Company will Use Proceeds for Clinical
Development and Commercialization
Efforts
TORONTO, Dec. 30, 2020 /CNW/ - SQI Diagnostics Inc.
(TSXV: SQD) (OTCQB: SQIDF), a precision medicine company that
discovers, develops and commercializes innovative rapid diagnostic
testing for healthcare professionals, patients and consumers
worldwide, today announced that 19,074,997 common share purchase
warrants of the Company (the "Warrants") have been exercised by
certain insiders, who are control persons of the Company, for
aggregate gross proceeds of approximately $4
million. SQI intends to use the proceeds from the
$4 million funding to facilitate the
clinical development, regulatory submission and commercialization
of its direct-to-consumer COVID-19 HOME Antibody Test and both its
RALI-dx™ COVID-19 Severity Triage Test and the COVID-19
RALI-fast™ Severity Triage Point-of-Care (POC) Test.
![SQI Diagnostics Inc. Logo (CNW Group/SQI Diagnostics Inc.) SQI Diagnostics Inc. Logo (CNW Group/SQI Diagnostics Inc.)](https://mma.prnewswire.com/media/1393294/SQI_Diagnostics_Inc__SQI_Diagnostics_Announces__4_Million_Fundin.jpg)
Of the Warrants exercised, 18,500,000 Warrants exercised at a
price of $0.21 per common share were
issued pursuant to a private placement of units of the Company on
March 10, 2017 and 574,997 Warrants
exercised at a price of $0.20 per
common share were issued on December 20,
2017.
About SQI Diagnostics
SQI Diagnostics, Inc. is a precision medicine company that
discovers, develops 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 the developmental direct-to-consumer COVID-19 HOME Antibody
Test, the RALI-dx™ COVID-19 Severity Triage Test and the
COVID-19 RALI-fast™ Severity Triage Point-of-Care
(POC) Test. SQI's rapid diagnostic tests are intended to be sold to
healthcare professionals so that patients can get accurate
results and fast effective treatment, and direct-to-consumers so
that individuals can be empowered to improve their health outcomes
from the comfort of home.
Under serological testing, SQI is fast-tracking the development
of three Covid-19 diagnostic tests: a direct-to-consumer Antibody
Test and two Covid-19 Severity Triage tests. The COVID-19 HOME
Antibody Test identifies the presence of IgM, IgA and IgG
antibodies of SARS-CoV-2 in individuals suspected to have been
infected with COVID-19 and asymptomatic individuals wanting to know
if they have been exposed. The test is > 99% accurate with
results delivered in 24-48 hours. The Company intends to apply for
Emergency Use Authorization (EUA) to the FDA for its COVID-19
HOME Antibody Test Kit. Upon EUA by FDA, the test will become
available direct-to-consumers so individuals won't have to travel
to a clinic or hospital to be tested for the presence of the
SARS-CoV-2 antibody.
The RALI-dx™ COVID-19 Severity Triage Test and the
RALI-fast™ COVID-19 Severity Triage POC Test each
help clinicians identify which patients with SARS-CoV-2 will have a
severe inflammatory response and require hospital admission or not.
Both tests measure the critical biomarker IL-6 which plays a key
role in the cytokine storm phase of COVID-19. The
RALI-dx™ delivers results from the lab in about
50-minutes while the RALI-fast™ delivers results
at the patient's point-of-care in about 10-minutes. The Company
intends to apply for EUA to the FDA and Health Canada for both
tests.
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 developmental
TORdx™ Lung Test can detect inflammation at the
molecular level to assess the health of the donor lung, enabling
surgeons to transplant healthy lungs which otherwise would have
been rejected; there is currently no other such test. SQI has
partnered clinical development with University Health Network (UHN)
Hospitals, one of the largest health and medical research
organizations in North America.
Upon regulatory approval of the TORdx™ Lung Test,
clinical development is planned for diagnostic tests designed to
increase the chance of successful kidney and liver transplant.
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 timely care and treatment. The direct-to-consumer
Celiac Test confirms disease and validates the effectiveness of
dietary and lifestyle changes to confirm the autoimmune response is
improving.
The Company is not making any express or implied claims that its
products can eliminate, cure or contain Covid-19 (or SARS-2
Coronavirus) at this time. For its research and development,
the Company is collaborating with University Health Network (UHN)
Hospitals, one of the largest health and medical research
organization in North America.
For more information, please visit www.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
forward-looking statements may be identified by words such as
"anticipates", "plans", "proposes", "estimates", "intends",
"expects", "believes", "may" and "will". The forward-looking
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, but not
limited to, the following: the development and viability the
Company's COVID-19 HOME Antibody Test, its COVID-19
RALI-dx™ Severity Triage Test and its COVID-19
RALI-fast™ Severity Triage Point-of-Care (POC) Test, the
suitability of such tests for advanced clinical testing, including
human trials, the content and timing of decisions
made by the FDA relating to the use and commercialization of such
tests, the timing and costs involved in establishing the
commercialization of the tests, the impact that the ongoing
COVID-19 pandemic may have on the company's business, including the
expected development, manufacturing, regulatory and
commercialization timelines relating to the aforementioned
COVID-19-related tests. 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.
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SOURCE SQI Diagnostics Inc.