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SQI Diagnostics Reports Third Quarter Financial Results

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^{Published in Science and Technology on Monday, August 30th 2010 at 4:05 GMT by Market Wire}  

 - Announced that Gamma-Dynacare Medical Laboratories, one of Canada's largest providers of laboratory services, has agreed to put into operation SQI's SQiDworks(TM) platform, and to purchase SQI's multiplexed QuantiSpot(TM) Rheumatoid Arthritis consumables to meet its commercial needs; the agreement with Gamma-Dynacare marks the first conversion of an evaluation platform to a revenue generating platform for SQI; - Subsequent to the quarter end, IgXplex Celiac was filed seeking a Health Canada license and IgXplex Celiac (Investigational Use Only) kits were shipped to our customer in Canada for evaluation. - Made significant progress advancing our product pipeline including IgXplex Celiac, IgXplex Vasculitis and IgXplex SLE (lupus). - Presented clinical and product development data at a European autoimmune conference showing the specificity, sensitivity and utility of SQI's proprietary assays utilized in the diagnostic testing of novel biomarkers associated with rheumatoid arthritis, celiac disease and Crohn's disease; - Subsequent to quarter end, announced the closing of a non-brokered private placement for gross proceeds of $5.7 million. The private placement consists of 2,280,000 units of the Company at a price of $2.50 per Unit. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one additional common share at a price of $5.00 for a period of two years from date of closing, expiring on August 12, 2012.