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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."

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