TORONTO,
Nov. 24, 2014 /PRNewswire/ - SQI
Diagnostics Inc. ("SQI Diagnostics" or the "Company") (TSX-V: SQD)
(OTCQX: SQIDF) today announced that it has expanded its existing
commercial relationship with one of the world's largest
pharmaceutical companies. This final step in commercializing the
Company's Ig_plex™ platform could lead to significant on-going
revenue opportunities as the customer continues further development
of its drug.
SQI Diagnostics recently completed the successful development of
a series of custom products to measure safety-related responses to
this customer's development-stage drug ("immunogenicity"). Based on
the performance of prior tests completed, additional development
has been contracted, including the Company's proprietary Ig_plex
characterization of antibodies produced in response to the drug
("anti-drug antibodies").
The agreement includes payment for services and consumables used
during development and sample testing.
"We are very pleased with the momentum we have achieved in this
commercial relationship," said Andrew
Morris, CEO of SQI Diagnostics. "We believe the follow-on
business further validates the need for our services in the
marketplace and highlights customer satisfaction with the results
achieved thus far. We expect this final phase will lead to the sale
of products and instruments, which will further drive on-going
revenues from anti-drug antibody tests. It could also lead to the
broader adoption of other, potentially high volume, tests that can
be run on our sqidlite™ system, supporting other aspects of
the customer's safety and efficacy testing during drug
development."
Global pharmaceutical companies invest significant funds to
better understand potential immune responses to the novel drugs
they are developing and the formation of anti-drug antibodies in
study subjects is a concern for their effect on both drug efficacy
and safety. Information provided by SQI Diagnostics' tests on the
anti-drug antibodies present in a sample provides further
characterization of the immune response during both pre-clinical
and clinical studies.
Earlier in November, SQI Diagnostics received clearance from the
Food and Drug Administration for its Ig_plex Celiac DGP Panel
allowing it to be sold in the United
States. In October, the Company presented comprehensive data
describing the superior performance of multiple Ig_plex tests
performed for a variety of customers and compounds at the
14th Annual Immunogenicity Conference in Boston, Massachusetts. All of these
tests were developed and run on the Company's patented diagnostic
platforms.
The Company continues to focus on selling products and services
to pharmaceutical and biotech customers and on converting products
initially used for evaluation by these customers to higher volume
kit sales for use in clinical trials. A portion of business
development effort is focused on pharmaceutical, biotech, and
vaccine companies that currently use labour-intensive, expensive,
low throughput "single-plex" tests in their product development
activities and on the contract research organizations that service
the testing needs of such companies.
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 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 the timing for the commencement of
trading on the OTCQX, the increased awareness by the U.S. investor
community of the Company, our continued listing on both the TSX
Venture Exchange and the OTCQX, the failure to obtain necessary
regulatory approvals, general economic and market segment
conditions, and international risk and currency exchange,
agreements and future agreements to sell our products, the
acceleration of our revenue ramp, general economic and market
segment conditions. 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.