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SQI Diagnostics Inc. (TSX-V: SQD) (OTCQB: SQIDF) has secured a funding agreement with the Federal Economic Development Agency for Southern Ontario to boost the commercialization of its products, including the RALI-DX IL-6 test. The funding allows SQI to draw up to $2 million in interest-free contributions for eligible expenses dating back to August 2021. This initiative aims to enhance product line expansion and advance manufacturing technologies in Canada, promoting local job creation and global competitiveness.
SQI Diagnostics Inc. announced on October 19, 2022, an extension of its $7.5 million credit facility maturity date to January 31, 2023, in agreement with Pivot Financial. Additionally, interest payments under this facility and $4.05 million in secured debentures have been temporarily deferred. The deferrals aim to provide SQI with working capital while the company relies on insider lenders for financial support. All terms remain unchanged except for the deferred payments, which may be demanded upon specified dates.
SQI Diagnostics Inc. (TSXV: SQD) (OTCQB: SQIDF) has received Health Canada Interim Order authorization for its RALI-Dx™ IL-6 Severity Triage Test, marking it as Canada's first IL-6 diagnostic test. This test, with a turnaround time of under an hour, aims to address severe respiratory issues, particularly in COVID-19 patients. Developed in collaboration with University Health Network, the test identifies patients at risk of severe inflammatory responses, potentially improving hospital care efficiency. Clinical studies involved 256 subjects across Canada, the US, and Brazil, and were funded by the Canadian Institutes of Health Research.
SQI Diagnostics Inc. (TSXV: SQD, OTCQB: SQIDF) announced on August 31, 2022, the grant of 2,877,500 stock options to employees and officers, effective August 26, 2022. These options, with an exercise price of $0.14, aim to align the interests of employees with shareholders. The options have a five-year term and will vest over a maximum of 36 months. After this grant, a total of 29,523,121 options will be outstanding against 393,634,913 shares currently in circulation.
SQI Diagnostics Inc. (TSXV: SQD, OTCQB: SQIDF) reported a significant revenue increase for Q3 2022, reaching $1.2M, up from $0.3M in Q3 2021. This growth is primarily due to the acquisition of a COVID-19 testing distribution business. However, SG&A expenses remained constant at $1.5M, influenced by previous credits in Q3 2021. The company's net working capital deficit was $(4.4M) as of June 30, 2022, resulting from a short-term credit facility used for the acquisition. Cash and cash equivalents stood at $4.0M.
SQI Diagnostics Inc. has announced the extension of the maturity date for its credit agreement with Pivot Financial from October 11, 2022, maintaining the original terms. This credit agreement, secured for $7.5 million, supports the acquisition of Precision Biomonitoring Inc.'s COVID-19 PCR testing business and general working capital needs. Insider lenders also contributed to this credit facility. The extension indicates ongoing financial adjustments as the company focuses on developing respiratory health tests.
SQI Diagnostics Inc. has successfully completed a non-brokered private placement of secured debentures, raising a total of $4.05 million with each debenture priced at $1,000. The debentures will accrue interest at a rate of 8% per annum and mature in two years. The funds raised will be dedicated to product commercialization, manufacturing, and working capital. Insiders purchased the debentures, which are subject to regulatory approvals and a hold period of four months. This financing is integral for SQI to enhance its diagnostics technologies.
SQI Diagnostics Inc. (TSXV: SQD) (OTCQB: SQIDF) reported significant financial growth for Q2 2022, achieving $5.6M in sales, a substantial increase from $0.3M in Q2 2021, attributed to the acquisition of a COVID-19 human testing business. The gross profit also rose to $3.0M. However, SG&A expenses increased to $2.5M due to one-time costs associated with the acquisition. Cash and cash equivalents totaled $1.5M, with a working capital deficit of $(5.5M) primarily from a $7.5M short-term credit facility for the acquisition. Positive developments include NYSDOH approval for the COVID-19 Antibody test.
SQI Diagnostics Inc. (TSXV: SQD) (OTCQB: SQIDF) announces CEO Andrew Morris will present at the 2022 Virtual Growth Conference from March 28-30, 2022, 9:00 a.m. to 5:00 p.m. EDT. This event, hosted by Maxim Group LLC and M-Vest, features executives from various sectors including Biotech and Healthcare. Attendees can participate in discussions and live Q&A sessions. SQI specializes in respiratory health and precision medicine tests, enhancing COVID-19 monitoring and organ transplant informatics. For more details, visit www.sqidiagnostics.com.
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