Sona Nanotech Inc.
Sona Provides Corporate Update
DGAP-News: Sona Nanotech Inc.
/ Key word(s): Miscellaneous
Halifax, Nova Scotia–(Newsfile Corp. – March 12, 2020) – Sona Nanotech Inc. (CSE: SONA) (OTC Pink: LMTCF) (“Sona”) is pleased to provide a corporate update on recent activities. In the past several weeks, Sona has been focused on work related to the development of a rapid response COVID-19 lateral flow test. This update will outline progress and advancements on Sona’s COVID-19 test and other corporate developments. The Sona Advantage Sona is a research and development company that owns proprietary gold nanorod technology that can be used in a variety of lateral flow applications, specifically rapid diagnostic testing devices. In a lateral flow tests, particles such as Sona’s gold nanorods (GNR) are used to bind to biological materials and carry them along a test strip, producing a positive or negative result. Sona holds a global patent (pending) on the manufacture of GNRs that offers several functional performance advantages over other particles currently in the market, such as:
Over the past year, Sona has identified a number of test applications in the marketplace that would benefit from the introduction of Sona GNR technology. Specifically, Sona believes its technology would produce a more rapid and accurate response than the tests currently used in the marketplace. Sona expects to announce progress on 2-3 of its new tests during 2020. Sona’s COVID-19 lateral flow test update Development work on Sona’s new test to measure the COVID-19 virus is underway in 3 separate labs in Canada, the UK and Germany. The company has an ongoing, open dialogue with regulators to ensure the Sona’s test is being developed within the parameters regulators have outlined. This approach will allow Sona to be eligible for FDA review through their Emergency Use Authorisation (EUA) pathway and a fast-track to market. Sona is currently in discussion with contract manufactures, OEM manufactures, field testing partners, as well as sales and distribution partners and expects to provide more detail on its path to market in the near future. From a test development perspective, Sona expects to have a working prototype for the COVID-19 rapid response test within the next few weeks. The spread of COVID-19 appears to be accelerating on a global basis. Sona’s COVID-19 rapid response test is designed for use as an on-site screening tool for front line tests to:
The right partners In support of Sona’s commitment to develop a proprietary rapid-response screening test for COVID-19, the company has chosen the following partners;
How lateral flow test work All lateral flow tests are designed to identify the presence of a biological marker. These markers are either direct or indirect markers for a condition, such as a viral infection. An example of an indirect test would be a pregnancy test which doesn’t test for biological material from a fetus, but rather detects a hormone (hCG) released by a mother when she is pregnant. An example of a direct test would be testing for HIV infection that detects the presence of the HIV virus itself. The Sona COVID-19 test currently in development will directly detect the COVID-19 virus, confirming active infection which we believe will result in the most accurate rapid response test available. Some competitors are developing alternative COVID-19 rapid response tests (serological assays) that detect increased levels of IgM and IgG antibodies (immune markers) in a patient sample. Patients infected with Covid-19 may produce increased levels of these markers, however, tests that are NOT specific to a COVID-19 infection will likely cross-react if a person is suffering from a recent infection (e.g. food poisoning, ear infection) or has an underlying health condition, leading to an incorrect result (false positive and false negatives). Patients most vulnerable to the COVID-19 virus include the elderly or those with underlying health conditions. The use of serological tests on this patient group is risky due to their susceptibility to common infections. A false negative may produce unintended outcomes that could result in a delayed patient intervention and treatment. Further, the use of alcohol, recreational drugs and certain medications can also interfere with test results, increasing the likelihood of false negatives. Sona’s proprietary test is intended to address the shortcomings and issues present with other testing methodologies. Sona expects to provide near-terms updates on the development of its rapid-response COVID-19 test. For More Information About Sona Nanotech Inc. Sona Nanotech Inc. is a nanotechnology life sciences firm that has developed two proprietary methods for the manufacture of rod-shaped gold nanoparticles. The principal business carried out and intended to be continued by Sona is the development and application of its proprietary technology for use in multiplex diagnostic testing platforms that will improve performance over existing tests in the market. Sona’s gold nanorod particles are CTAB (cetyltrimethylammonium) free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications. It is expected that Sona’s gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, pending the approval of various regulatory boards including Health Canada and the FDA. Sona is a publicly listed company on the Canadian Securities Exchange existing under the laws of Nova Scotia, with its operations in Nova Scotia. FORWARD-LOOKING INFORMATION This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. This corporate update reflects management’s outlook on current business plans and is based on management’s best information, plans and market factors at the time of writing. No assurances can be provided to the reader that any forward-looking statements will be realized. The reader is cautioned to consider risk factors such as competition, continued spread of the COVID-19 virus and factors such as cures, vaccines, treatments or if the COVID-19 virus will continue to present as a health threat. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53388 Click on, or paste the following link into your web browser,to view the associated documents http://www.newsfilecorp.com/release/53388News Source: Newsfile
12.03.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Sona Nanotech Inc. |
Canada | |
ISIN: | CA83541C1059 |
EQS News ID: | 995775 |
End of News | DGAP News Service |