SQI Diagnostics secures up to $2M in FedDev funding
by CM Staff
The funding will support the Company's manufacturing scale-up and commercialization of its recently approved RALI-DX IL-6 test.
TORONTO — SQI Diagnostics Inc., a manufacturer of respiratory health and precision medicine tests, announced that it has entered into a funding agreement with the Federal Economic Development Agency for Southern Ontario to support the Company’s manufacturing scale-up and commercialization of its pipeline of products in development, including the Company’s recently approved RALI-DX IL-6 test.
Under the terms of the Contribution Agreement, the Company will be able to draw down up to $2 million of funding in the form of interest-free repayable contributions to cover eligible expenses incurred since August 2021. The funding will be provided through FedDev Ontario’s Business Scale-up and Productivity stream. The stream is intended to support businesses seeking to accelerate their growth and improve productivity through the adoption of technologies with a goal of global competitiveness and market expansion.
“SQI is extraordinarily pleased to have this investment from the Federal Economic Development Agency for Southern Ontario under the Business Scale-up and Productivity stream allowing SQI to pursue the expansion of its product line by completing its advanced manufacturing and commercial proliferation of our technology from right here in Canada. Our project would not have been possible without their critical support.” said Andrew Morris, CEO of SQI Diagnostics.
“When we invest in Canadian’s potential, we can create an economy that works for everyone. By developing first-of-its-kind innovative medical technologies, SQI Diagnostics Inc. is harnessing the talent in the region and creating good local jobs.” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
