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SQI Diagnostics Reports Second Quarter Financial Results

^{Published on 2010-05-31 13:35:18 - Market Wire}
 

 Highlights - Completed the installation of an automated SQiDworks(TM) Diagnostics Platform and finalized validation studies at a major Canadian laboratory. Subsequent to quarter end, the laboratory informed SQI that its own validation was complete. SQI is optimistic that it will be able to convert this successful validation to commercial revenue in the second half of fiscal 2010; - Completed the development of the Celiac 4-plex panel and subsequent to the quarter end began validation procedures for the panel; - Finished internal procedures to advance SQI's vasculitis panel to the proof-of-concept stage. Subsequent to the quarter end, the Company completed proof of concept and moved the vasculitis panel into the development stage; and, - Subsequent to quarter end, announced the signing of a development agreement with Silliker, Inc., a leading internationally accredited company dedicated to improving nutrition, food safety and quality, for the commercialization of a botulism toxin panel that will run on SQI's SQiDman(TM) analytical system.