Skip to main content
Premium Trial:

Request an Annual Quote

SQI Diagnostics' Q1 Revenues Slide 25 Percent

NEW YORK (GenomeWeb News) – SQI Diagnostics' fiscal first quarter revenues declined 25 percent year over year, the company reported after the close of the market on Thursday.

For the three months ended Dec. 31, 2012, revenues dropped to C$3,000 (US$2,980) from C$4,000 a year ago, the Toronto-based company said in a document filed with Canadian regulators. All revenues derived from product sales.

The results follow a Fiscal Year 2012 fourth quarter in which the firm reported no revenues.

SQI's R&D spending dropped 17 percent to C$1.0 million from C$1.2 million a year ago, while SG&A costs increased 14 percent to C$567,000 from C$496,000.

The firm narrowed its net loss in the quarter to C$1.6 million, or C$.04 per share, from a net loss of C$1.7 million, or C$.05 per share, a year ago.

It ended the quarter with C$2.0 million in cash and cash equivalents.

In a statement SQI said that it expects to submit its Ig_Plex Celiac DGP Panel for regulatory approval in the US and Canada following validation of the assay, expected to begin in the fiscal second quarter. It added that it has made "significant progress on issues encountered in its initial verification testing."

In November the firm formed a special committee to review strategic alternatives, which could include a possible merger or sale. It said on Thursday that its advisers "have generated interest from a number of parties that are at various stages of the process."

Last month SQI and Algorithme Pharma inked a deal to co-develop proof-of-concept assays for immunogenicity testing of heparin and heparin-based low molecular weight biosimilar compounds.

"SQI made significant progress in generating customer interest in its diagnostic tools and services offerings during the quarter through a variety of sales and marketing initiatives," Andrew Morris, CFO of SQI, said in a statement. "We believe that our Algorithme Pharma collaboration and the expected positive outcome of our proof-of-concept studies will generate additional sales for the diagnostic tools and services business."

The Scan

Positive Framing of Genetic Studies Can Spark Mistrust Among Underrepresented Groups

Researchers in Human Genetics and Genomics Advances report that how researchers describe genomic studies may alienate potential participants.

Small Study of Gene Editing to Treat Sickle Cell Disease

In a Novartis-sponsored study in the New England Journal of Medicine, researchers found that a CRISPR-Cas9-based treatment targeting promoters of genes encoding fetal hemoglobin could reduce disease symptoms.

Gut Microbiome Changes Appear in Infants Before They Develop Eczema, Study Finds

Researchers report in mSystems that infants experienced an enrichment in Clostridium sensu stricto 1 and Finegoldia and a depletion of Bacteroides before developing eczema.

Acute Myeloid Leukemia Treatment Specificity Enhanced With Stem Cell Editing

A study in Nature suggests epitope editing in donor stem cells prior to bone marrow transplants can stave off toxicity when targeting acute myeloid leukemia with immunotherapy.