TORONTO, Oct. 7 /PRNewswire-FirstCall/ - SQI Diagnostics Inc. (TSX-Venture: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, announced today that Thomas O'Connor has been appointed the Company's Senior Vice President, Sales and Marketing. Mr. O'Connor brings to SQI more than two decades of experience in sales and marketing, sales team leadership, management and business development, during which he consistently exceeded targets and grew business and market share.
Mr. O'Connor has held positions as Vice President of Sales, Business Development Manager, and North America Sales Manager for companies such as Luminex Corporation (NASDAQ: LMNX), a world leader in multiplexing, Beckman Coulter, Inc. (NYSE: BEC), a leader of automation in clinical diagnostics, and Exagen Diagnostics, Inc., an innovator of genomic marker testing and molecular diagnostics.
"Thomas' extensive experience will be a perfect fit for SQI as we move towards the marketing approval and commercialization of SQiDworks(TM) platform and QuantiSpot RA(TM) microarray consumable test in the United States, Canada and Europe," said Claude Ricks, CEO and President of SQI Diagnostics. "Thomas' proven ability to effectively build market share and his familiarity with our target customer base will enable SQI to capitalize on the significant growth in the demand for biomarker testing across a range of diseases."
Mr. O'Connor will be based in the U.S. and will be responsible for building SQI's multiplex immunoassay platform franchise in North America and Europe. SQI intends to file an application with the United States Food and Drug Administration seeking clearance to market its SQiDworks platform and lead test QuantiSpot RA microarray in the U.S.
"SQI's automated technology significantly improves upon the current industry standard methods for biomarker testing, which are labour intensive and inefficient," said Thomas O'Connor. "Joining SQI at this time is an opportunity for me to dedicate my efforts to the advancement of healthcare and the quality of life, and to be a part of the movement to replace the current medical guesswork with precision and accuracy in clinical diagnostics."
SQiDworks is a fully-automated fluidics workstation, scanner and analytical device used to process SQI Diagnostics proprietary QuantiSpot microarray test devices. The platform fully integrates all assay steps for hands-free work-flow and is compatible with standard lab automation systems. The platform is capable of processing up to 240 patient samples per run and when combined with the Company's QuantiSpot multiplexed tests can produce quantified determinations for up to 960 individual test results per hour resulting in significant laboratory efficiencies and cost-savings.
The SQI Diagnostics microarray device, QuantiSpot, is a multiplexed assay consumable for use with the SQiDworks workstation. QuantiSpot tests are currently being developed for the detection and quantification of biomarkers used in the diagnosis of Autoimmune Disease, Infectious Disease and Allergic conditions, among others. Each of the 96 wells of the QuantiSpot device contains proprietary microarrays for duplicate antibody capture, in-sample calibration and redundant test controls. When combined with the SQiDworks fully-automated workstation, users are able to process multiplexed assays to quantify serum concentrations of up to 12 individual biomarkers or the qualitative detection of up to 24 biomarkers per patient.
About SQI Diagnostics
SQI Diagnostics is a medical systems automation company focused on evolving laboratory-based biomarker testing. Using automation and proprietary miniaturization technologies, SQI Diagnostics significantly improves the economies of scale for laboratories performing multiple biomarker testing at high volumes, allowing them to deliver patient results faster using less labour and fewer resources. SQI Diagnostics' platform has a user-friendly interface, high sample throughput and offers a more efficient alternative to current testing options. SQI Diagnostics' initial products target the $1.4 billion autoimmune disease market, with initial products for rheumatoid arthritis and thrombosis scheduled for launch in 2008. SQI Diagnostics is based in Toronto, Canada. For further information please visit www.sqidiagnostics.com.
Certain information in this press release is based on beliefs and assumptions of the Company's senior management and information currently available to it that may constitute forward-looking information within the meaning of securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements.
This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE SQI Diagnostics Inc.