Toronto, OntarioJuly 30, 2013SQI Diagnostics Inc. (TSX-V: SQD),
a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics, today provided an update on the significant progress on its projects with two global pharmaceutical companies previously announced on May 21, 2013. The names of the global pharmaceutical companies have been omitted owing to confidentiality agreements with both of the entities and SQI Diagnostics.
“SQI delivered on the milestones for the customer-directed proof-of-concept assays demonstrating the high level of performance of our multiplex technologies and the fast turn-around times for custom development projects,” said Andrew Morris, CEO and President of SQI Diagnostics. “We believe that we will leverage this success into commercial contracts with these customers and into additional paid development projects with other pharmaceutical customers.”
Global Pharma 1
SQI Diagnostics reports that is has made material progress on the commercialization milestones in the development of a proof-of-concept anti-drug-antibody (“ADA”) assay to detect and quantify the immune response in three animal species, to a new class of drugs in collaboration with a global pharmaceutical company. This project is in the pre-human phase and as such provides SQI the opportunity to win commercial business at the earliest phases of clinical work and could lead to incorporating SQI’s products in all of the subsequent phases of human clinical trials.
SQI’s Custom PLEX™ multiplexed results demonstrated one hundred percent agreement in primates and excellent agreement in the other two animal species when compared to the single-plex tests currently in use by Global Pharma 1. Other performance criteria of the tests, including sensitivity have exceeded all other mutually established project goals.
Owing to the achievement of the collaboration project milestones the final proof-of-concept milestone of an on-site evaluation of the assay on SQI Diagnostics’ sqid-X™ system has been set for the second part of August.
Successful demonstration of the proof-of-concept is expected to result in the sale of one or more sqidlite™ platforms as well as the multiplex Custom PLEX test kits that would be used in the target customer’s clinical testing throughout drug development.
Global Pharma 2-Project 1
SQI completed major development milestones for the previously disclosed proof-of-concept assay being completed in collaboration with Global Pharma 2. This Custom PLEX ADA assay will measure the immune responses in clinical trials of the customer’s in-development biologic drug.
This 21 biomarker assay takes full advantage of SQI’s multiplexing capabilities and is meeting or exceeding all project goals. This project is in Global Pharma 2’s phase 1 trials and if adopted commercially, SQI’s Custom PLEX ADA product would be used in human clinical trials.
The Company expects to deliver Custom PLEX ADA kits by the end of August that will be evaluated for commercial feasibility on the sqid-X platform.
Global Pharma 2- Project 2
SQI also made significant progress on the commercial demonstration of an 8-plex cytokine assay for Global Pharma 2. SQI Diagnostics has completed all project work on the Ig_PLEX Cytokine assay and is finalizing automation on the sqid-X platform.
Cytokine assays are commonly used in clinical trials during the development of many classes of drugs and SQI Diagnostics expects to widely market its cytokine products.
SQI Diagnostics plans to deliver a sqid-X platform on or about August 9th to the customer’s site to enable evaluation of the Ig_PLEX Cytokine assay.
Successful evaluation of both the ADA Custom PLEX proof-of-concept assay and the Ig_PLEX Cytokine are expected to result in the sale of test kits and sqidlite platforms for use in the customer’s drug development programs.
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
Russ Peloquin
Vice President, Global Commercial Operations
913.484.9022
rpeloquin@sqidiagnostics.com
Investor Relations Contact
Andrew Morris
Chief Executive Officer
416.674.9500 ext. 229
amorris@sqidiagnostics.com
Forward-looking Information
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “believe”, “in the process”, “benefits”, “leading to”, “possible” “is subject to” 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: the ability of our patents to adequately protect our rights or permit us to gain or keep any competitive advantage; our ability to market and sell our novel multiplexing technologies and detection platforms; our ability to maintain any technical or product advantages; our ability to continue to market and sell our products; potential supply problems or price fluctuations with sole source or other third-party suppliers on which SQI is dependent; SQI’s ability to increase customer orders and manufacturing volumes; adverse changes in general economic conditions; impact of healthcare reform legislation; and, SQI’s ability to raise additional funds in the future on acceptable terms or at all. 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 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.
