Sona Updates on Strategy and Test Development Progress
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated April 9, 2021 to its short form base prospectus dated March 31, 2021
Halifax, Nova Scotia--(Newsfile Corp. - September 23, 2021) - Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the "Company" or "Sona"), a developer of rapid, point-of-care diagnostic tests and owner of proprietary biocompatible gold nanorod ("GNR") technology, is pleased to provide an update on its strategy and on the progress of its concussion and bovine tuberculosis rapid test development programs.
Sona leverages on its core GNR manufacturing technology, scientific experience, and laboratory asset to focus on two strategic priorities for its business: the development of rapid diagnostic tests and biologic reagents, and the advancement of its GNR intellectual property towards important medical in vivo applications.
For its GNR IP advancement strategic priority, Sona is undertaking an R&D program to enhance its understanding of its proprietary biocompatible, GNR manufacturing technology with the goal of identifying the most promising advanced biomedical applications for it to pursue. To accomplish this, Sona plans to partner with leaders in the bioengineering and nanotechnology fields to conduct a series of experiments and studies to better understand the effects of using its GNRs in medical therapies to gain insights into which would be best to pursue.
This is an important priority given that Sona's biocompatible GNRs address the primary concern in the development and adoption of medical therapies involving the use of GNRs within the body, or 'in vivo'. That concern is for the toxicity associated with the preparation of other GNRs, and potential negative health impacts. The manufacture of Sona's GNRs, meanwhile, uniquely does not involve the use of CTAB (cetrimonium bromide), a substance well-known to be toxic. Continuing to strengthen Sona's IP is a key element in its ambition for the leadership position for its GNRs for in vivo medical applications.
For its test and reagent development business, Sona will continue to develop proprietary rapid diagnostic tests and associated biologic reagents for the medical and other industries. The Company also intends to begin offering the same services to third parties. Providing this service is an important addition as it is highly complementary to the laboratory-based work for Sona's proprietary development business and is expected to be undertaken on a 'fee for service' basis, which has the potential to generate revenue in the near-term. The Company aims to use its network and reputation for quickly developing rapid diagnostic test prototypes and reagents to secure profitable business opportunities.
Sona's concussion test for mild traumatic brain injury ("mTBI") will aim to detect a series of biomarkers enabling the test to be used to screen for mild concussions. After a study of multiple alternatives, three such biomarkers that correlate with concussions have been selected to be used in the test. Sona's test is intended to work by first identifying the presence or absence of one key biomarker, that, if present, indicates the patient may be suffering from something more severe than a mild concussion. If this marker is absent, yet a second or third biomarker is present, this would indicate that the patient may be suffering from a mild concussion and further medical help should be sought. These biomarkers have been carefully selected and the corresponding antibody pairings and antigens have been acquired. The next phase of the project will take up to six months and include initial screening of the antibody pairings, performance assessment against various antigens and the creation of a multiplexed prototype device.
Sona's bovine tuberculosis ("bTB") test, which is being developed with a consortium of companies as part of a Canada/UK industrial research and development program, has been advanced with the identification of multiple biomarkers that can not only be used to detect the presence of bTB bacteria, but, as set, are able to differentiate whether the bacteria is present due to an ongoing infection or as a result of vaccination. The biomarkers that have been identified to be used in the assay have been synthesised into two different antigens which will be used to develop the polyclonal and monoclonal antibodies for use in a multiplex lateral flow assay. Our research has confirmed the presence of the biomarkers in both blood and milk and further assessment will be required to determine the final assay matrix, while antibody development is concurrently pursued over the next 4-6 months.
CEO, David Regan, commented: "Sona has made good progress across its portfolio of rapid tests and we are excited to begin exploring the potential of Sona's proprietary, biocompatible GNR manufacturing technology for biomedical applications. The experiments and studies to be conducted under this long-term R&D effort have the potential to open new, important medical markets for our innovative technology and add value to the business."
Investor Relations Contact:
1 604 684 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 (cetrimonium bromide) 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, 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 plans to develop rapid tests for concussion and bTB, and Sona's intention to provide research services to third parties on a fee for service basis. 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 the biomarkers selected by Sona may not be sufficiently correlated with concussion or bTB to support the corresponding test, and that Sona may not be successful in developing rapid tests using its gold nanorod technology that function at sufficiently high levels for market acceptance or at all, or if successfully developed, that Sona will obtain required regulatory approvals. 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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