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SQI Narrows Q2 Loss to $1.3M

NEW YORK (GenomeWeb News) – SQI Diagnostics reported after the close of the market on Wednesday that it had a net loss of C$1.4 million (US$1.3 million) in its fiscal second quarter.

That compares to a net loss of C$1.9 million a year ago. On a per-share basis, the Toronto-based firm had a net loss of C$.04 for the quarter ended March 31, compared to a net loss of C$.06 per share a year ago.

The firm did not disclose its revenues and additional quarterly information was not yet available from the website of Canadian regulators.

The company lowered its R&D costs to C$606,000 from C$1.1 million a year ago. In late 2011 the company said it was reorganizing its business, resulting in job reductions and fewer projects in active development. The firm said on Wednesday that work on its celiac quantitative assay, vasculitis assay, and cytokines panel — the company's first research-use only assay — are progressing through the final development stage.

SQI's SG&A expenses for the second quarter were cut to C$380,000 from C$420,000, it said.

The microarray-based molecular diagnostics firm ended the quarter with assets of C$1.5 million and working capital of C$416,000.

Earlier this month, SQI completed two tranches of a non-brokered private placement that brought in a total of C$4.9 million in gross proceeds. It said on Wednesday that it expects to complete the third tranche subsequent to filing its second-quarter earnings document with regulators.

"In the second quarter, we continued to build on the commercial momentum created in the first quarter," Andrew Morris, CFO of SQI, said in a statement. "We anticipate that the successful site due diligence visits by our target customers at SQI will lead to the conversion of them to Diagnostic Tools and Services customers and these conversions will generate near-term revenues from products and services."

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