Sona Nanotech Approved for Funding Support to Develop a Bovine Tuberculosis Rapid Test
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. - May 20, 2021) - Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company" or "Sona"), a developer of rapid, point-of-care diagnostic tests, is pleased to announce that it is receiving advisory services and up to $457,830 in funding support from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to support a research project in association with a consortium of UK companies to develop a bovine tuberculosis ("bTB") rapid test. NRC IRAP's contribution was approved under a program to promote collaborative projects with UK partners through the Canada-UK industrial research and development call for proposals delivered by the National Research Council of Canada and UK Research and Innovation (UKRI).
As part of the multi-year project, Sona will work closely with other consortium members to leverage bTB biomarker research from Aberystwyth University to develop a rapid, lateral flow assay to identify bTB that differentiates between vaccinated and unvaccinated cows. The consortium will also develop a data collection infrastructure system to enable authorities to detect, manage and control movement of infected animals. UK Research and Development are supporting other members of the consortium with funding to assist in the goal of eradicating bTB in the United Kingdom.
Accurate and timely detection, herd management and movement control are critical to eradicating this communicable disease which is still prevalent in many areas of the world. Currently, a diagnosis is made through post-mortem examination and tissue culture, which can take up to 12 weeks. Once bTB is confirmed, all infected and exposed animals in a herd are typically destroyed. bTB control measures cost over £500 million in the last 10 years and without intervention, the UK government expects costs to top £1 billion over the next decade if no new action is taken. bTB is also an issue in the European Union where, in 2018, 7.5 million statutory bTB lab-based, screening tests were carried out across seven countries, including France, Belgium, Italy and the UK.
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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 development of a bTB rapid test. 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 developing a functional bTB rapid test under its nanorod technology. 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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