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SQI Withdraws Filings for US IPO; Acquisition of Scienion in Doubt

NEW YORK (GenomeWeb News) – Canadian diagnostics firm SQI Diagnostics today announced it has withdrawn its registration forms filed with regulators in the US and Canada for a proposed US initial public offering.

The Toronto-based firm is reevaluating whether to continue pursuing a US IPO. It also said that it does not expect to complete its proposed buy of German microarray firm Scienion.

SQI Diagnostics had planned on raising up to $30 million in its US IPO. In a statement today, company CEO Claude Ricks said, "Given the current market conditions, we have determined it prudent to focus on growing our business and we intend to reevaluate our strategic initiatives on an ongoing basis."

The company continues to trade its stock on the Toronto Stock Exchange.

It said that because of the withdrawal of its US IPO and the termination of the financing, it will not meet the closing conditions for its planned acquisition of Scienion for $15.6 million and stock. The deal was contingent on the closing of a financing of $30 million and a closing date of Oct. 5.

SQI and Scienion are now assessing partnering strategies and sales opportunities, SQI said.

"We believe that our marketable microarray diagnostic product solutions and our expanding development pipeline provide ample opportunity for SQI to continue its emergence as a leader in the global automated, multiplex diagnostics testing market," Ricks said.