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SQI Diagnostics' Q3 Loss Jumps 50 Percent

NEW YORK (GenomeWeb News) – Canadian microarray-based diagnostics development firm SQI Diagnostics today reported that its net loss for its fiscal third quarter increased 50 percent year over year.

For the three months ended June 30, the Toronto-based company's loss was C$2.7 million (US$2.8 million), or C$.08 per share, compared to C$1.8 million, or C$.06 per share, a year ago.

The firm did not disclose any revenues for the quarter.

SQI's R&D costs for the quarter increased 27 percent to C$1.4 million from C$1.1 million, while corporate and general expenses rose 53 percent to C$400,000 from C$262,000 due to higher salary costs, increased personnel, and increased occupancy costs, SQI said.

The company ended the third quarter with C$3.8 million in assets, including C$2.2 million in working capital.

During the quarter SQI received clearance from the US Food and Drug Administration for its SQIDworks platform and IgXPlex celiac qualitative assay. Also, Health Canada approved the second generation of the test during the quarter.

SQI filed a preliminary prospectus last month for an initial public offering in the US and said it was buying microarray firm Scienion for about $15.6 million.

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