SQI Diagnostics Inc. (TSXV:SQD) has reported a loss of $1.6 million for the third quarter as increased expenses weighed on its quarterly results.
The Toronto-based medical systems company said Monday its losses were equal to five cents a share, for the three months ended June 30. That compared to a $1.4 million loss, or five cents per share a year earlier.
Higher research and development costs of $1.1 million were a major factor in the deepened loss, it said, while additional expenses were booked related to licence filings for its IgXplex Celiac treatment.
The company, which is developing its devices, did not report any product revenues for the quarter nor in its fiscal year.
"Our second quarter was highly productive from a clinical, commercial and capital markets perspective," said chief financial officer Andrew Morris in a release.
"We anticipate that the momentum created in the recent reporting period will continue in the coming quarters as we accelerate the development of our emerging pipeline of autoimmune multiplexed panels in order to create more commercial content for our prospective and current customers."