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SQI Diagnostics

Tapping into considerable market opportunities

Update | Pharmaceutical & healthcare | 29 Sep 2015

SQI has made steady progress over recent months in signing new agreements with drug development companies in its high-volume assay business. Encouragingly, service revenues are now booked for custom-made tests early on in development, albeit at modest levels. While the conversion of customers from early contract work/validation to meaningful revenue-generating accounts is slower than expected, industry interest continues to grow steadily for SQI's multiplexing technology capabilities, as does its pipeline of potential customers.

SQI Diagnostics

Gaining momentum

Outlook | Pharmaceutical & healthcare | 06 Feb 2015

SQI has continued its positive momentum over the last year, signing five service agreements with drug development companies. The company also broadened its commercial focus in 2014 with a deal to automate DNA-based pathogen detection assays, a new application for its technology. We now look towards the conversion of customers from early contract work/validation to full commercialisation. Despite the encouraging deal progress, we reduce our valuation to C$55m vs C$60m previously (C$0.98 per share vs C$1.07), mainly due to the more protracted time frame for the phasing of contracts to reach significant revenue recognition.

SQI Diagnostics

Encouraging new deal flow

Update | Pharmaceutical & healthcare | 29 Sep 2014

SQI has had positive traction in recent months with the signing of two new customers, a top 10 global pharma company and a UK-based DNA specialist. The latter will use SQI's systems for pathogen detection, potentially opening the door to a new application for SQI's technology. These deals counteract what has proven to be a more protracted timeframe than anticipated for the full commercialisation of SQI's diagnostics platform. After pushing back the phasing of contracts converting to full commercial terms, our revised valuation of SQI is C$60m (vs C$76m previously) or C$1.07 per share (vs C$1.35).

Simavita

Edison healthcare quarterly: It’s getting personal

Sector Commentary: | Pharmaceutical & healthcare | 30 Jun 2014

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SQI Diagnostics

Building bridges

Update | Pharmaceutical & healthcare | 10 Apr 2014

A C$4.2m equity issue may provide the bridge financing that our model indicates could be sufficient for SQI to achieve profitability by the end of 2015. This assumes C$1.5m revenues for FY14 increase to C$11.4m in FY15. To this end, the transition of the Global Pharma 1 contract from proof-of-concept into a revenue-generating agreement and Health Canada approval for SQI's celiac test are encouraging developments. We maintain our prior forecasts but adjusting for the capital raise, our valuation rises to C$76m (vs C$7m) although per-share reduces to C$1.35 (vs C$1.45).

TESARO

Edison healthcare quarterly: A boost for allergy immunotherapy

Sector Commentary: | Pharmaceutical & healthcare | 05 Mar 2014

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SQI Diagnostics

A step in the right direction

Update | Pharmaceutical & healthcare | 28 Jan 2014

SQI has raised C$1.4m (net) from the private placement of 2.965m shares at C$0.50, an important step as it seeks to commercialise its diagnostics businesses. With four large pharma/biotech collaborations ongoing, during 2014 we anticipate fresh revenues from these contracts and further new customer deals. We maintain our valuation at C$70m, although the per-share amount reduces to C$1.45 (vs C$1.55) to adjust for the new shares issued. We now estimate a ~C$3m funding requirement in 2014 (vs C$4m previously) as a bridge to potential profitability by end-2015.

SQI Diagnostics

Looking towards deal execution

Initiation | Pharmaceutical & healthcare | 09 Jan 2014

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.