Halifax, Nova Scotia--(Newsfile Corp. - March 18, 2020) - Sona Nanotech Inc. (CSE: SONA) (OTC Pink: LMTCF) ("Sona") is pleased to provide an update on the development of its rapid-response Covid-19 test. Sona is leading a consortium of diagnostic test developers including GE Healthcare Life Sciences, to create a rapid-response, lateral flow test that will directly identify the Covid-19 virus and provide in-field test results in minutes, without the use of specialized laboratory equipment or technicians.
Sona is pleased to report its consortium has achieved a significant milestone in its test development programme by generating an active conjugate which produces a signal when exposed to Covid-19 viral antigens. With the achievement of the positive identification of the viral antigens, the consortium has now commenced development of a functional prototype of the rapid-response test. Sona expects its Covid-19 test to benefit from reduced regulatory and field-testing requirements as announced by several regulatory agencies including in the United States' FDA.
Sona's Covid-19 test will offer a unique advantage over other lateral flow tests as it detects the presence of the Covid-19 virus. To date, the only competitive lateral flow tests that have been announced for sale are serological assay tests, which are designed to identify IgM and IgG antibodies present post infection. Serological tests are susceptible to producing false positive and false negative results if a patient is suffering from any one of a variety of unrelated infections (I.e. ear or tooth infection, regular flu, etc.). Sona's test is being developed to indicate a positive result only when the Covid-19 virus is present, allowing for direct and clear interpretation. (For more information on the unique advantages of Sona Covid-19 test over serological tests, see our previous new release dated March 12, 2020)
Sona has been approached by and is currently in discussions with health departments of several countries regarding the provision of rapid-response test kits. Simultaneously the company is advancing discussions with manufacturers in several countries in order to facilitate production protocols reflective of their country's regulatory compliance regime, many of which have been reduced. Some countries are expected to allow manufacturers to move immediately from prototype to sale.
Sona will provide further updates on its rapid-response Covid-19 test as warranted. Sona's Covid-19 rapid-response test development consortium include GE Healthcare Life Sciences, The Native Antigen Company, Bond Digital Health and scientific advisors Fiona Marshall and Sandy Morrison.
For More Information
For more information about Sona, please contact:
Darren Rowles
President and Chief Executive Officer
Telephone: (902) 442-0653
Email: Darren Rowles, darren@sonanano.com
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.
There are several 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 time.
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