SQI Diagnostics Inc. (TSX-Venture: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, announced today that Royal Bank of Canada has agreed to provide SQI Diagnostics with financing of $730,000 in the form of a non revolving credit facility.
The Company has pledged its SR&ED receivables as primary security against this facility and will enter into a general security agreement covering essentially all of its assets.
"This credit facility demonstrates RBC's support of our technology and their recognition of our potential growth opportunities," said Claude Ricks, President and CEO of SQI Diagnostics.
"This non-dilutive funding will allow us to focus our resources on product development and commercialization activities, as we move toward initial sales of our QuantiSpot and SQiDworks system at the beginning of 2009." -- www.cnxmarketlink.com
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