- Sona Nanotech (SONA) closes its acquisition of Siva Therapeutics
- The company previously announced the proposed acquisition in January
- Through the acquisition, the company’s goal is to develop targeted hyperthermia therapies to treat colorectal cancer
- Sona will now progress the development of Siva’s THT photothermal therapy for cancer
- The company previously closed $1.1 million in financing to fund corporate development and working capital, including the Siva Therapeutics acquisition
- Shares of Sona Nanotech (SONA) are up 5.26 per cent to C$0.20 as of 10:27 a.m. EDT on Thursday
Sona Nanotech (SONA) has closed its acquisition of Siva Therapeutics.
The company previously announced the proposed acquisition Siva Therapeutics back in January.
Sona was able to close the acquisition thanks to $1.1 million in financing raised.
Through the acquisition, the company is now ready to develop targeted hyperthermia therapies (THT) to treat colorectal cancer thanks to Siva’s pipeline.
It is estimated that colorectal cancer leads to 60,000 deaths annually in North America, while the market for THT therapies to treat the condition is projected at $US2.1 billion.
As such, Sona will now work to develop Siva’s THT photothermal therapy by using Sona’s biocompatible gold nanorods.
The company will work towards discussions with regulatory agencies, pursue laboratory accreditation to produce its nanorods and engineer Siva’s SivaLum light source.
Sona will also lock in additional preclinical studies that are required before moving toward human trials.
Shares of Sona Nanotech (SONA) are up 5.26 per cent to C$0.20 as of 10:27 a.m. EDT on Thursday