Source
CANADA NEWSWIRE
Date 10/22/2015
Time 01:47:56 PM
Company
SQI Diagnostics Inc.
Title SQI Diagnostics Formalizes Multiple Contracts With Global
Pharmaceutical
Firm
CDNX Symbol: SQD
Press Release
" BC-SQIDiagnstcsContrcts
10-22 0770
News release via Canada NewsWire, Toronto 416-863-9350 -MEAttention Business Editors:
^SQI Diagnostics Formalizes Multiple Contracts With Global Pharmaceutical
Firm@
TORONTO, Oct. 22, 2015 /CNW/ - SQI Diagnostics Inc. ("SQI Diagnostics" or
the "Company") (TSX-V: SQD; OTCQX: SQIDF), today 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.
To view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/October2015/22/c5786.html
-010/22/2015
/For further information: Sales and Marketing Contact, Russ Peloquin,
Vice President, Global Commercial Operations, 913.484.9022,
rpeloquin(at)sqidiagnostics.com; Investor Relations Contact, Andrew
Morris,
Chief
Executive Officer, 416.674.9500 ext. 229, amorris(at)sqidiagnostics.com;
Lennie
Ryer, Chief Financial Officer, 416.674.9500 ext. 241,
lryer(at)sqidiagnostics.com/
/Web Site: www.sqidiagnsotics.com /
(SQIDF SQD.)
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SQI Diagnostics Inc.
Ontario
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