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SQI's Q2 Revenues Drop to Zero

NEW YORK (GenomeWeb News) – Microarray-based diagnostics firm SQI Diagnostics today reported zero revenues for its fiscal second quarter.

For the three months ended March 31, revenues compare dto the year-ago figure of C$8,000 (US$7,792), the Toronto-based company said in a document filed with Canadian regulators. The results follow first-quarter revenues of C$3,000.

Net loss for the quarter was C$1.4 million, or C$0.03 per share, compared to a net loss of C$1.4 million, or C$0.04 per share, a year ago.

R&D costs were trimmed 3 percent to C$765,000 from C$791,000 in the second quarter of 2012. SG&A costs of C$589,000 during the recently completed quarter were up 4 percent from C$567,000 a year ago.

The firm finished the quarter with C$573,000 in cash and cash equivalents. Earlier this month, SQI closed on a C$3.85 million private placement.

Late last year, it announced the creation of a special committee to review strategic alternatives for the firm, including a possible merger or sale.

"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 and that leverages our current IVD technologies," Andrew Morris, SQI's CFO said in a statement today. "We believe that our large pharma sales strategy has created a large pipeline of prospects for evaluation of our technology platforms that we believe will subsequently generate sales for the diagnostic tools and services business this year."

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