NEW YORK – Canadian diagnostics company SQI Diagnostics said on Tuesday that certain insiders have exercised their common share purchase warrants for gross proceeds to the company of about C$4 million (US$3.1 million).
The Toronto-based firm said 19,074,997 common share purchase warrants were exercised, of which 18.5 million were exercised at C$.21 per common share pursuant to a private placement of units of the company on March 10, 2017, and 574,997 warrants were exercised at C$.20 per common share. Those warrants were issued on Dec. 20, 2017.
SQI plans to use the proceeds for the clinical development, regulatory submission, and commercialization of its direct-to-consumer COVID-19 Home Antibody Test, the RALI-dx COVID-19 Severity Triage Test, and the COVID-19 RALI-fast Severity Triage Point-of-Care Test.
In August, the company said its fiscal Q3 revenues dropped to C$296,000 from C$540,000 the year before. The company had C$4.3 million in cash as of the end of the quarter.