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.
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.