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Press ReleasesSQI Diagnostics Reports Results for the Fiscal Third Quarter Ended June 30, 2008Released: Aug 29, 2008 Toronto, Ontario, August 29, 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 third quarter, ended June 30, 2008. "During the quarter, we solidified our financial position, and received ISO 13485 certification for our quality management system thereby validating our capabilities to develop and manufacture high-quality platform systems and tests for the healthcare market," said Claude Ricks, CEO of SQI Diagnostics. "We leveraged both of these developments to advance the commercialization program for our fully-automated SQiDworks™ platform and QuantiSpot™ RA, our lead test for rheumatoid arthritis, which we expect to launch in early fiscal 2009." Highlights for the quarter:
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 June 30, 2008, the Company recorded a net loss of $1,323,804 or $0.06 per share compared to a loss of $1,171,998 or $0.07 per share for the quarter ending June 30, 2007. Losses for the current quarter increased compared to the same quarter a year earlier primarily due to increased labour and laboratory, and external testing expenses related to research and development activity on the Company’s SQiDworks Platform and its lead QuantiSpot autoimmune assays for the detection and quantification of biomarkers for rheumatoid arthritis and antiphospholipid syndrome. Net research and development expenses for the quarter ending June 30, 2008 were $828,032 compared to $685,442 for the period ending June 30, 2007. Research and development expenses increased during the quarter ending June 30, 2008 compared to the same period last year due to an increase in R&D salary and benefit expenses, lab costs attributed to the production of QuantiSpot test kits for verification studies, and to fees paid to SQI’s validation partners to prepare for validation studies on the Company’s QuanitSpot RA assay and SQiDworks Platform. Corporate expenses, which include administrative salaries and related expenses; general and administrative expenses; advertising and promotion expenses; travel expenses; interest expenses and professional and consulting fees totaled $266,656 for the quarter ending June 30, 2008 compared to $422,569 for quarter ending June 30, 2007. Corporate expenses were higher in the quarter ending June 30, 2007 compared to the same period in the current year primarily due to higher professional costs and other costs related to completing the Company’s going-public transaction. At June 30, 2008 the Company had working capital of $4,773,127 compared to $3,408,917, at September 30, 2007, and current assets of $5,099,933 as compared to $3,674,792 at September 30, 2007. As at June 30, 2008, there were 22,217,478 common shares issued and 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. |
