SQI Diagnostics was founded in 1999 on the simple idea that the number of blood tests performed to diagnose a patient was large and growing and that reducing the effort to complete these multiple tests would create a significant benefit.
SQI has invested over $45 million dollars to develop products and automated systems that enable customers to produce many test results simultaneously saving them time and money ("multiplexing") while delivering the technical performance they demand.
Our multiplexed diagnostic tests target two large markets. (1) Diagnostic testing laboratories where our rheumatoid and celiac diagnostics tests have been cleared by the US FDA. (2) Drug development markets where global pharmaceutical companies must similarly process many tests, and use many man days of labour for each "patient" tested in their drug development programs.
Our target pharmaceutical development customers have publically presented the superior technical performance of our products as compared to competing and current test technologies.
Our tests significantly decrease the total cost of delivery for drug development programs and diagnostics testing laboratories by markedly reducing the number of tests run and the total amount of labour. In addition to the benefits of our patented multiplexing, we also sell high throughput automated systems on which our customers run the test kits.
Since mid-2013 we have signed four Master Service Agreements with some of the globe’s largest pharmaceutical companies to evaluate our drug development testing products. We have completed prototypes under three of these agreements, each in a matter of weeks, and established technical performance that we believe will result in winning the commercial business with these customers starting in early 2014.
There are a total of 112 drugs in development within the customers that we have signed Master Service Agreements. We have estimated that the market for multiplexed testing by pharmaceutical companies in North America and the EU to be approximately $2.0 billion. In the US alone there are currently almost 1,000 biologic drugs under development.
We continue to develop and file for approval our in vitro diagnostic tests targeting diagnostic testing labs. We estimate that labour reductions alone could decrease the cost-base of processing tests using our products by as much as 40% to a market that is comprised of up to 1,000 US-based labs.