Sona Nanotech Awarded $4.1 Million from NGen for Rapid Development and Launch of COVID-19 Antigen Test
March 31, 2020 – Halifax, Canada – Sona Nanotech Inc. (CSE: SONA), (OTC Pink: SNANF) (the “Company”) is pleased to announce that it has been awarded a $4.1 million grant from NGen, Canada’s Advanced Manufacturing Supercluster, to develop and commercialize its Covid-19 rapid-response antigen test. This non-repayable grant will be used to accelerate the development of a prototype and scale manufacturing capabilities with a view to deploying this Covid-19 virus-detecting, point-of-care test with Canadian medical authorities as soon as possible.
The Supercluster funding is pursuant to a $50 million initiative led by NGen and announced by Prime Minister Trudeau today. The initiative will support companies as they prepare to produce critically needed technologies, equipment, and medical products to aid in the fight against COVID-19. https://pm.gc.ca/en/news/news-releases/2020/03/31/prime-minister-announces-new-partnerships-canadian-industries-fight
NGen will play a valuable role in project funding, enabling the acceleration of the development, and enhancing the scope of the Company’s project to deploy its proprietary gold nanorod technology towards a credible, easy to use, rapid response, point-of-care Covid-19 test that can be used to reduce the strain on testing laboratories and enhance the capacity of health care systems. NGen’s involvement also helped to bring to bear other Canadian suppliers and partners to the Company’s efforts.
“NGen is excited to support Sona Nanotech’s efforts to get a point of-care test for COVID-19 in the hands of Canadian medical authorities as soon as possible. Sona’s proprietary and unique gold nanorod technology enables a rapid-response antigen test that has the potential to significantly reduce the time-to-results for COVID-19 diagnosis and ultimately save lives.” Jay Myers, CEO, NGen.
The Company is working with a consortium of international and Canadian partners to develop a functional prototype for an antigen detecting, rapid-response, lateral flow test that is expected to provide in-field test results in minutes, without the use of specialized laboratory equipment or technicians. The Company is working with a consortium of diagnostic test developers including GE Healthcare Life Sciences, The Native Antigen Company, AffinityImmuno, Bond Digital Health and scientific advisors Fiona Marshall and Sandy Morrison.
Actual manufacturing of Sona’s Covid-19 rapid-response antigen test is not expected to commence until firm orders with deposits have been secured. Sona will provide further updates as warranted.
About Next Generation Manufacturing Canada
NGen leads Canada’s Advanced Manufacturing Supercluster, managing $230 million in funding from the Government of Canada to leverage Canada’s manufacturing and technology strengths to build world-leading advanced manufacturing capabilities. There is no more important priority for manufacturers across Canada today than to respond to COVID-19. NGen is targeting enhanced funding for companies that can scale-up production of critical supplies in response to the COVID-19 crisis and secure their supply chains given the likelihood of future global disruptions.
For more information about NGen COVID-19 funding initiative, please visit www.ngen.ca/covid-19-response.
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. 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. 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.
Sona Nanotech Inc.