Skip to main content
Premium Trial:

Request an Annual Quote

SQI Diagnostics Looks to Raise $3.7M in Private Placement

NEW YORK (GenomeWeb News) – SQI Diagnostics today announced a non-brokered private placement intended to raise C$3.76 million (US$3.72 million) in gross proceeds.

The Toronto-based microarray diagnostic firm said it plans to offer up to a little more than 5 million units at C$.75 per unit as part of the placement. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to buy one common share at C$1.10 for up to two years after the date of issuance.

The private placement is anticipated to close on or about May 1, SQI said.

SQI plans to use net proceeds from the placement for product development and commercialization, as well as sales and marketing, and general working capital.

The cash-strapped firm is in the midst of a turnaround effort. In November it created a special committee to review strategic alternatives, including a possible merger or sale. In its recent first quarter results it reported C$3,000 in revenues, which followed a 2012 fourth quarter in which it reported no revenues.

As of Dec. 31, 2012, the company had C$2.0 million in cash and cash equivalents.

The Scan

Self-Reported Hearing Loss in Older Adults Begins Very Early in Life, Study Says

A JAMA Otolaryngology — Head & Neck Surgery study says polygenic risk scores associated with hearing loss in older adults is also associated with hearing decline in younger groups.

Genome-Wide Analysis Sheds Light on Genetics of ADHD

A genome-wide association study meta-analysis of attention-deficit hyperactivity disorder appearing in Nature Genetics links 76 genes to risk of having the disorder.

MicroRNA Cotargeting Linked to Lupus

A mouse-based study appearing in BMC Biology implicates two microRNAs with overlapping target sites in lupus.

Enzyme Involved in Lipid Metabolism Linked to Mutational Signatures

In Nature Genetics, a Wellcome Sanger Institute-led team found that APOBEC1 may contribute to the development of the SBS2 and SBS13 mutational signatures in the small intestine.