Installations, test volume, client acquisition all marking significant commercial progress
TORONTO, July 19, 2016 /CNW/ - SQI Diagnostics Inc.
("SQI" or the "Company") (TSX-V: SQD; OTCQX: SQIDF), a life sciences and diagnostics company that develops and commercializes
proprietary technologies and products for advanced microarray diagnostics today provided an operational update on its commercial
activities during the current fiscal year.
Said Andrew Morris, President and CEO of SQI: "Selling our first sqidlite system to our
major diagnostics customer in March of this year sparked a rising tide of revenue-generating opportunities. Today, we're reporting
to our shareholders and to the market on the extent of our existing activities and the prospects for other growth in the remainder
of the fiscal year."
SQI set out 9 commercial milestones at our 2016 Annual General Meeting of shareholders and we are well on the way to reaching
these goals among which included, by year-end: having a total of 6 systems installed at customers who are buying kits; launching
our new xPlex product with sales generated this year; expanding our customer base and completion of product development of our DNA
and animal health customers' products.
Among the major milestones met in 2016 are revenue-generating opportunities with SQI clients who are generally global
pharmaceutical companies and diagnostic companies. These revenue-generating opportunities are the result winning repeat
business and broadening our relationships with these significant customers.
Our achievements this year include the development and release of new and profitable applications of our multiplexing
technology. Notably, we recorded the first sale and shipment of SQI's advanced new testing product, xPlex, to a global
biotechnology company.
SQI has advanced towards its goal of platform placements for FY2016, in addition to the one platform placed in 2015, we have
delivered two additional sqidlite / sqid-X platforms for testing and evaluation, and expect to sign agreements shortly for
two more sqid platforms that are expected to ship this year not including other customers that are in the sales pipeline.
SQI has also signed and completed the initial development work for a new 40+plexed product in the animal health sector with the
opportunity to sell multiple sqidlite platforms to run the tests to this global diagnostics customer.
In the 4th quarter ending September 30, 2016, SQI expects to double its revenues over
the previous quarter with the bulk of this revenue coming from platform and kit sales marking a significant milestone in its
commercial progress.
Said Andrew Morris, SQI President and CEO: "The recent increase in sales and revenue-agreements
demonstrates the validity of our strategy to sell SQI platforms and kits directly to pharmaceutical companies and diagnostic
companies. We are especially pleased with our increased customer traction as, the more platforms we place, the more
recurring kits sales we will generate. The funds from the recently announced rights offering will be used to fund, among
other things, sales and marketing to new customers, building up platform inventory to deliver to customers and for expanding our
product delivery capability - each investment is focused on growing our installed customer base and recurring revenues."
For more information, please contact:
Chief Executive Officer
Andrew Morris
416.674.9500 ext. 229
amorris@sqidiagnostics.com
Vice President Global Commercial Operations
Russ Peloquin
913.484.9022
rpeloquin@sqidiagnostics.com
About SQI Diagnostics
SQI Diagnostics 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. For more information, please visit 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.
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.