- SQI Diagnostics (SQD) is shifting its focus to create precision point-of-care products in respiratory health and reducing its workforce by 50 per cent to focus on key capabilities
- The company will be focusing on three flagship products: the RALI-fast Severity Triage POC Test, the TORdx LUNG Test, and a partnership with Owlstone Medical to develop non-invasive breath diagnostic products to monitor the health of lung transplant recipients
- SQI Diagnostics develops and manufactures respiratory health and precision medicine tests that run on its fully automated systems
- SQI Diagnostics (SQD) opened today at $0.045
SQI (SQD) is refocusing its business on creating precision point-of-care products in respiratory health.
It plans to reduce its workforce from 44 full-time employees to 20 full-time employees and focus on three flagship products: the RALI-fast Severity Triage POC Test, the TORdx LUNG Test, and the Owlstone Medical partnership to develop non-invasive breath diagnostic products.
The company aims to reduce its payroll and cash burn by approximately 50 per cent monthly.
SQI Diagnostics also plans to entertain offers from potential buyers for its now non-core business centred on lab-based instruments.
SQI’s RALI-fast Severity Triage POC Test is a multiplexed, point-of-care version of the RALI-Dx IL-6 Severity Triage Test. The test helps clinicians identify which patients with SARS-CoV-2 will have a severe inflammatory response. The test has already been evaluated in a clinical study in the University Health Network (UHN) intensive care unit.
The TORdx LUNG Test measures up to four inflammatory biomarkers in a series of perfusate samples drawn from an Ex Vivo Lung Perfusion system supporting a donor lung before transplantation. The TORdx LUNG Test thus helps predict recipient outcomes should the organ be transplanted. SQI Diagnostics will be engaging with the U.S. FDA and initiate clinical studies across four sites in North America to support regulatory approval for the product.
The Owlstone Medical partnership aims to develop non-invasive breath diagnostic products to monitor the health of lung transplant recipients. Initial clinical studies at UHN are under review and expected to be initiated in Q2 2023.
SQI Diagnostics (SQD) opened today at $0.045.
