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SQI Diagnostics Receives Health Canada Medical Device License for its Multiplexed, Quantitative IgX PLEX Celiac Panel

^{Published on 2011-04-29 04:16:10 - Market Wire}
 

TORONTO, April 29 /CNW/ - SQI Diagnostics Inc. (TSXV: SQD), a medical systems automation company focused on evolving laboratory-based autoimmune biomarker testing, today announced it has received a license from Health Canada permitting the Company to market its IgX PLEX™ Celiac Panel, a quantitative 4-plex panel, which will run on SQI's automated SQiDworks™ Diagnostics Platform.

This marks the Company's fourth multiplexed panel, and its second quantitative panel, approved by Health Canada.

"This Health Canada license for our second-generation celiac assay provides prospective customers with another autoimmune test to run on our automated platform, which can increase the profitability of their diagnostic testing owing to our technology's benefits of labour reductions, multiplexing and efficiency," said SQI Diagnostics CEO Claude Ricks. "While we are excited about the Canadian marketplace, we are also working diligently towards the commercialization of our second-generation quantitative products for the U.S. market."

SQI's second-generation multiplexed celiac panel measures and reports four analytes simultaneously: Anti-gliadin (AGA) IgA, AGA IgG, Anti-tissue transglutaminase (tTG) IgA and Anti-tTG IgG.

In 2010, Health Canada granted SQI a license to sell its first-generation, 4-plex qualitative IgX PLEX celiac panel. The Company believes that second-generation, quantitative assays have the potential to be perceived more favourably by the marketplace because they provide clinicians with additional tools to quantify the levels of biomarkers associated with diseases. Quantification is important to understand disease levels and progression.

The Company anticipates that its quantitative celiac product line will progress further later this year with the release of a 6-plex quantitative panel that adds the emerging biomarkers deaminated Gliadin (DGP) IgA and IgG to the current 4-plex panel.

Outside of North America, SQI expects to launch sales efforts in Europe in the second half of 2011 for its quantitative rheumatoid arthritis and celiac multiplexed assays and SQiDworks platform.

Celiac disease is a common autoimmune disorder brought on by the consumption of the protein gluten, which is found in foods containing wheat, barley or rye. Celiac disease causes an immune reaction in the small intestine, causing damage to the surface of the small intestine and an inability to absorb certain nutrients. A recent study in the peer reviewed journal Gastroenterology reported that the incidence of celiac disease has quadrupled since 1950 to one in 106 Americans, and that the disease remains poorly diagnosed.

In addition to its suite of celiac assays, SQI is building greater pipeline depth by developing a number of other high-demand autoimmune assays including a quantitative 6-plex celiac panel, a quantitative 12-plex panel for lupus and a quantitative 3-plex panel for vasculitis. These assays remain on track to be filed with various regulatory bodies including Health Canada and the FDA this year.

About SQI Diagnostics
SQI Diagnostics is a medical systems company that develops proprietary technology in multiplexing, miniaturization and automation. SQI provides laboratories the ability to simultaneously analyze multiple biomarkers, deliver accurate patient results in less time, significantly reduce labour, and increase profits... All in One Drop. For more information, please visit [ www.sqidiagnostics.com ].

Certain information in this press release is based on beliefs and assumptions of the Company's senior management and information currently available to it that may constitute forward-looking information within the meaning of securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.