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December 16, 2020 – Halifax, Canada – Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the “Company”, “Sona”) a developer of rapid, point-of-care diagnostic tests, is pleased to announce that it has closed its non-brokered private placement that was announced on December 3, 2020 with the issuance of 2,259,200 units at $1.00 per unit.
The final amount of the offering represents an increase from the Company’s previously announced intention to raise up to $2,000,000 through a non-brokered private placement (the “Financing”) of up to 2,000,000 units of Sona (each, a “Unit”) at $1.00 per Unit due to investor interest. Each Unit consists of one common share of Sona (a “Common Share”) and one-half of a Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant is exercisable to purchase one additional Common Share of Sona at a price of $1.25 per Common Share for a period of 24 months from the closing date of the Financing (the “Closing Date”).
As previously disclosed, the Company intends to use the net proceeds of the Financing to produce further clinical trial data for its rapid COVID-19 antigen nasal pharyngeal test, pursue a European regulatory self-certification CE Mark declaration, and pursue further development and clinical trial validation work for its saliva-based prototype version of the test, as well as for general working capital purposes.
The Company is currently working with several potential partners to secure a clinical trial. Any trial would require a sponsoring institution, a principal investigator, a study protocol, relevant medical ethics review board approval and Health Canada Investigational Testing Division approval. Separately, the Company also advises that its CE Marking process in Europe commenced with the appointment of Obelis. The Company will update the market as material developments occur.
Investor Relations Contact:
604 684 6730 | 1 866 684 6730
About Sona Nanotech Inc.
Sona Nanotech is a nanotechnology life sciences firm that has developed multiple proprietary methods for the manufacture of various types of gold nanoparticles. The principal business carried out and intended to be continued by Sona is the development and application of its proprietary technologies for use in multiplex diagnostic testing platforms that will improve performance over existing tests in the market. Sona Nanotech’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 Nanotech’s gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, subject to the approval of various regulatory boards, including Health Canada and the FDA.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain “forward-looking statements” under applicable Canadian securities legislation, including statements regarding Sona’s planned applications and trials for its technology. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be successful in obtaining additional data necessary for regulatory approvals, or in obtaining required approvals once additional data is available, that potential customers may not adopt its products, that Sona’s saliva test technology may not prove to deliver the same level of testing accuracy and sensitivity as its nasal pharyngeal swab-based test, that Sona may not be successful in identifying or reaching agreements with additional manufacturing partners, that Sona’s manufacturing partners are not able to scale up manufacturing of Sona’s products to the anticipated level, that raw materials may not be available in the amounts or on the schedules required to achieve Sona’s manufacturing targets, that Sona may not be able to obtain further clinical data, that Sona may not re-submit to the FDA and Health Canada, and that regulatory requirements may change. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Simple and reliable validation of Pneumatic Tube Systems for blood sample integrity monitoring
Halifax, Canada, December 2020 – Motryx, provider of blood transport validation and verification services, today announced a partnership with Aerocom, a global leader in Pneumatic Tube Systems, for the joint provision of VitalQC – a quality assurance tool to validate pneumatic tube installations for safe and effective transport of blood samples with minimal impacts on integrity and diagnostics.
The efficiency of pneumatic systems has made them standard in most large hospitals worldwide; however, they must be confirmed as safe for the transport of blood samples from patient to lab. Under this new agreement, Aerocom will use Motryx’s VitalQC to monitor and continue to innovate on their >2000 hospital installations and will be the European provider of VitalQC to 10 European countries: Germany, Netherlands, Belgium, Switzerland, Norway, Spain, Italy, France, UK and Ireland.
“Aerocom pneumatic tube systems have been designed to reduce the impact on blood sample transport. Quality assurance for blood transportation in pneumatic tube systems is quickly becoming a requirement for our customers to satisfy regulatory requirements. With the Motryx agreement, Aerocom raises the bar in providing quality assurance. This agreement enables Aerocom to offer an even better and more complete solution to laboratories and hospitals around the world,” said Roland Pfitzer, CEO at Aerocom.
“Since Motryx’s inception, we have focused on developing a new standard for quality control for Pneumatic Tube Systems – one that is simple, repeatable, and robust. VitalQC provides a framework to check existing installations, or to facilitate the transition to occupancy for new builds. Our agreement with Aerocom provides assurance to their customers in markets with a strong focus on quality control, such as Germany and Scandinavia. With VitalQC, all hospital stakeholders can trust that their PTS will deliver blood products and clinical samples safely to their destination and will fulfill accreditation requirements. With over 2000 installations in hospitals worldwide, Aerocom is an ideal partner to bring VitalQC to market,” said Dr Franziska Broell, CEO at Motryx.
The agreement is effective immediately and allows for pneumatic systems to be validated and verified with little to no blood, streamlining and simplifying the process for all hospital stakeholders, including the lab.
Established in 2018, Motryx has developed an end-to-end solution for quality control and assurance for blood sample transport. VitalQC was specifically designed as a system process diagnostic tool for blood sample transport systems such as pneumatic tube systems. Motryx is headquartered in Halifax, Canada. VitalQC has been used by hospitals, laboratories and leading research institutes worldwide to confirm safe transport before installing new transport systems, to alert of changes in system performance, and to optimize transport processes, all to increase efficiency, effectiveness, and the quality of patient results.
Aerocom is a global market leader in high-tech pneumatic transport systems and was founded in 1956.
Aerocom has focused exclusively on pneumatic tube systems in healthcare worldwide for almost 70 years. Their products are represented in more than 80 countries around the globe and are supported by their own branches and local partners. Aerocom offers the highest quality and best service.
For more information
Dr Franziska Broell
CEO, Motryx Inc
FOR IMMEDIATE RELEASE
November 4, 2020
BioNova Announces Swiftsure Innovations as the Winner of the Tenth Annual BioInnovation Challenge (BIC) at BioPort 2020
Halifax, NS – November 4, 2020 – Today Swiftsure Innovations from Newfoundland was named the winner of BioNova’s tenth annual BioInnovation Challenge (BIC) business pitch competition at BioPort 2020. Swiftsure is developing a novel endotracheal tube that will revolutionize oral care for mechanically ventilated patients.
“The BioInnovation Challenge gave us the opportunity to really hone our business plan and strategy,” Deanne McCarthy (RN), CEO & Founder said, “We have benefited not only from winning, but from the program and training it provided as a whole. It was also a great chance to learn about the game changing technologies being developed right here in Atlantic Canada.”
The eight semi-finalist startups from across Atlantic Canada that participated this year raised over $1 Million dollars since the start of 2020, making this one of the most competitive years in the competitions ten year history.
The goal of the competition is to help ease the transition from research laboratory to market. Swiftsure Innovations will receive a prize package that includes $25,000 in seed funding and an advisory services package worth more than $30,000. Swiftsure Innovations was up against AffinityImmuno Inc. from Prince Edward Island, and 3D BioFibR from Nova Scotia.
“This year’s competition highlights the strong leadership and innovation coming from health and life sciences startups in the region and the need for continued support programs like the BioInnovation Challenge.” Scott Moffitt, Executive Director, BioNova
The Judging Panel:
Rhiannon Davies – Founding and Managing Partner, Sandpiper Ventures
Arif Aziz, PhD – Senior Manager, National Life Science SR&ED, MNP
Patricia Folkins – Partner, Bereskin & Parr LLP
BioNova leads the Health and Life Sciences sector in Nova Scotia and is the host of the BioPort Conference, the BioInnovation Challenge and BIC Junior. Our industry-led sector growth plan, BioFuture 2030, has made us the fastest growing sector in Atlantic Canada. We represent over 150 companies in Nova Scotia who have raised over $73 million in investment dollars since the beginning of 2020. Visit our website at www.BioNova.ca
BioPort provides a forum to educate, inform and inspire the health and life sciences community to develop their ideas, commercialize their technologies and build links within the region and with guests brought in from the U.S. and from around the world. For more information visit www.bioportatlantic.ca.
Shana Cristoferi, Marketing Manager, BioNova
DeCell Technologies has now obtained patents for its novel and innovative prECM™ decellularization technology in the U.S., Canada, and five countries in the E.U. (UK, France, Spain, Germany and Italy). These patents include process protection and for the first time ever—composition of matter protection defining the quality of decellularized tissues produced by the prECM™ process. Further, the patents also secure DeCell’s novel liquid-based soft tissue sterilization that eliminates the need for using tissue disrupting radiation or energy-based sterilization methods.
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Innovacorp received 60 submissions for its latest round of Sprint and, after many hours of reviewing and deliberating, selected nine companies to participate in the program. Congratulations to the start-ups chosen for Innovacorp’s 2020 Sprint fall intake.
Each company will receive $25,000 and guidance from seasoned business professionals to tackle those next technical and business milestones.
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The company aims to produce commercial quantities of nature’s “strongest, lightest and toughest” materials.
3D BioFibrR CEO Kevin Sullivan
Halifax-based 3D BioFibR Inc., only formed in July, has closed a $550,000 funding round that will launch its mission to produce commercial quantities of nature’s “strongest, lightest and toughest” materials.
The equity round – believed to be the first by an Atlantic Canadian company founded since the pandemic started – includes $150,000 from Concrete Ventures and $100,000 from Innovacorp.
The company is already distinguished by its co-founders. CEO Kevin Sullivan is a veteran of several life sciences companies and most recently founded Appili Therapeutics, leading it through its listing on the TSX Venture exchange. Chief Scientific Officer John Frampton, whose research laid the foundation for the company, is the Canada Research Chair in Biomaterials at Dalhousie University.
“Completing this seed round of investment provides us with a solid financial base from which we can accelerate our growth,” said Sullivan in a statement. “I am proud of the team we have built to date. With the addition of talented scientists and our R&D capacity, we are ramping up our ability to provide real solutions that address the growing need for advanced bio-composite materials that can fundamentally improve the world in which we live.”
Through his research at Dal, Frampton has improved methods of producing biofibres – which are fibres that exist in nature and are used by humans. They include spider silk (the threads spiders make for their webs), collagen (the main structural protein found in skin), and chitosan (a multi-purpose substance found in shellfish shells).
These materials already have a range of commercial applications in such markets as medicine, green textiles, aerospace and defense. Frampton’s methods allow them to be produced in industrial quantities at lower prices than what’s available now.
“Nature has evolved some of the most exquisite and advanced materials ever described,” said Frampton. “The physical, mechanical and chemical properties of these naturally occurring fibers could help solve many of the engineering challenges we face, but no one has been able to make these biofibers on an industrial scale using existing techniques such as electrospinning and wet spinning. Our 3D BioFibR team has solved the problem of making high quality biofibers using a proprietary, scalable process which is already at least 600 [times] more efficient than current technologies.”
3D BioFibR scientists have already demonstrated they can make collagen fibres, called CollaFibR, that are stronger than natural tendons, and spider silk that is tougher and 20 times more flexible than steel, said the statement.
In an email, Sullivan said the company’s first products will be in the biomedical space. It hopes to have its first products in the market in six to 12 months as they don’t require regulatory approval.
“The first is 3D tissue culture scaffolds made of fibrous collagen for the research industry,” he said, adding that 3D tissue culture is a $1.6 billion industry that is growing 15 to 20 percent annually. “Prototypes . . . have been shipped to collaborators and funding is focused on finalizing product development over the coming four to six months.”
The company, which is also working on an artificial tendon made of fibrous collagen, now employs six full-time employees and plans to hire more over the coming months.
In teaming up with Sullivan, Frampton has joined up with one of the leading life sciences executives in the region, who has raised tens of millions of dollars in capital for companies in Nova Scotia and Ontario. Sullivan was the guiding force behind Appili, an anti-infectious drug company, before leaving the company last December when Armand Balboni became its CEO. Appili, whose shares have risen 219 percent in the last year, now has a market value of $90 million and has moved to the main board of the Toronto Stock Exchange.
“3D BioFibR has an experienced team with scientific, industry, and business leadership,” said Lidija Marušić, life sciences investment manager at Innovacorp. “We have been following the progress of Dr. Frampton’s work for a few years now. With the recent technology advances his team has made, combined with their ability to attract seasoned executives to the opportunity, we are excited to help take their innovation to the global market.”