TORONTO, May 21, 2021 / PRNewswire / – SQI Diagnostics Inc. (âSQIâ or the âCompanyâ) (TSXV: SQD) (OTCQB: SQIDF), a precision medicine company that discovers, develops and markets innovative rapid diagnostic tests for healthcare professionals, patients and consumers around the world, announced today that due to the regrettable continued travel restrictions and inability to cross the US / Canadian border since the start of the COVID-19 pandemic, including the inability to predict when travel restrictions will end, Mr. Robert chioini, CEO, is leaving the company to pursue other opportunities. Mr. Chioini’s departure takes effect at the close of business, but he will remain available to assist the company during its transition. SQI wishes Mr. Chioini good luck in his next endeavor. Mr. Chioini is also resigning from his duties as director of the company.
The Company also announces that Mr. Clive beddoe has been appointed Interim CEO of the company. Mr. Beddoe is currently Chairman of the Board of Directors of the Company and has been a Director since April 2015. The Company will provide a timely update regarding the appointment of a new full-time CEO.
The company also announced its second quarter results today.
Q2 2021 Financial Highlights
The 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
General and administrative costs were $ 1.6M, compared to $ 0.9M in Q2 2020; the increase is mainly due 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
The R&D expenditure was $ 2.1M compared to $ 1.5M in Q2 2020; increase is due to higher clinical and regulatory costs for the company’s COVID-19 test products
The net loss was $ 3.6M or (0.01 USD) per share, compared to $ 2.3M or (0.01 USD) per share in Q2 2020
Cash and investments were $ 3.8M from March 31, 2021
The net working capital was $ 2.9M compared to $ 2.2M from March 31, 2020
Company highlights during the quarter:
About SQI diagnostics
SQI Diagnostics Inc. is a precision medicine company that discovers, develops and markets innovative rapid diagnostic tests for healthcare providers, patients and consumers around the world. The Company’s Proprietary Advanced Diagnosis Targets Organ Transplantation, Autoimmune Diseases, and COVID-19 Testing, Which Include COVID-19 HOME Antibody Direct Consumer Development Test, RALI-Dxâ¢ IL-6 and COVID-19 RALI- Severity Triage Testquicklyâ¢ IL-6 point-of-care (POC) severity triage test. SQI’s rapid diagnostic tests are intended for sale to healthcare professionals so that patients can achieve accurate results and rapid and effective treatment, and directly to consumers so that individuals can be empowered to improve their health. in the comfort of their own home.
SQI is accelerating the development of its COVID-19 diagnostic tests: one COVID-19 HOME antibody test directly for the consumer 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 to 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 over 99% accurate and results are delivered within 24-48 hours. The company currently plans to apply to the United States Food and Drug Administration (âFDAâ) for Emergency Use Clearance (âEUAâ) for its COVID-19 HOME antibody test during the second quarter of calendar year 2021. COVID-19 HOME Antibody Test receives regulatory approval, test is expected to be available directly to the consumer, which would allow individuals to avoid going to a clinic or hospital to be tested for presence of anti-SARS-CoV-2 antibody.
The RALI-Dxâ¢ IL-6 and RALI- Severity Triage Testquicklyâ¢ Each IL-6 severity triage POC test helps clinicians identify patients with SARS-CoV-2 who will have a severe inflammatory response and need to be admitted to hospital to help determine 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-Dxâ¢ The IL-6 severity triage test provides lab results in about 50 minutes, while the RALI-quicklyâ¢ The IL-6 Gravity Triage POC Test provides patient point-of-care results in approximately 15 minutes.
With organ transplantation, SQI is pioneering the development of an advanced diagnostic test that increases the chances of a successful lung transplant by assessing the health of the donor organ before transplant surgery. The company’s development mandatedxâ¢ The LUNG test can detect inflammation at the molecular level to assess the health of the donor lung, allowing surgeons to transplant healthy lungs that would otherwise have been rejected; there is currently no other such test. SQI has established a clinical development partnership with the hospitals of the University Health Network (UHN), one of the largest medical and medical research organizations in North America. After regulatory approval of the mandatedxâ¢ LUNG Test, clinical development is planned for diagnostic tests designed to increase the chances of successful kidney and liver transplants.
For autoimmune disease screening, SQI offers a celiac disease test and a rheumatoid arthritis (RA) test that allow people to screen for diseases from the comfort of their home. Direct-to-consumer RA testing can help identify and confirm RA symptoms for timely care and treatment. The direct-to-consumer celiac test confirms the disease and validates the effectiveness of dietary and lifestyle changes to confirm that the autoimmune response is improving.
The Company makes no express or implied representation that its products may eliminate, cure, or contain COVID-19 (or the SARS-2 coronavirus) at this time. For its research and development, the company collaborates with UHN Hospitals, one of the largest medical and medical research organizations in North America.
For more information, please visit www.sqidiagnostics.com.
This press release contains certain words and statements that may constitute “forward-looking statements” within the meaning of applicable securities laws. These forward-looking statements may be identified by words such as âanticipatesâ, âanticipatesâ, âproposesâ, âestimatesâ, âintendsâ, âexpectsâ, âbelievesâ, âmayâ and âwill beâ. “. Forward-looking statements reflect the Company’s current views with respect to future events and are subject to certain risks and uncertainties detailed in documents filed by the Company with securities regulators, available to the public at the following address: www.sedar.com. Forward-looking statements contained in this press release include, without limitation, statements regarding the timing of the appointment of a new full-time CEO of the Company. Such statements are subject to many important factors, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual events or results to differ materially from the Company’s current expectations. Management’s expectations and, accordingly, the forward-looking statements contained in this press release could be affected by risks and uncertainties relating to a number of factors, including, but not limited to the following: development and sustainability of the company. COVID-19 HOME antibody test, its COVID-19 RALI-Dxâ¢ Gravity triage test and its COVID-19 RALI-fastâ¢ Point-of-care (POC) severity testing, the suitability of these tests for advanced clinical trials, including human trials, the content and timing of decisions made by the FDA regarding the use and commercialization of these 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 business of the business, including expected development, manufacturing, regulatory and commercialization timelines for the aforementioned COVID-19 testing. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company assumes no obligation to publicly update or revise forward-looking statements as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the 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.