SQI 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 serving the reference lab testing and pharmaceutical
development markets. The Company’s proprietary multiplexed tests and
fully automated systems decrease costs, simplify workflows, increase
throughput and decrease time to results for labs conducting antibody and
biomarker testing.
For more information about SQiDlite and SQI Diagnostics’ suite of
biopharma and clinical diagnostic products and services please visit www.sqidiagnostics.com,
or contact SQI at: sales@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”, “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, and our ability to
market and sell our novel multiplexing technologies and detection
platforms. 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)
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Copyright Business Wire 2013