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SQI Diagnostics Raises $4.6M in Private Placement

NEW YORK (GenomeWeb News) – SQI Diagnostics announced today that it has raised C$4.6 million (US$4.6 million) in a private financing.

The Toronto-based molecular diagnostics company raised the funds in a non-brokered private placement of nearly 2.3 million units priced at roughly C$2 per unit, where each unit consisted of a common share and a purchase warrant.

SQI said it intends to use the net proceeds to fund its product development and commercialization programs, sales and marketing, and for general working capital purposes.

In connection with the placement, SQI paid Kingsdale Capital Markets a finder's fee equal to 6 percent of the gross proceeds. SQI also issued the Canadian investment firm compensation warrants exercisable for 24 months from the closing of the private placement to purchase 85,040 units.

Chief Financial Officer Andrew Morris said in a statement that the financing "improves our ability to support our customers in the long term," and supports the continued development of its quantitative in vitro diagnostics for conditions such as vasculitis, lupus, Crohn's disease, and ulcerative colitis.

SQI earlier this month abandoned its bid to acquire Berlin-based array tools firm Scienion. The company had hoped to buy Scienion for $15.6 million, but was unable to raise enough funds to complete the transaction. The company also pulled its initial public offering in the US, citing "current market conditions."

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