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SQI Diagnostics Raises $3.8M in Public Offering

NEW YORK (GenomeWeb News) – Microarray-based diagnostics firm SQI Diagnostics today announced it raised gross proceeds of C$4.2 million (US$3.8 million) in a public offering.

The funding will be used for product development, commercialization of its products, sales and marketing, and general working capital, the Toronto-based company said.

As part of the offering, SQI issued 8.4 million units at C$.50 per unit. Each unit comprised one common share of SQI stock and one common share purchase warrant. Each warrant is exercisable at C$.65 and entitles the holder to acquire one common share until April 10, 2016.

SQI had entered into an agreement with Euro Pacific Canada for issuance of the units. HC Wainwright and Kingsdale Capital Markets formed part of the selling group, SQI said, adding HC Wainwright was the lead US placement agent.

About a year ago, SQI raised approximately C$3.85 million in a non-brokered private placement of its stock.

As of Dec. 31, 2013, SQI had C$321,000 in cash and cash equivalents according to regulatory documents.