Toronto, OntarioDecember 18, 2013SQI Diagnostics Inc. (TSX-V: SQD),
a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics today announced that it has entered into a commercial product development and services agreement with an Irvine California-based global pharmaceutical company. Under the terms of the agreement SQI will be paid to build a customized, 6-plex anti-drug antibody (“ADA”) assay to detect and measure immunogenic responses to a drug in the customer’s extensive drug pipeline. The agreement also compensates SQI to provide preliminary data using this custom assay on a set of the customer’s pre-clinical samples provided to SQI. The agreement includes payment for the services for this phase of the project as well as for the consumables used during development and sample testing.
“SQI is very pleased to work with this very prestigious customer as they represent a significant opportunity to work and collaborate with another industry leader in our Diagnostic Tools and Services business” said Andrew Morris, CEO of SQI Diagnostics. “We believe that when we successfully complete this project, during the first calendar quarter of 2014, we will be in an excellent position to win the on-going consumable and instrument business for the human trials for this drug as well as additional ADA projects and biomarker business with this customer”.
The Company believes that the on-going conversion of previously announced major pharmaceutical customers in its sales pipeline that have evaluated, or who are in the process of evaluating SQI’s custom and off-the-shelf biomarker products to be a catalyst leading to wider market adoption of its Diagnostics Tools and Services products. Each of these customers and target customers has many individual drugs in various stages of development each of which could benefit from our unique custom services and multiplexing products.
The economic benefits of using SQI’s custom Ig_PLEX tests and sqidliteTM automated testing equipment in drug development are to decrease the total number of tests performed through multiplexing while at the same time requiring significantly less volume of valuable blood samples; reducing the total time required to process the tests resulting in significantly reduced labour and testing timelines – having a significant impact on the customer’s total cost of testing in the clinical phases of their drug development programs. SQI’s Ig_PLEX products have been shown to significantly improve the sensitivity and other important performance metrics through the use of its custom ADA tests, ultimately resulting in better data to our customers.
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.
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