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SQI Diagnostics Inc. has announced that insiders exercised 19,687,504 share purchase warrants for approximately $3.9 million. The funds will support manufacturing and commercialization activities, anticipating FDA approvals. The company waived its right to accelerate 59,437,504 outstanding warrants, allowing them to remain exercisable irrespective of share price fluctuations. This insider investment reflects confidence in SQI's recent developments, according to Interim CEO Clive Beddoe. The company focuses on advanced diagnostics, including COVID-19 tests and organ transplant viability.
SQI Diagnostics Inc. announced the grant of 2,409,717 stock options to employees and consultants at an exercise price of $0.22, effective May 27, 2021. This move aims to align interests between employees and shareholders. Following this grant, a total of 12,690,338 options will be outstanding against 342,842,735 shares. The stock options are part of SQI's amended stock option plan approved on March 31, 2021, and will vest over 36 months with a five-year term.
SQI Diagnostics Inc. announced the departure of CEO Robert Chioini due to travel restrictions from the COVID-19 pandemic. Clive Beddoe, the Chair of the Board since 2015, has been appointed as the Interim CEO. In Q2 2021, the company reported sales of $0.3M, gross profit of $0.3M, and a net loss of $3.6M. R&D expenses increased significantly to $2.1M, driven by COVID-19 testing efforts. The company also submitted an EUA for its RALI-Dx IL-6 Severity Triage Test and raised $2.25M through warrant and share option exercises.
SQI Diagnostics Inc. has partnered with McMaster University to develop new infection-testing technology, supported by a $900,000 grant from Canada's Natural Sciences and Engineering Research Council. This three-year project aims to enhance diagnostic sensors' ability to detect cytokines, crucial for measuring infections like COVID-19 and cancer. The innovation is designed to offer faster, cost-effective detection methods, potentially saving lives during future pandemics. SQI is also advancing its rapid diagnostic tests, including the COVID-19 HOME Antibody Test and other triaage tests, targeting FDA approval in Q2 2021.
SQI Diagnostics Inc. (SQIDF) has submitted data to the FDA for emergency use authorization of its RALI-Dx™ IL-6 Severity Triage Test, aimed at identifying severe inflammatory responses in COVID-19 patients. Completed on March 31, 2021, this test is designed for use in hospital emergency departments to assess intubation risks. CEO Robert L. Chioini emphasized the test's potential in managing COVID-19 care. The company is also developing a COVID-19 HOME Antibody Test and collaborating with UHN Hospitals for organ transplant diagnostics.
SQI Diagnostics Inc. (SQIDF) announced that it raised approximately $2.3 million through the exercise of 9,775,972 common share purchase warrants and 1,500,000 stock options since January 1, 2021. The exercised options were done by a director, while the warrants were exercised by non-insiders. CEO Robert L. Chioini expressed satisfaction with the funding, which will support the company’s clinical development and commercialization of innovative rapid diagnostic tests, including those for COVID-19, organ transplants, and autoimmune diseases.
SQI Diagnostics Inc. reported its Q1 2021 financial results, noting sales of $0.2M, unchanged from Q1 2020. Gross profit fell to $0.1M from $0.2M due to lower sales. SG&A expenses rose to $1.9M, driven by increased stock-based compensation and consulting fees. R&D expenses increased to $1.8M reflecting heightened clinical development activity. The net loss widened to $3.7M compared to $2.0M in Q1 2020. However, cash and investments increased to $5.1M, bolstered by a $4.0M funding from warrant exercises. The company initiated a clinical study for its COVID-19 HOME Antibody Test.
SQI Diagnostics Inc. (TSX-V: SQD, OTCQB: SQIDF) reported its Q3 2020 results, revealing a net loss of $1.473 million for the quarter, a slight improvement from $1.888 million year-over-year. Revenue plunged to $296,000, down from $540,000 in Q3 2019. Year-to-date losses totaled $5.756 million against $5.214 million in 2019. However, a successful financing round raised $3.1 million through warrants. The company also appointed Rob Chioini as CEO and progressed on a COVID-19 triage test project.
SQI Diagnostics Inc. announced on August 27, 2020, that it granted 1,807,797 stock options under its amended stock option plan effective August 26, 2020. This grant aims to align employee interests with those of shareholders. Of the total options, 510,000 were allocated to two directors. The options have a 10-year term with a $0.275 exercise price and vest over 36 months. Post-grant, approximately 14.1% of the Company’s common shares will be issuable upon exercise of outstanding options, pending shareholder and TSXV approval.
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