SQI DIAGNOSTICS INC ORD - SQIDF STOCK NEWS

SQI Diagnostics Inc. (TSXV: SQD, OTCQB: SQIDF) announced a strategic focus on precision Point of Care (POC) products in respiratory health. The company will concentrate on three key products: the RALI-fast™ Severity Triage Test, the TORdx LUNG Test, and a partnership with Owlstone Medical for non-invasive diagnostics. Workforce reductions from 44 to 20 employees are anticipated, cutting payroll and cash burn by 50%. SQI plans to seek buyers for its non-core lab-based instruments business. The company is poised for growth in the POC market, following recent regulatory authorizations in Canada.

SQI Diagnostics Inc. (SQIDF) announced that its Majority Shareholders, holding 75% of the common shares, plan to sell up to 45 million shares to finance the exercise of warrants priced between $0.12 and $0.21. These sales aim to fund working capital and general corporate purposes. The shareholders will execute these sales through private transactions and market trades, as detailed in filed Sale Notices. While the proceeds will support the company's operations, there is no guarantee regarding the timing or completion of these transactions.

SQI Diagnostics Inc. (TSXV: SQD, OTCQB: SQIDF) announced a consulting agreement with Looking Glass Capital Consultants to seek up to $10 million in equity financing. The company focuses on respiratory health and precision medicine tests. Looking Glass expressed confidence in SQI's product pipeline aimed at improving lung health. However, the press release notes there are no assurances regarding the success of the financing or its terms. The company plans to provide updates on any successful negotiations in the future. Further information about SQI's offerings can be found on their website.

SQI Diagnostics (TSX-V: SQD, OTCQB: SQIDF), a leader in lung health diagnostics, has announced the development of three new diagnostic products: RALI-Dx™ IL-6 Severity Triage Test, TORdx™ LUNG, and RALI-fast™ IL-6 Severity Triage POC Test, in collaboration with University Health Network (UHN). RALI-Dx™ has received approval under Health Canada's Interim Order for COVID-19 patients. Additionally, SQI is partnering with UHN on a fungal infection study to enhance diagnostic capabilities for transplant patients. These initiatives aim to improve lung transplant success rates and patient outcomes in critical respiratory cases.

SQI Diagnostics Inc. (TSXV: SQD, OTCQB: SQIDF) reported financial results for Q1 2023, with sales rising to $0.4M, a significant increase from $0.1M in Q1 2022, driven by its COVID-19 testing business acquisition. Gross profit remained stable at $0.1M, while net loss decreased to ($3.1M) from ($3.4M). Key expenses dropped, including corporate costs $1.1M down from $1.6M, and R&D expenses at $1.4M from $1.7M. Despite the positive sales spike, the company has a working capital deficit of ($9.2M) and ongoing liquidity concerns, needing to secure capital to maintain operations beyond March 31, 2023.

SQI Diagnostics Inc. (OTCQB: SQIDF) reported impressive results for fiscal year 2022, achieving $8.1 million in revenue, an 800% increase compared to $0.9 million in 2021. This growth is attributed to the acquisition of a COVID-19 human testing business. In Q4 2022, revenues reached $1.2 million, up from $0.1 million in Q4 2021. The company reported a net loss of $7.8 million in Q4, compared to a $2.8 million loss the previous year. SQI received MDSAP certification in September 2022, enhancing its regulatory compliance. As of September 30, 2022, the company held $1.3 million in cash.

SQI Diagnostics Inc. (TSXV: SQD) (OTCQB: SQIDF) announced the installation of its Rapid Acute Lung Injury Diagnostic (RALI-Dx™) IL-6 Severity Triage Test in two Toronto hospitals. This initiative aims to assist in managing respiratory patients amid the ongoing crisis exacerbated by COVID-19. The test identifies patients at risk of severe inflammatory responses, facilitating appropriate care in emergency departments. With an observed negative predictive value of 88.7%, the RALI-Dx test significantly aids in triaging patients, ensuring hospital resources are allocated efficiently. This strategic move underscores SQI Diagnostics’ role in advancing respiratory health solutions.