SQI Sells Sqid-X System to IRX Therapeutics

Thursday, July 6, 2017 General News
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IRX Therapeutics is a New York-based immunotherapy innovator


6, 2017 /PRNewswire/ - SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD; OTCQX: SQIDF), today announced the sale of a Sqid-X™ system under the terms of an agreement with IRX Therapeutics, a New York City-based
innovator in the field of immunotherapy.

SQI is a Toronto-based life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced multiplexed diagnostics. SQI's existing proprietary technology enables global pharmaceutical and diagnostic testing companies to perform highly complex multiplex tests much faster, more accurately and at a lower cost.

IRX will be using one of SQI's multiplexed biomarker panels in their laboratory to test therapeutic compounds. The purpose of this routine and recurring testing is to ensure quality control for the manufacturing processes of their breakthrough therapeutic compounds. The tests will be run on the easy-to-use bench-top member of SQI's automated platform family, the sqid-X system acquired under the terms of a purchase agreement.

"We are excited to see another well-respected therapeutics company validate SQI's biomarker business," said Andrew Morris, CEO of SQI Diagnostics. "This sale of the sqid-X system and the adoption of this biomarker panel is yet another validation by the worldwide pharmaceutical industry of SQI's cutting-edge multiplexing technology and our transition from a research company to a growing commercial enterprise."

About IRX Therapeutics

IRX Therapeutics is a clinical-stage company developing novel immunotherapies focused on reducing the immune suppression that is seen in the cancer tumor microenvironment, restoring immune function, and activating a coordinated immune response against the tumor. The lead candidate, IRX-2, is a proprietary therapeutic containing numerous active cytokine components. Data collected to date indicates that IRX-2 acts to restore and activate multiple immune cell types, including T cells, dendritic cells, and natural killer cells to recognize and destroy tumors. Currently, IRX-2 is being studied in an ongoing phase 2b clinical trial in patients with newly diagnosed stage II, III, and IVA squamous cell carcinoma of the head and neck (SCCHN) (INSPIRE) (clinicaltrials.gov NCT02609386) and in preoperative early stage breast cancer (ESBC) (clinicaltrials.gov NCT02950259).

About SQI Diagnostics

SQI Diagnostics is a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics. The Company's proprietary microarray tests and fully-automated systems are designed to simplify protein and antibody testing workflow, increase throughput, reduce costs and provide excellent data quality. For more information, please visit www.sqidiagnostics.com.

Sales and Marketing Contact:

Vice President, Global Commercial OperationsRuss Peloquin913.484.9022rpeloquin@sqidiagnostics.com

Investor Relations Contact:

Chief Executive Officer Andrew Morris 416.674.9500 ext. 229 amorris@sqidiagnostics.com

Vice President, Finance and Administration Patricia Lie 416.674.9500 ext. 277 plie@sqidiagnostics.com

Forward-looking Information

This press release contains certain statements including, without limitation, the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "believe", "in the process", "benefits", "leading to", "position" "possible", "is subject to" and other similar expressions which may constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectations and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated.  Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements involve risks and uncertainties including, but not limited to: our ability to market and sell our products including our novel multiplexing technologies and detection platforms; our ability to maintain any technical or product advantages; the success of our Diagnostic Tools and Services business and our intent to build near-term revenue streams from this business; the successful regulatory filing and receipt of regulatory approvals for our later stage quantitative diagnostic consumable kits; adverse changes in general economic conditions; international risk and currency exchange fluctuations; competitor activity; technology changes; regulatory approvals and the impact of healthcare reform legislation; and, SQI's ability to raise additional funds in the future.

Such statements, risks and uncertainties are detailed in the Company's ongoing filings with the securities regulatory authorities, and are available to the public at www.sedar.com. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE SQI Diagnostics Inc.

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