TORONTO, May 21, 2021 /CNW/ - SQI Diagnostics Inc.
("SQI" or the "Company") (TSXV: SQD) (OTCQB: SQIDF), a
precision medicine company that discovers, develops and
commercializes innovative rapid diagnostic testing for healthcare
professionals, patients and consumers worldwide, announced today
that due to the unfortunate continued travel restrictions and
inability to cross the US/Canadian border since the COVID-19
pandemic began, including the inability to predict when travel
restrictions will end, Mr. Robert
Chioini, Chief Executive Officer, is leaving the Company to
pursue other opportunities. Mr. Chioini's departure becomes
effective at the close of business, however he will remain
available to help the Company during its transition. SQI wishes Mr.
Chioini well in his next endeavor. Mr .Chioini is also resigning as
a director of the Company.
![SQI Diagnostics Inc. Logo (CNW Group/SQI Diagnostics Inc.) SQI Diagnostics Inc. Logo (CNW Group/SQI Diagnostics Inc.)](https://mma.prnewswire.com/media/1516413/SQI_Diagnostics_Inc__SQI_Diagnostics_Reports_Second_Quarter_2021.jpg)
The Company also announces that Mr. Clive Beddoe has been appointed the Interim
Chief Executive Officer of the Company. Mr. Beddoe currently serves
as Chair of the Board of Directors of the Company and has served as
a director since April 2015. The
Company will provide an update in due course regarding the
appointment of a new full-time Chief Executive Officer.
The Company also announced today its second quarter results.
Q2 2021 Financial Highlights
- Sales were $0.3M, compared to
$0.3M in Q2, 2020
- Gross profit was $0.3M, compared
to $0.2M in Q2, 2020; the increase is
due to an increase in higher margin sales
- SG&A expense was $1.6M,
compared to $0.9M in Q2, 2020; the
increase is due primarily to higher stock-based compensation
- Interest expense was $0.1M
compared to $0.2M in Q2, 2020; the
decrease is due to a lower average debt balance in 2021
- R&D expense was $2.1M
compared to $1.5M in Q2, 2020; the
increase is due to higher clinical & regulatory costs for the
Company's COVID-19 testing products
- Net loss was $3.6M or
($0.01) per share, compared to
$2.3M or ($0.01) per share in Q2, 2020
- Cash and investments were $3.8M
as of March 31, 2021
- Net working capital was $2.9M
compared to $2.2M as of March 31, 2020
Corporate Highlights during the Quarter:
- Submitted EUA with the FDA for the Company's
RALI-Dx™ IL-6 Severity Triage Test
- Realized net proceeds of $2.25
million in funding via exercise of warrants and share
options
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 COVID-19 testing which
include the developmental direct-to-consumer COVID-19 HOME Antibody
Test, the RALI-Dx™ IL-6 Severity Triage Test and the
COVID-19 RALI-fast™ IL-6 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.
SQI is fast-tracking the development of its COVID-19 diagnostic
tests: a direct-to-consumer COVID-19 HOME Antibody Test and two
COVID-19 IL-6 Severity Triage Tests. The COVID-19 HOME Antibody
Test identifies the semi-quantitative presence of IgM, IgA and IgG
antibodies of SARS-CoV-2 in individuals who have been infected with
COVID-19, individuals who have been vaccinated or asymptomatic
individuals wanting to know if they have been exposed. The test is
> 99% accurate with results delivered in 24-48 hours. The
Company currently expects to apply to the U.S. Food and Drug
Administration ("FDA") for Emergency Use Authorization ("EUA")
for its COVID-19 HOME Antibody Test in the second quarter of
calendar year 2021. Should the COVID-19 HOME Antibody Test receive
regulatory approval, the test is expected to be available
direct-to-consumer which would allow individuals to avoid
travelling to a clinic or hospital to be tested for the presence of
the SARS-CoV-2 antibody.
The RALI-Dx™ IL-6 Severity Triage Test and the
RALI-fast™ IL-6 Severity Triage POC Test each
help clinicians identify which patients with SARS-CoV-2 will have a
severe inflammatory response and should be admitted to the hospital
to aid in determining the risk of intubation with mechanical
ventilation. Both tests measure the critical biomarker IL-6 which
plays a key role in the cytokine storm phase of COVID-19. The
RALI-Dx™ IL-6 Severity Triage Test delivers results from
the lab in about 50 minutes while the RALI-fast™
IL-6 Severity Triage POC test delivers results at the patient
point-of-care in about 15 minutes.
With 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 the 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.
For 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 UHN Hospitals, one of the largest
health and medical research organizations 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. The forward-looking statements in this press release
include, without limitation, statements with respect to the timing
of the appointment of a new, full-time, Chief Executive Officer of
the Company. 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.