TORONTO, March 28,
2023 /CNW/ - SQI Diagnostics Inc. ("SQI" or the
"Company") (TSXV: SQD) (OTCQB: SQIDF), a leader in the science of
lung health, today announced that it is moving to strategically
focus on what is now its core business: creating precision Point of
Care (POC) products in respiratory health.
As a result of SQI's strategic shift to focus on POC, the
Company intends to focus on three flagship products:
- The RALI-fast™ Severity Triage POC Test – the multiplexed,
point of care version of the RALI-Dx™ IL-6 Severity Triage Test —
helps clinicians identify which patients with SARS-CoV-2 will have
a severe inflammatory response and has already been evaluated in a
clinical study in the University Health Network (UHN) intensive
care unit
- SQI's TORdx LUNG Test measures up to four inflammatory
biomarkers in a series of perfusate samples drawn from an Ex Vivo
Lung Perfusion (EVLP) system supporting a donor lung before
transplantation to a recipient. The TORdx LUNG Test helps predict
recipient outcome should the organ be transplanted. SQI will be
engaging with the US FDA and initiate clinical studies across four
sites in North America to support
regulatory approval for the product.
- SQI's partnership with Owlstone Medical to develop non-invasive
breath diagnostic products to monitor the health of lung transplant
recipients. Initial clinical studies at UHN are under review and
expected to be initiated in Q2 2023.
As a part of SQI's new strategy going forward, the Company has
reduced its workforce from approximately 44 full-time employees to
20 full-time employees to focus on maintaining and developing the
Company's key capabilities of clinical and regulatory expertise,
managing outsourced product development and outsourced
manufacturing. The Company expects to reduce its payroll and cash
burn by approximately 50% on a monthly basis. In connection
with this evolution of the Company's strategy, SQI intends to
entertain offers from potential buyers for the Company's now,
non-core business that is based on lab-based instruments. The
Company's leadership will remain intact, including regulatory,
clinical and finance roles.
"I would like to thank our Board for supporting this bold new
direction for our company and to Pivot Financial who have agreed to
accrue interest payments on our credit facility," said Andrew Morris, President and CEO of SQI
Diagnostics. "Having received regulatory authorization in
Canada for our RALI-Dx™ IL-6
Severity Triage Test and demonstrated the technical feasibility of
our RALI-fast tests transitioning to point of care, we're
ready to move more aggressively into that market, with a
laser-focus on our core business."
About SQI Diagnostics
SQI Diagnostics is a leader in the science of lung health. The
Company develops and manufactures respiratory health and precision
medicine tests that run on SQI's fully automated systems. The
Company's tests simplify and improve COVID19 antibody monitoring,
Rapid Acute Lung Injury testing, donor organ transplant
informatics, and immunological protein and antibody testing. SQI
Diagnostics is driven to create and market life-saving testing
technologies that help more people in more places live longer,
healthier lives. For more information, please visit
www.sqidiagnostics.com.
Contact:
Chief Financial Officer
Morlan Reddock
437.235.6563
mreddock@sqidiagnostics.com
FORWARD-LOOKING
INFORMATION
This press release contains certain words and statements,
which may constitute "forward-looking statements" within the
meaning of applicable securities laws relating to future events or
future performance and reflect the current expectations and
assumptions of the Company regarding its growth, results of
operations, performance, business prospects and opportunities.
These statements generally can be identified by use of
forward-looking words such as "may", "would", "could", "will",
"should", "expect", "plan", "estimate", "anticipate", "intends",
"believe", "potential", or "continue" or the negative thereof or
similar variations. The Company's actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, the intended
effects of the change in the Company's strategy and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com. Although the
forward-looking statements contained herein are based on what we
consider to be reasonable assumptions based on information
currently available to us, there can be no assurance that actual
events, performance or results will be consistent with these
forward looking statements, and our assumptions may prove to be
incorrect. 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 law.
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SOURCE SQI Diagnostics Inc.
