Dec 16, 2020 | News, SONA NanoTech
Read Orginal Article Here
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:
Arlen Hansen
604 684 6730 | 1 866 684 6730
[email protected]
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.
Jul 5, 2020 | News, SONA NanoTech
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Shares of Halifax-based Sona Nanotech more than doubled Friday after the nanoparticle technology company said clinical trials showed its COVID-19 rapid testing kit has a 96 percent sensitivity to the virus.
The company’s shares on the Canadian Stock Exchange surged $3.84 or 123 percent, closing at $6.97 on Friday. The shares opened 2020 at 11 cents, and have produced a 6200 percent return so far this year. The company now has a market value of $374 million.
Sona Nanotech’s improved outlook has come as it adapted its technology, which manufactures rod-shaped gold nanoparticles for use in diagnostic testing, to a rapid test for COVID-19. The company has been conducting clinical trials for these test kits, and late Thursday it announced the lab trials suggest that Sona’s technology can detect SARS-CoV-2 in patients with “low viral loads” in about 15 minutes. Sona also ran an experiment using nasal swabs from 30 human test subjects and irradiated virus samples, with comparable results.
“These excellent performance results . . . [complete] a further milestone achieved for Sona along our path to bring a quality rapid test to market at scale,” said CEO Darren Rowles in the statement. “This will allow expansion of testing by governments, help ease the burden on healthcare systems, keep healthcare workers safe by allowing them to know their status on a daily basis and assist in softening restrictions by providing a quick and simple means to screen individuals.”
Jun 28, 2019 | News, SONA NanoTech
See full Entrevestor article here
by Darren Rowles, CEO of Sona Nanotech |
Among the many positive headlines, facts and figures about Halifax contained in the latest edition of the Halifax Index is a particular statistic that caught my attention.
New research by the Halifax Partnership has revealed that the majority of funds raised by startup companies in Halifax over the last five years went to health care and life sciences companies – some US$64 million (C$84.4 million) in fact.
The report said: “Health care and life sciences companies have shown the strongest growth over the last five years in both value and number of funding rounds.”
While it’s not surprising that health care and life science startups are enjoying such success, being by their very nature forward-looking companies at the forefront of innovation, the significant amount of investment in this one sector is particularly noteworthy.
To put the figure into perspective, it’s US$11 million more than the amount invested in the second placed sector – energy, cleantech and natural resources – and four times more than the amount invested business and finance startups.
The company I run, Sona Nanotech Inc., is one of the life sciences startups to have benefitted from substantial investment during this period thanks to a private placement last year that raised C$2 million.
And, as a business that relocated to Halifax specifically to take advantage of all the Nova Scotian capital has to offer, we are uniquely placed to add some context to the findings.
Halifax is the hub of Nova Scotia’s booming life sciences sector, and for any life sciences startup it is the place to be, containing all the necessary infrastructure, support and academic links that a growing young business requires.
Read our Coverage of the Halifax Index
When it comes to support, BioNova, the life sciences body for Nova Scotia, is second to none.
BioNova aims to advance life sciences in the province and accelerate the commercialization success of its businesses and organizations by building relationships and by creating networking and educational opportunities.
Additionally, it offers programs that allow life sciences SMEs to apply for project funding or work with collaborators. As a member Sona Nanotech has made vital connections in the sector both inside and outside the province.
Then there’s Innovacorp, Nova Scotia’s early stage venture capital organization, which is based in Halifax and includes life sciences among its target industries.
Innovacorp offers entrepreneurs access to world-class incubation facilities, expert advice and other support to help accelerate their companies.
When Sona was on the hunt for a new home in Halifax, Innovacorp had everything we were looking for, which is why we set up our laboratory facilities at the Technology Innovation Centre in Dartmouth (recently renamed The Bays at Innovacorp). We now have an excellent base from which to grow our business.
Halifax is also served by three academic centres of excellence for health care and life sciences; Dalhousie University, one of Canada’s leading research universities and one of the world’s best when it comes to scientific research, St Mary’s University, with its national leading program in chemistry, and the QEII Health Sciences Centre, the largest teaching hospital and adult academic health sciences centre in Atlantic Canada.
As well as the professional connections Sona is building with these institutions, the company has personal links with two of them. One of Sona’s founders, Dr. Gerard Marangoni, is a Dalhousie alumni, having completed his PhD there in 1992, and our business development manager, Anindita Gupta, completed her master’s degree in technology entrepreneurship and innovation at St Mary’s.
So, when all these factors are taken into account it should come as no surprise that life sciences startups in Halifax have been so successful in gaining investment in recent years. Sona Nanotech is proud to call Halifax our home, and to be part of the city and wider region’s thriving life sciences startup community.
Sona’s pioneering work was recently recognized by the Startup Canada Awards when we won the Innovation Award for the Atlantic Canada region – the only Nova Scotian business to win at the awards. With the ongoing backing of the city’s fantastic support network, we look forward to continuing to grow and innovate with the sector and to put Halifax on the map as the leading life sciences hub of Atlantic Canada.
Darren Rowles is CEO and president of Sona Nanotech Inc.
Jun 27, 2019 | Appili Therapeutics, IMV Inc., News, SONA NanoTech
Read full Entrevestor article here
The stock market is looming larger in the Atlantic Canadian startup community than it ever has before, as several leading companies are choosing public markets as the best option to secure long-term financing.
Just in the past week, Metamaterial Technologies Inc. of Dartmouth announced that it will seek a listing on the Canadian Stock Exchange, with a goal of raising more than $10 million. And shares of Halifax-based drug discovery company Appili Therapeutics began trading on the TSX Venture exchange.
In fact, stock markets have been a fruitful source of funding for the region’s high-growth innovation companies for the past 18 months, and the moves by MTI, Appili and others will only add fuel to a growing trend.
Atlantic Canadian companies raised more than $24 million by selling shares and derivatives on the stock markets in calendar 2018. That’s almost as much as the $29.4 million raised from angel investors, which invested at record levels in Atlantic Canada last year.
There are not a lot of transactions by the publicly listed companies, but the recent ones have been noteworthy: Last August, Halifax-based Sona Nanotech listed on the Canadian Securities Exchange, choosing the alternative exchange rather than the TSX Venture exchange. The company raised $2 million during the listing. Kraken Robotics of St. John’s closed a $2.3 million sale of shares and warrants to its customer Ocean Infinity in June last year. The company then raised further capital in December when it sold $6 million worth of shares. In February 2018, Halifax-based IMV announced that it had closed a bought deal to raise $14.4 million. In March 2019, IMV closed another share sale, which raised an additional $26.7 million.
And other companies like BlueDrop Performance Learning of St. John’s and Exeblock, a Halifax blockchain companies, are also listed.
The driving force behind this interest in public listings is the longevity and strength of the current bull market. Eleven years have past since the financial crisis and the stock market seems like a dependable and profitable place to raise capital. Of course, a market crash and/or recession would likely put the brakes on further companies move toward the public markets.
In recent years, Canadian tech shares have performed well and investors are looking for small tech companies the way they used to look for penny stocks in the mining and oil and gas sectors. And IMV, after years of a languishing share price, has finally been resurrected and is leading the way for other Atlantic Canadian stocks to test the markets.
For Appili Therapeutics, which has 30.3 million shares outstanding and a market capitalization as of the close Monday of $24.2 million, the public listing is a crucial step in its mission to find cures for antibiotic-resistant diseases.
“According to both the World Health Organization and the U.S. Centers for Disease Control and Prevention, there remains an increasing need for innovations to combat the mounting threats of infectious diseases,” said CEO Kevin Sullivan in a statement. ”Our public listing marks an important inflection point in our ability to deepen our reach into this market and demonstrate that it is possible to invest in a compelling and attractive social mission and business opportunity in parallel.”
Jan 16, 2019 | News, SONA NanoTech
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.”
(1) https://www.researchgate.net/publication/324096920_Improving_Lateral_Flow_Assay_Performance_Using_Computational_Modeling
(2) https://www.prnewswire.com/news-releases/global-lateral-flow-assay-market-is-projected-to-reach-usd-8-7-billion-by-2023-from-usd-6-0-billion-in-2018-growing-at-a-cagr-of-7-7-from-2018-to-2023–300754197.html
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:
Darren Rowles
President and Chief Executive Officer
Telephone: (902) 442-7192
Email: Darren Rowles [email protected]
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]]>
Dec 4, 2018 | News, SONA NanoTech
Read the original press release here
Halifax, Nova Scotia–(Newsfile Corp. – December 4, 2018) – Sona Nanotech Inc. (CSE: SONA) has signed a collaboration agreement with one of Europe’s largest lateral flow test developers, who will integrate Sona’s nanorod technology into their market-established lateral flow assays.
Operon SA, based in Zaragoza, Spain, produces a range of rapid diagnostic test and molecular diagnostic products, which it exports to more than 50 countries.
Operon and Sona have agreed to work together to improve the performance of Operon’s currently in-market lateral flow tests to help further establish their market share in the infectious disease arena.
If the feasibility study is successful, further development will take place with the expectation to launch products into the market in the first half of 2020.
Sona CEO Darren Rowles said: “Sona Nanotech is growing its presence in the lateral flow market, and this agreement with one of the largest and most respected developers in Europe demonstrates the scale of our ambition. We are confident that Sona’s unique gold nanorods will improve the performance of Operon’s tests while remaining cost-competitive, allowing expansion of their market share in this multi-billion-dollar market segment*. I am confident this collaboration is just the start of a long and productive relationship between our companies.”
Tomas Toribio, MD of Operon, said: “Operon is always looking for new innovations that will improve the performance of our diagnostic tests and provide a more cost-effective offer for our customers. Sona’s gold nanorods are a unique and impressive technology and we look forward to working together to maximise their potential in our lateral flow assays.”
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 Operon
Operon has been developing, manufacturing and selling lateral flow tests to the global market for more than 26 years. Its main product lines are:
- Raw Materials: monoclonal antibodies and recombinant antigens.
- Immunocromatography: rapid lateral flow tests.
- Molecular Diagnostic tests: Opegen and OligoGen.
- Customized services: contract manufacturing of lateral flow tests and raw materials.
For More Information
For more information about Sona, please contact:
Darren Rowles
President and Chief Executive Officer
Telephone: (902) 442-7192
Email: Darren Rowles [email protected]]]>
