Major market opportunities for chip technology to dramatically reduce disease testing time from days and hours to minutesToronto, OntarioJuly 24, 2017SQI Diagnostics Inc. (“SQI” or the “Company”) (TSX-V: SQD; OTCQX: SQIDF),
today announced a technology development partnership and licensing agreement with the McMaster University Department of Engineering to develop chip technology for use in multi-array disease testing.
SQI is a Toronto-based life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced multiplexed diagnostics. SQI’s existing proprietary technology enables global pharmaceutical and diagnostic testing companies to perform highly complex multiplex tests much faster, more accurately and at a lower cost.
The market for these tests is global, measured in the hundreds of millions of dollars, and growing. And an even larger market awaits in testing for diseases at the point of care such as hospitals, ER units and medical offices, using rapid, portable diagnostic devices that can provide results in minutes. Early in 2017 SQI approached Dr. Ishwar Puri’s team of the McMaster University Department of Engineering who are pioneers in creating novel detection technologies.
Their initial work has now advanced to the stage where SQI and McMaster are partnering to further develop the instant chip technology and detection devices that will enable a wide-array of multi-result tests to be offered directly to health care professionals and patients in clinical settings worldwide.
The SQI-McMaster collaboration was made possible, in part, by a grant from the Ontario Centres of Excellence through the VIP program which helps eligible Ontario companies develop, implement and commercialize technical innovations by supporting industry-academic collaborations. Industry can leverage Ontario’s world-class academic institutions to solve business challenges, develop new products and processes, and increase productivity while advancing innovations that help to build and sustain Ontario’s knowledge-based economy.
Said Andrew Morris, President and CEO of SQI Diagnostics: “Part of SQI’s transition from a research company to a commercial enterprise involves constantly seeking out new markets, technologies and applications in diagnostic testing. The McMaster relationship is part of that market-development strategy.”
Said Dr. Ishwar Puri, Director of the Multiphysics Research Group (MuRG) at McMaster’s Department of Engineering: “We are very excited to partner with SQI on this technology. Combining SQI’s deep expertise in multiplexing and immunoassay science with the early, yet very exciting performance of the MuRG diagnostic platform developed by our world-class group here at McMaster is very promising”.
About SQI Diagnostics
SQI is a life sciences and diagnostics company that develops clinical grade multiplexed microarray and molecular assays run on its automated instrumentation for the pharmaceutical research, animal health, and clinical diagnostics markets. SQI develops custom research and diagnostic assays that are multiplexed; meaning the simplification, consolidation and automation of many individual tests into one. This increases sample throughput, reduces time, cost and chance for human error, and provides excellent data quality.
About McMaster University
McMaster is a noted public research university based in Hamilton Ontario. It is one of four Canadian universities listed among the Top 100 universities in the world and is renowned for its innovation in both learning and discovery. It has a student population of 23,000, and more than 160,000 alumni in 140 countries.
About Ontario Centres of Excellence (OCE) Inc
OCE drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario’s global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario’s industry, universities, colleges, research hospitals, investors and governments.
Sales and Marketing Contact:
Vice President, Global Commercial Operations
Russ Peloquin
913.484.9022
rpeloquin@sqidiagnostics.com
Investor Relations Contacts:
Chief Executive Officer
Andrew Morris
416.674.9500 ext. 229
amorris@sqidiagnostics.com
Vice President, Finance and Administration
Patricia Lie
416.674.9500 ext. 277
plie@sqidiagnostics.com
Forward-looking Statements
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.
Such statements, risks and uncertainties are detailed in the Company’s ongoing filings with the securities regulatory authorities, and are available to the public at www.sedar.com. 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.
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