the analytical sample testing, which could be in excess of 1000 samples for which the customer will be charged a per-sample fee. This testing will be done at SQI's state-of-the-art facility in Toronto.
"We are excited to sign this agreement with such a large and respected institution in the pharmaceutical and biotechnology space," said Andrew Morris, CEO of SQI Diagnostics. "This also presents the largest customer to date that has engaged SQI to provide sample testing services which is a new and burgeoning business for SQI."
"This agreement will open the door for SQI to be a preferred vendor for this type of assay development and testing service, certainly for this customer and hopefully for other global pharmas as well."
In addition to this important agreement we expect to continue to issue more positive commercial news prior to year-end, including the shipping of a sqidlite instrument and product-validation kits to our cardiac biomarker customer and at least 1 other large drug development customer prior to year-end.
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.
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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]
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