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SQI Q4 Net Loss Jumps 50 Percent on Professional Fees

NEW YORK (GenomeWeb News) – SQI Diagnostics reported after the close of the market Wednesday that its fourth-quarter 2011 net loss climbed 50 percent on higher professional and consulting fees tied to an acquisition that was not completed and financings.

The Toronto-based microarray diagnostics firm reported revenues of C$5,000 (US$4,884) for the quarter ended Sept. 30, compared to C$14,000 for the fourth quarter of 2010.

For the quarter its net loss climbed to $3.9 million (US$3.8 million), or C$.12 per share, from C$2.6 million, or C$.08 per share.

Its R&D spending for the quarter declined to C$1.4 million from C$1.6 million and its corporate and general expenses increased to C$497,000 from C$299,000. The firm reported professional and consulting fees of C$1.4 million for the quarter versus C$222,000 for such fees in Q4 2010. The sharp increase was due to costs associated with its planned acquisition of Scienion, which was terminated, and costs related to a private financing and an aborted attempt to go public.

For full-year 2011, SQI posted revenues of C$36,000, up slightly from C$35,000 for FY 2010.

The firm had a net loss of C$10.7 million, or C$.32 per share, compared to a net loss of C$8.1 million, or C$.27 per share.

Its R&D costs for the year were C$5.5 million, up from C$5.1 million, and its corporate and general expenses were C$1.6 million versus C$1 million. The firm reported professional and consulting fees of C$2.1 million for the year, up from C$659,000.

SQI reported negative working capital of C$1.3 million as of the end of September. However, it raised C$4.6 million in a private placement subsequent to the end of the quarter.

SQI is undergoing a reorganization begun earlier this month, which includes a reduction in its staff by 14 positions, bringing the total number of employees to 36.

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