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SQI to Raise Up to $4.9M in Private Placement

By a GenomeWeb staff reporter

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.

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