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Sona Nanotech Inc
Symbol SONA
Shares Issued 52,199,520
Close 2020-03-31 C$ 1.08
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Sona receives $4.1M grant from NGen for COVID-19 test

2020-03-31 16:43 ET - News Release

An anonymous director reports

SONA NANOTECH AWARDED $4.1 MILLION FROM NGEN FOR RAPID DEVELOPMENT AND LAUNCH OF COVID-19 ANTIGEN TEST

Sona Nanotech Inc. 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 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 Justin 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.

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 toward 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," commented Jay Myers, chief executive officer of 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 consortium includes: GE Healthcare Life Sciences; The Native Antigen Company; AffinityImmuno; Bond Digital Health; and scientific advisers 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.

We seek Safe Harbor.

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