The company said that three unnamed insiders who are in control of the company are expected to subscribe for most of the securities for sale.
The Toronto-based partners aim to create a rapid, multiplex test and companion point-of-care device for identifying lung transplant candidates.
Microdrop will license the rights to market SQI's celiac and wheat allergy, and arthritis tests direct to consumers.
The company and university will develop a chip and detection devices to enable a wide array of multi-result tests that will be offered directly in clinical settings.
The company sold about 23 million units at C$.16 per unit.