TORONTO, Aug. 30, 2016 /PRNewswire/ - SQI Diagnostics Inc.
(TSX-V: SQD; OTCQX: SQIDF) (the "Company" or "SQI"), today announced the sale of a sqidlite™ system under the terms of an
agreement with a top tier global pharmaceutical customer.
In partnership with this customer, SQI has developed several unique multiplexed assays utilizing its proprietary technology.
SQI's customer is currently running these tests in their laboratory to generate data from drug study patient samples on
SQI's automated system.
"We are excited to continue the successful commercialization efforts of our Drug Development Testing business," said
Andrew Morris, CEO of SQI Diagnostics. "The sale of this platform is the culmination of a long
evaluation process that sets the stage for the ongoing sale of test kits to this global pharmaceutical customer."
The sale represents another validation by the pharmaceutical industry of SQI's cutting-edge multiplexing technology. There are
two major financial benefits to using SQI technology in drug development: one, reducing the number of tests performed through
multiplexing; and two, using far less volume of valuable blood samples. The result for our Pharma customers is lower costs
through significantly reduced labour and testing timelines. All of this has a significant impact on the customer's total
cost of testing in the related clinical phases of their drug development programs. SQI's products have been shown to
significantly improve the drug tolerance, sensitivity and other important performance metrics through the use of its tests. This
ultimately results in data that are better, more cost effective, and easier to obtain.
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 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.