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No Revenues in Q4 for SQI Diagnostics

NEW YORK (GenomeWeb News) – SQI Diagnostics said today that it had no revenues for its fiscal fourth quarter.

During the year-ago period, the Canadian microarray-based diagnostics development firm recorded C$5,000 (US$5,077), it said in a regulatory filing.

Net loss for the quarter ended Sept. 30 was C$1.7 million, or C$.04 per share, compared to a loss of C$3.9 million, or C$.11 per share, a year ago.

R&D costs were reduced 41 percent to C$820,000 from C$1.4 million a year ago as it had fewer projects in development. SG&A expenses declined 33 percent to C$415,000 C$616,000.

For the full Fiscal Year 2012, SQI posted C$12,000 in revenues, a 67 percent drop-off from C$36,000 in FY 2011.

R&D spending was down 44 percent to C$3.1 million from C$5.5 million a year ago, while SG&A costs fell 15 percent to C$1.7million from C$2.0 million.

SQI’s net loss for FY 2012 was C$6.3 million, or $C.17 per share, compared to a net loss of C$10.7 million, or $.32 per share, in FY 2011.

The Toronto-based company said that it expects losses in FY 2013 to continue as it invests in product development and commercialization efforts of its pipeline of autoimmune test kits and platforms. Losses for FY 2013 is anticipated to be reduced, however, as it generates revenues and margin from a variety of customers. It has created a special committee to review strategic alternatives to grow the firm.

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