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SQI Diagnostics

ByEdison
Published 01/10/2014, 06:48 AM
Updated 07/09/2023, 06:31 AM
IFNC
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Looking toward deal execution
SQI designs and develops highly efficient and accurate immunological diagnostics. There are two main customers for these tests, pharma companies/CROs to analyse clinical trial data, and centralised diagnostics laboratories. Ongoing collaborations with Bristol-Myers Squibb (BMS) and Isis Pharmaceuticals, with multiple discussions in the pipeline, underscore the pharma customer opportunity. Delivering on existing contracts and securing new customers are key to SQI’s investment case. We value SQI at C$70m, or C$1.55/share, but a ~C$4m funding requirement is an overhang.
SQI Financials
Demand for greater efficiency and accuracy
SQI’s Ig_PLEX technology is able to determine the fine detail of any immune response, particularly anti-drug antibodies (ADA), cytokines and antibodies associated with autoimmune diseases. A comprehensive diagnostic data set is of increasing importance to the FDA in its review of new drug applications, which is driving demand for more efficient (time/cost saving) and accurate diagnostic tools.

Focus on pharma customers
The BMS collaboration has provided important validation of SQI’s technology, with data showing that Ig_PLEX is twice as sensitive as current single-well assays and eight times more sensitive than its closest multiplex competitor. The Isis deal to develop a multiplexed assay, and further agreements with two (undisclosed) large pharma customers, highlight the commercial potential. SQI is primarily focused on delivering on its existing contracts and converting the sales pipeline (such as a scoped project with a biotech company) into fresh contracts.

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