SQI Diagnostics Inc. (TSX-Venture: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, is pleased to announce that it has entered into an Engagement Letter with Kingsdale Capital Markets Inc. by which Kingsdale will act as agent for the placement, on a reasonable best efforts basis, of up to 2,666,667 common shares at a price of $1.50 per common share in the capital of the Company for gross proceeds of up to $4 million.
Proceeds from the Financing will be used by the Company to fund research and development, for working capital and general corporate purposes. The closing of the Financing is subject to all necessary regulatory and exchange approvals.
About SQI Diagnostics
The Company is a medical systems automation company focused on evolving laboratory-based biomarker testing. Using automation and proprietary miniaturization technologies, the Company significantly improves the economies of scale for laboratories performing multiple biomarker testing at high volumes, allowing them to deliver patient results faster using less labor and fewer resources.
The Company's platform has a user-friendly interface, high sample throughput and offers a more efficient alternative to current testing options. The Company's initial products target the $1.4 billion autoimmune disease market, with initial products for Rheumatoid Arthritis and Thrombosis scheduled for launch in 2008. -- www.cnxmarketlink.com
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