SQI Diagnostics Expanding Business into Rapid Diagnostic Testing Market
September 09 2020 - 8:15AM
SQI Diagnostics, Inc. (TSX-V: SQD; OTCQX-US: SQIDF), a precision
medicine company that discovers, develops, manufactures and
commercializes innovative rapid diagnostic testing for healthcare
professionals, patients and consumers worldwide, today announced it
is expanding its proprietary rapid diagnostic testing portfolio
targeting organ transplant, autoimmune disease and serological
testing.
Mr. Robert L. Chioini, Chief Executive Officer
of SQI stated, “Within our organ transplant, autoimmune disease and
serological testing business units we have multiple products in
clinical development, and we believe these advanced tests have the
potential to offer patients and consumers significant benefit once
they receive regulatory approval. Our COVID-19 At-home Antibody
Test Kit and our COVID-19 Patient Triage Test are currently a top
priority. We will provide more detail on our novel diagnostics,
their clinical progress and our commercialization efforts shortly.”
Mr. Chioini further stated, “Rapid diagnostic testing that is
accurate and widely available is now more important than ever. It
is intended that SQI’s direct-to-consumer diagnostic test kits will
provide access to convenient, reliable, medical tests for use at
home and empower people to improve their health outcomes, while our
patient-based diagnostics will enable clinicians to provide fast
effective treatment in the healthcare setting. SQI's unique
strategy of merging innovative diagnostics with differentiated
health management services will enable us to provide comprehensive
support for healthcare professionals, patients and consumers across
the globe.”
About SQI Diagnostics
SQI Diagnostics, Inc. is a precision medicine
company that discovers, develops, manufactures and commercializes
innovative rapid diagnostic testing for healthcare providers,
patients and consumers worldwide. The Company’s proprietary
advanced diagnostics target organ transplant, autoimmune disease
and serological testing, which include a developmental COVID-19
Patient Triage Test (RALI-Dx™) and a direct-to-consumer COVID-19
Antibody Test Kit. SQI’s rapid diagnostic tests are sold to
healthcare professionals so that patients can get accurate results
and fast effective treatment, and direct-to-consumers so that
individuals can take action to improve their health outcomes from
the comfort of their home.
Under organ transplant, SQI is pioneering the
development of an advanced diagnostic test that increases the
chance of successful lung transplant by assessing the health of the
donor organ prior to transplant surgery. The Company’s TORdx™ Lung
Test can detect inflammation at the molecular level enabling
surgeons to make a “go” or “no-go” decision on initiating
transplantation; there is currently no other such test. SQI has
partnered with University Health Network (UHN) Hospitals, one of
the largest health and medical research organization in North
America, for the TORdx™ Lung Test clinical development program. SQI
is working with agencies in both the U.S. and Canada to submit the
TORdx™ Lung Test for regulatory approval. Additional diagnostic
tests designed to increase the chance of successful organ
transplant for the kidney and liver are planned for clinical
development post-regulatory approval of the TORdx™ Lung Test.
Under autoimmune disease testing, SQI has a
direct-to-consumer Celiac Disease and a Rheumatoid Arthritis (RA)
Test that enable people to screen for the diseases from the comfort
of their home. The direct-to-consumer RA Test can help identify and
confirm RA symptoms for early care. The direct-to-consumer Celiac
Test is the only test that confirms the disease and that can also
validate the effectiveness of dietary and lifestyle changes to
confirm the autoimmune response is improving.
Under serological testing, SQI is fast-tracking
the development of a direct-to-consumer COVID-19 At-home Antibody
Test Kit to detect the presence of SARS-CoV-2 antibodies in the
blood. The Covid-19 Antibody Test Kit will determine if someone has
been exposed to the SARS-CoV-2 virus and the degree of exposure and
possible immunity to it. SQI’s COVID-19 Antibody Home Test Kit will
be highly accurate >98%. The Company intends to apply for FDA
Emergency Use Authorization (“EUA”) for its COVID-19 Antibody Test
Kit. If EUA is obtained, this test could be the first or one of the
first antibody tests shipped direct to the consumer home or
business so individuals won’t have to travel to a clinic or
hospital to be tested for the presence of SARS-CoV-2 antibody.
SQI is also fast-tracking the development of a
COVID-19 Triage Test called the RALI-Dx™. The RALI-Dx™ test is an
Inflammatory Response Panel comprised of several biomarkers
indicative of the “cytokine storm” that is associated with acute
lung injury. The RALI-Dx™ delivers results in under an hour, giving
the clinician insight into whether a patient with COVID-19, Flu or
any upper respiratory condition, can be treated and released for
home care, should be admitted to a standard hospital unit to be
monitored, or is likely to develop severe life-threatening symptoms
and requires immediate intensive care unit (ICU) admittance and
advanced respiratory care measures. The ability to effectively
triage COVID-19 (or Flu) patients would be a diagnostic industry
first. The Company intends to apply for FDA EUA for its COVID-19
Triage Test.
For more information, please visit
www.sqidiagnostics.com.
Contact:
Chief Financial Officer Morlan Reddock 416.674.9500 ext. 277
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. Such
statements reflect the current views of the Company with respect to
future events and are subject to certain risks and uncertainties
detailed in the Company’s ongoing filings with the securities
regulatory authorities, available to the public at www.sedar.com.
Such statements are subject to numerous important factors, risks
and uncertainties, many of which are beyond the company’s control,
that may cause actual events or results to differ materially from
the company’s current expectations. Management’s expectations and,
therefore, any forward-looking statements in this press release
could be affected by risks and uncertainties relating to a number
of factors, including the following: the content and timing of
decisions made by the FDA, the timing and costs involved in
establishing a commercial organization and the impact the ongoing
COVID-19 pandemic may have on the company’s business, including its
expected development, manufacturing, regulatory and
commercialization timelines 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
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.
SQI Diagnostics (TSXV:SQD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SQI Diagnostics (TSXV:SQD)
Historical Stock Chart
From Jul 2023 to Jul 2024