Read original release here
Innovative companies combine technologies to speed up lateral flow assay development time
Halifax, Nova Scotia–(Newsfile Corp. – January 16, 2019) – Sona Nanotech Inc. (CSE: SONA) today announced a collaboration with Australia-based nanotech company Anteo Technologies Pty Ltd to speed up the development of lateral flow immunoassays.
Under the terms of the agreement Sona will supply its unique, proprietary gold nanorod technology to Anteo, which will combine it with its own proprietary AnteoBind ™ technology and various biomarkers including, but not limited to, cardic (cTnI), sepsis (CRP) markers and HCG, the well-known fertility marker used in pregnancy tests. Anteo will supply Sona with these solutions for assessment in a lateral flow assay format as well as conducting its own in-house assessment.
Because lateral flow assays are relatively cheap and easy to produce, more than 2 billion are manufactured every year, including more than 400 million each for malaria and HIV tests (1). The lateral flow market was worth an estimated US$6 billion (C$7.9 bn) in 2018 (2).
Sona Nanotech CEO Darren Rowles said: “The project aims to co-develop sets of reagents that can benefit all lateral flow assay developers worldwide, by providing them with products that can reduce a key production process timeframe, while increasing performance of tests and the benefits of multiplexing. By integrating Sona’s gold nanorod technology with Anteo’s surface chemistry technology we have the potential to create innovative new products for the market. We are excited to be working with Anteo and look forward to a productive collaboration.”
Anteo Technologies Pty Ltd is a fully-owned subsidiary of Anteo Diagnostics Ltd, an ASX listed company (ASX:ADO). The company, which has its head office in Brisbane, Queensland, Australia, develops and commercialises products in the life sciences research, in-vitro diagnostics, energy and medical devices markets.
Charlie Huang, Anteo’s head of research and development, said: “We have been impressed by Sona’s unique gold nanorods and their impact in the lateral flow market. We believe that our combined technologies have great potential. We are excited about the new opportunities this could bring for both companies.”
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.
About Anteo Group – Anteo Diagnostics Limited (ADO: ASX) & Subsidiaries (Anteo Technologies Pty Ltd is a fully-owned subsidiary of Anteo Diagnostics Ltd.)
Anteo Group is a surface chemistry company with Intellectual Property (“IP”) in its core technology product groups: AnteoCoat™, AnteoBind™ and AnteoRelease™. The Company’s purpose is to create shareholder value by identifying and solving important global industry problems and providing unique value-add solutions for its customers. Anteo’s customers operate in the Life Sciences, Diagnostics, Energy and Medical Devices markets.
For more information, please visit www.anteotech.com
For More Information
For more information about Sona, please contact:
President and Chief Executive Officer
Telephone: (902) 442-7192
Email: Darren Rowles email@example.com
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. The forward-looking statements and information in this press release includes information relating to the Amalgamation (including the structure of the Amalgamation), the Amalgamation (including shareholder approval, shareholder support, and other terms), the Private Placement (including its completion and the use of proceeds from the Private Placement), the directors and management of the resulting issuer upon completion of the Amalgamation, and the implementation of Sona’s business plan. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the completion of the Amalgamation and matters relating thereto; and risks associated with the marketing and sale of securities, the need for additional financing, reliance on key personnel, the potential for conflicts of interest among certain officers or directors, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to Sona’s proposed business, such as failure of the business strategy and government regulation; risks related to Sona’s operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property and reliable supply chains; risks related to Sona and its business generally, such as infringement of intellectual property rights and conflicts of interest. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES]]>
See original story here
ABK Biomedical has raised more than $9 million in an over-subscribed round of equity funding that closed last August. The larger equity base has allowed the company to borrow $3 million from the Atlantic Innovation Fund.
The Halifax-based medical device maker revealed that it closed the Series A funding round – one of the largest in Atlantic Canada last year – during discussions about its latest borrowing from the AIF, a fund operated by the Atlantic Canada Opportunities Agency.
ABK is working to improve a process used to kill some forms of tumour: tiny beads cling to tumours, depriving them of blood flow and thereby shrinking or killing them. The company hopes that its first product – which is now awaiting regulatory approval in the U.S. – will be one of the first beads on the market that can be seen by x-ray, and this will help doctors assess how well the treatment is working.
As well as helping to finance regulatory applications, the company said the new funds will help it to manufacture its products in Nova Scotia once it receives regulatory clearance.
“The AIF funding announced yesterday will be supporting some of the most advanced medical device manufacturing capabilities in this region, and will help us to succeed as an Atlantic Canadian medical device company that will manufacture locally and sell novel life-saving products globally,” said CEO Bob Abraham in an email Friday.
It had been known that ABK was raising money, though the size of the round was surprising. Abraham said the company was originally after $7.6 million in funding but it attracted more commitments than expected, with most of the funding coming from the U.S. and Asia. Innovacorp, which had invested in the company previously, contributed $1.1 million to the round.
ecognition of the value of our portfolio of imageable embolic products in development, the great team we had assembled and importantly, the recognition of the significant support ABK receives in Atlantic Canada through organizations such as ACOA,” said Abraham.
ABK – which last raised funding in 2014 through the Halifax-based First Angel Network and Wilmington Investor Network of North Carolina – was one of several Nova Scotian startups to close funding rounds of $8 million or more last year. Halifax’s Manifold, Affinio, Metamaterial Technologies and Liverpool, NS-based Aqualitas all closed major rounds. (The Aqualitas round may be considered to be more project financing for its core cannabis business.)
The next big news for ABK is likely to be regulatory clearance in the U.S. for its first product, the x-ray-visible beads. This product is currently being evaluated by the Food and Drug Administration in a 510k application, which establishes whether a device is safe and effective. ABK hopes to gain approval later this year, “after which we are planning a controlled launch into the U.S. market,” said Abraham. He added the company hopes for Health Canada approval in late 2019.
Abraham also said the company is working on another series of beads, the Y-90 radioembolic product, which actually emits radiation. “We are quite excited about the potential of this product to be a game changer in our field,” said Abraham, adding that the regulatory requirements mean it will have a longer road to commercialization.
ABK is also in the early stages of developing a degradable bead which will block blood supply to tumours then disappear from the body after a short period of time.
Disclosure: ACOA and Innovacorp are clients of Entrevestor.]]>