- Addition of Dr. Allan Pronovost Strengthens US Commercialization Strategy -
TORONTO, July 15, 2014 /PRNewswire/ - SQI Diagnostics Inc. (TSX-V: SQD), a life sciences company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics, today announced it has appointed Dr. Allan Pronovost to its Board of Directors. SQI will also retain the services of Dr. Pronovost, as strategic advisor, where he will assist the Company in its efforts to secure strategic partnerships and/or additional capital to further advance the Company's IVD and Pharma business units. Dr. Pronovost has more than thirty years of experience in the field of innovative diagnostic testing.
"The extensive experience Allan brings to SQI is well-aligned with our strategic objectives. He has led the invention, development and commercialization of numerous innovative medical diagnostic tests, and also has a track record of success in providing diagnostic development services to Pharma and biotech companies," said Andrew Morris, CEO of SQI Diagnostics. "Dr. Pronovost will be an important advisor to SQI as we commercialize our products and services in the US and work to expand our current base of Pharma customers."
Dr. Pronovost is currently the President and CSO of Red Lion Chem Tech, a consortium of health related companies he founded over the past ten years, based in San Diego, California. He is also currently the Founder, Chairman and CEO of Stone Investments, LLC, an investment holding company. From 2003-2006, he was the President of the NID Division of Quest Diagnostics, the largest clinical diagnostic reference laboratory network in the world. Prior to this, from 1995-2006, he was Chairman and CEO of BioAlliances Group, LLC, a contract R&D and manufacturing company serving the Pharma and biotech industry, primarily in the development of novel diagnostic tests. From 1986-1995 he was the Vice President R&D at Quidel Corporation, San Diego and has also contributed in various roles at Ortho Clinical Diagnostics-Johnson & Johnson, DuPont, Eastman Kodak, Ansys Diagnostics and Trinity Biotech Holding PLC.
Dr. Pronovost has advanced 123 products from concept to market with commercial sales, including 74 FDA 510(K) Approved Medical Device products. He is credited with 63 issued patents or applications, and is an author of more than 80 publications including two books. Dr. Pronovost obtained his Ph.D. in Pathology at the University of Rhode Island and completed a Post-Doctoral Fellowship in Clinical Virology & Immunology at the Yale University School of Medicine and is certified in Clinical Laboratory Medicine.
Dr. Pronovost replaces Dr. Peter Lea who has resigned from the Board, effective immediately. Dr. Lea will continue as an active, non-voting senior advisor to the Board. Dr. Lea founded SQI Diagnostics in 1999 and invented and patented the core technology underpinning SQI's multiplexing microarray technology and is actively involved day to day in the role of Founder.
Dr. Pronovost will be granted options (the "Options") to purchase an aggregate of 300,000 common shares of the Corporation (the "Shares") at a price which is the greater of $0.40 per Share or the closing price per Share on the date hereof, pursuant to the Corporation's incentive stock option plan.
In addition, SQI has retained the services of Renmark Financial Communications Inc. ("Renmark") to provide the Company with investor relations services such as roadshow management, the organization of investor events and the distribution of corporate information. Renmark does not have any interest, directly or indirectly, in SQI Diagnostics or its securities, or any right or intent to acquire such an interest. The Company will pay to Renmark a monthly retainer of $5,000. The term of the agreement with Renmark is on a month-to-month basis, and the agreement can be terminated by either party by giving 30 days' written notice to the other party.
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 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 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 kits, 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.
SOURCE SQI Diagnostics Inc.