Skip to main content
Premium Trial:

Request an Annual Quote

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."

The Scan

Pig Organ Transplants Considered

The Wall Street Journal reports that the US Food and Drug Administration may soon allow clinical trials that involve transplanting pig organs into humans.

'Poo-Bank' Proposal

Harvard Medical School researchers suggest people should bank stool samples when they are young to transplant when they later develop age-related diseases.

Spurred to Develop Again

New Scientist reports that researchers may have uncovered why about 60 percent of in vitro fertilization embryos stop developing.

Science Papers Examine Breast Milk Cell Populations, Cerebral Cortex Cellular Diversity, Micronesia Population History

In Science this week: unique cell populations found within breast milk, 100 transcriptionally distinct cell populations uncovered in the cerebral cortex, and more.