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Press ReleasesSQI Diagnostics Reports Results for the Fiscal Second Quarter Ended March 31, 2008Toronto, Ontario, May 27, 2008 – SQI Diagnostics Inc. (TSX-V: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, today announced its financial results for the fiscal second quarter ended March 31, 2008. "During the quarter we continued to advance our commercialization program for our fully-automated SQiDworks™ platform and QuantiSpot™ RA, our lead test for rheumatoid arthritis with our validation partners, Cleveland Clinic in Ohio and Mt. Sinai Hospital in Toronto. We expect to complete validation studies by the end of the summer," said Claude Ricks, CEO of SQI Diagnostics. "We were excited to be invited to present data highlighting the sensitivity and specificity of the SQiDworks Platform for anti-CCP detection, a key component of our multiplexed QuantiSpot™ rheumatoid arthritis panel, at the AACC 40th Annual Oak Ridge Conference in San José, California." Financial Results On May 4, 2007, the Company began trading on the TSX Venture under the symbol SQD. In 2007, SQI Diagnostics Inc. changed its year end from December 14 to September 30. For the quarter ending March 31, 2008 the Company incurred a net loss from operations of $521,274 or $0.03 per share compared with a net loss of $739,450 or $0.05 per share for the quarter ending March 31, 2007. Net research and development expenses for the quarter ending March 31, 2008 were $85,142 compared to $415,267 for the quarter ending March 31, 2007. Recognition of Federal and Provincial Scientific Research and Experimental Development (SR&ED) claims in the amount of $646,119 related to the period in which the Company was a CCPC offset R&D costs in the quarter ending March 31, 2008. Gross R&D costs increased for the quarter ending March 31, 2008, before considering the SR&ED offset amount, compared to quarter ending March 31, 2007, primarily due to increased staffing and activities associated with the development and commercialization of the Company’s automated platform and two lead assays. General and administrative expenses for the quarter ending March 31, 2008 totaled $287,943 compared with $273,071 for the corresponding period last year. General and administrative expenses were higher primarily due to professional costs related to operating a public company. At March 31, 2008 the Company had working capital of $1,851,202 compared to $3,408,917 at September 30, 2007, and current assets of $2,189,712 as compared to $3,674,792 at September 30, 2007. At March 31, 2008 there was an average of 19,750,200 shares outstanding. About SQI Diagnostics For further information please contact:
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. |
