NEW YORK — SQI Diagnostics said on Wednesday that it has raised around C$3.9 million (US$3.2 million) from the exercise of warrants held by certain company insiders.
According to the Toronto-based firm, the insiders exercised 19,687,504 common share purchase warrants at C$.20 apiece.
SQI said it intends to use the funding to scale up its manufacturing and commercial activities ahead of the expected clearances of filed and pending US Food and Drug Administration regulatory submissions. Among the products the company has under development are a 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.
SQI also said that its directors have approved a waiver of the company's right to accelerate the expiry date of 59,437,504 common share purchase warrants currently outstanding. As a result, all of the warrants will remain exercisable for the duration of their respective terms.
In January, SQI announced that certain of its insiders had exercised C$4 million in common share purchase warrants.