Toronto, OntarioApril 15, 2015(TSX-V: SQD; OTCQX: SQIDF),
a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics (“SQI”), today announced the delivery and installation of a sqidlite™ system under the terms of an agreement with a top tier global pharmaceutical customer. As previously disclosed, two custom immunogenicity assays have been successfully developed for this customer.
SQI has executed an agreement to install the fully automated sqidlite system at one of the customer’s US-based facilities. Under the terms of the agreement, the customer will use the equipment primarily in order to validate the performance of a 21-plex test developed for this customer to run on SQI’s sqidlite system. Successful, final evaluation is expected to result in the purchase of the sqidlite system and the on-going sales of initial products for use in the customer’s clinical programs. The Company is currently in discussions to initiate development services for one or more additional products in 2015.
“We are pleased to have advanced to this last stage of the sales process with this customer who is a key opinion leader in this important and growing market of immunogenicity and bioanalytical testing and who has a multitude of drugs in clinical development that could benefit from our advanced multiplexed diagnostic testing,” said Andrew Morris, CEO of SQI Diagnostics.
The economic benefits of using SQI’s custom tests with Ig_plex™ technology and sqidlite automated testing equipment in drug development are to decrease the total number of tests performed through multiplexing while at the same time requiring significantly less volume of valuable blood samples; reducing the total time required to process the tests resulting in significantly reduced labour costs and testing timelines. All of this has a significant impact on the customer’s total cost of testing in the related clinical phases of their drug development programs. SQI’s Ig_plex products have been shown to significantly improve the drug tolerance, sensitivity and other important performance metrics through the use of its custom anti-drug-antibody (ADA) tests, ultimately resulting in better, more cost effective, and easier to obtain 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.
Sales and Marketing Contact:
Vice President, Global Commercial Operations
Russ Peloquin 913.484.9022
rpeloquin@squidiagnostics.com
Investor Relations Contact:
Chief Executive Officer
Andrew Morris
416.674.9500 ext. 229
amorris@sqidiagnostics.com
Chief Financial Office
Lennie Ryer
lryer@sqidiagnostics.com
416.674.9500 ext. 241
Forward-looking Information
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.
