SQI Diagnostics closes brokered private placement for gross proceeds of $6,594,786

SQI Diagnostics Inc. (TSX-V: SQD), a medical systems company focused on evolving laboratory-based biomarker testing, today announced that it closed its previously announced, brokered private placement (the "Private Placement") for gross proceeds of $6,594,786.

The Private Placement consists of 2,398,104 units of the Company (the "Units") at a price of $2.75 per Unit. Each Unit is comprised of one common share of the Company (a "Common Share") and one-half Common Share purchase warrant. Each whole warrant will entitle the holder to purchase one additional Common Share at a price of $4.00 for a two-year period from the date of closing, expiring December 4, 2011.

Dundee Securities Corporation acted as lead placement agent on the private placement; Kingsdale Capital Markets Inc. acted as co-agent.

SQI intends to use the net proceeds from the Private Placement primarily towards the commercialization of its IgXplex assay and platform development pipeline, working capital for SQiDworks platform placements for new customers, expansion of sales and marketing, and general working capital.

Source: SQI DIAGNOSTICS INC.