NEW YORK (GenomeWeb News) – SQI Diagnostics today announced it plans to raise up to C$5 million ($4.9 million) through a non-brokered private placement.
The company plans to use net proceeds to fund its development and commercialization programs and for general working capital, it said in a statement. Among SQI's technologies is its SQiDworks Diagnostics fully automated fluidics workstation for use with its proprietary QuantiSpot microarray test. It also has a number of diagnostic panels for autoimmune diseases either available or under development.
Toronto-based SQI plans to offer up to 2 million units. Each unit, which is being priced at C$2.50, includes one share of the company's stock and a purchase warrant for half a share of common stock.
Each whole common share purchase warrant allows the holder to acquire one common share for C$5 for a two-year period starting from the date of issuance.
Closing of the placement will be on or about Aug. 12.