"The ability to CE mark these products shows that we have met the requisite health, safety and environmental protection requirements covering these medical devices in the EU and is further validation that our technology is ready for commercialization," said Claude Ricks, CEO and President of SQI Diagnostics. "As in North America, European laboratories are seeking automated solutions to respond to the growing demand for biomarker testing. While the potential market for our platform in Europe is significant, our near-term objective remains obtaining FDA clearance to market our platform and tests in the U.S., and to initially focus our commercialization efforts in North America."
The SQiDworks automated platform is a significant advancement from the current industry standard methods for biomarker testing, which can be inefficient and labour intensive. The platform is used to analyze multiple-biomarkers in a fully automated 'load-and-go' process. The platform incorporates the Company's proprietary IgX-Plex(TM) technology to allow multiplexed quantification of target antibody sub-classes (IgA, IgG, IgM) for multiple biomarkers. The lead test for the platform is the QuantiSpot RA assay, which provides simultaneous analysis of four biomarkers commonly tested and used to aid in the diagnosis and monitoring of rheumatoid arthritis, including the anti-CCP-IgG marker that has been adopted rapidly over the last five years.
About SQiDworks
The SQiDworks Diagnostics Platform is a fully-automated fluidics workstation, scanner and analytical device used to process SQI Diagnostics proprietary QuantiSpot microarray test devices. The platform fully integrates all assay steps for hands-free work-flow and is compatible with standard lab automation systems. The platform is capable of processing up to 240 patient samples per run, and, when combined with the Company's QuantiSpot multiplexed tests, can produce quantified determinations for up to 960 individual test results per hour resulting in significant laboratory efficiencies and cost-savings.
About QuantiSpot
The SQI Diagnostics microarray device, QuantiSpot, is a multiplexed assay consumable for use with the SQiDworks workstation. QuantiSpot tests are currently being developed for the detection and quantification of biomarkers used in the diagnosis of Autoimmune Disease, Infectious Disease and Allergic conditions, among others. Each of the 96 wells of the QuantiSpot device contains proprietary microarrays for duplicate antibody capture, in-sample calibration and redundant test controls. When combined with the SQiDworks fully-automated workstation, users are able to process multiplexed assays to quantify serum concentrations of up to 12 individual biomarkers or the qualitative detection of up to 24 biomarkers per patient.
About SQI Diagnostics
SQI Diagnostics is a medical systems company that develops proprietary technology in multiplexing, miniaturization and automation. SQI provides laboratories the ability to simultaneously analyze multiple biomarkers, deliver accurate and quantitative patient results in less time, significantly reduce labor, and increase profits...All in One Drop. For more information please visit www.sqidiagnostics.com.
Certain information in this press release is based on beliefs and assumptions of the Company's senior management and information currently available to it that may constitute forward-looking information within the meaning of securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements.
This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information
Chief Financial Officer, Andrew Morris, (416) 674-9500 ext. 229, amorris@sqidiagnostics.com Media and Investor Relations, Adam Peeler, (416) 815-0700 ext. 225, apeeler@equicomgroup.com
Source: SQI Diagnostics Inc.
