Source
MARKET NEWS
Date 10/22/2015
Time 11:13:35 PM
Company
SQI Diagnostics Inc.
Title Formalizes
Multiple Contracts With Global Pharma
CDNX Symbol: SQD
Press Release
SQI DIAGNOSTICS INC ("SQD-V")
- Formalizes Multiple Contracts With Global Pharmaceutical Firm
SQI Diagnostics Inc. ("SQI Diagnostics" or the "Company"),
announced a product development agreement with a global pharmaceutical
company that formalizes the terms of multiple drug initiatives over the
next three years.
SQI is a Toronto-based life sciences and diagnostics company that
develops and commercializes proprietary technologies and products for
advanced microarray diagnostics. SQI's technology is used to create
custom tests for clients in the drug development market that can now
deliver as many as 30 different unique results -- with the potential
for more -- from a single SQI test. In doing this, it removes the work
needed to develop, run, and purchase materials for 30 separate single
tests.
SQI's relationship with this pharmaceutical client began with the
development of two evaluation tests. The second is a 21-plex test that
is in the final stages of being put into clinical production. Today's
announcement covers a new 3-year agreement that will see SQI technology
used in 5 new drugs currently in development by the pharmaceutical
company, as well as finished multiplexed assays for its existing
portfolio.
"This agreement with an influential global player in the estimated
$US11 billion market for immunogenicity and bioanalytical testing is
exactly where SQI wants to be at this stage of its growth," said Andrew
Morris, CEO of SQI Diagnostics. "Revenue earned to date from our
growing list of multinational customers has been from fees for new test
development and analytical services. This agreement marks an important
step in moving our business to earning recurring revenues from on-going
kit sales. Our clients in particular and Big Pharma in general, have a
multitude of drugs in development that can benefit from our advanced
multiplexed diagnostic testing technology."
SQI's custom tests can significantly reduce the number of tests
performed during drug development by pharmaceutical companies. This, in
turn, reduces the number of blood samples needed, the volume needed per
blood sample, the total time to process the tests and the total cost of
testing, especially as drugs move into the clinical development stage,
as well as reducing labor costs by utilizing an industry-unique fully
automated system.
SQI's products have also been shown to significantly improve the
drug tolerance of anti-drug antibody (ADA) tests, sensitivity and other
vital performance metrics via its custom-built multiplexed test panels.
Ultimately, this results in better, more cost-effective and
easier-to-access data.
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.
Forward-looking Statements
This news release contains certain forward-looking statements,
including, without limitation, statements containing the words "will",
"expects", "intends" and other similar expressions which constitute
"forward-looking information" within the meaning of applicable
securities laws. Forward-looking statements reflect the Company's
current expectation and assumptions, and are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements
involve risks and uncertainties including, but not limited to risks
related to agreements and future agreements to sell our products, the
failure to obtain necessary regulatory approvals, general economic and
market segment conditions, and international risk and currency
exchange, the success of our Diagnostic Tools and Services business and
our intent to build near-term revenue streams from this business, the
acceleration of our revenue ramp, general economic and market segment
conditions, competitor activity, technology changes and regulatory
approvals. Such statements reflect the current views of the Company
with respect to future events and are subject to certain risks and
uncertainties and other risks detailed from time-to-time in the
Company's ongoing filings with the securities regulatory authorities,
which filings can be found at www.sedar.com. Actual results, events,
and performance may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements. 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 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.
TSX Venture closing price for SQD-V
Date: 2015/10/21
Closing Price: 0.34
TEL: 913.484.9022 Russ Peloquin
Vice President, Global Commercial Operations
EMAIL: rpeloquin@sqidiagnostics.com
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