- Sona Nanotech (SONA) has signed an agreement to acquire Siva Therapeutics
- Siva Therapeutics Inc. develops Targeted Hyperthermia Therapy, which uses therapeutic heat to treat solid cancer tumours
- Sona plans to acquire all of the issued and outstanding common shares of Siva with total consideration to the Siva shareholders of US$2.0 million in Sona shares
- Sona Nanotech Inc. is a nanotechnology life sciences firm that has developed multiple proprietary methods for the manufacture of various types of gold nanoparticles.
- Sona Nanotech Inc. was down 12.50 per cent, trading at $0.105 at 12:13 ET
Sona Nanotech (SONA) has signed an agreement to acquire Siva Therapeutics Inc.
Siva Therapeutics Inc. is developing Targeted Hyperthermia Therapy, a photo-thermal cancer therapy in pre-clinical development, which uses therapeutic heat to treat solid cancer tumours.
Under the definitive agreement, Sona has agreed to acquire all of the issued and outstanding common shares of Siva with total consideration to the Siva shareholders of US$2.0 million in Sona shares at the date of closing.
The consideration also includes up to an additional $6.65 million in Sona shares over multiple instalments, conditional on Siva’s future achievement of specific performance milestones by January 31, 2025.
“Having worked with multiple manufacturers of nanoparticles, we were delighted to discover Sona and its unique gold nanorod technology, which we value for its biocompatibility, stability, and ability to be produced in-house at a commercial scale, all of which are vital to the success of our therapy,” noted Len Pagliaro, President and Chief Executive Officer of Siva.
“We are thrilled to be combining with the Siva team given their traction in developing a practical and powerful therapy that leverages the key attributes of Sona’s gold nanorods to potentially improve the lives of people living with cancer,” said David Regan, Chief Executive Officer of Sona.
As contemplated under the definitive agreement, Sona intends to first complete a private placement financing to raise up to $500,000 by the issuance of up to 5,000,000 common shares at an offering price of $0.10 per share to fund the continuing operations of Sona and necessary transaction expenses related to the completion of the proposed transaction.
Sona has signed an agreement with a registered dealer to act as placement agent for the working capital financing.
The closing of the proposed transaction is conditional upon Sona completing an additional equity raise for gross proceeds of at least US$1.0 million, or any other amount that is mutually agreed by the parties, which is expected to close by February 28, 2023.
Sona Nanotech Inc. is a nanotechnology life sciences firm that has developed multiple proprietary methods for the manufacture of various types of gold nanoparticles.
Sona Nanotech Inc. was down 12.50 per cent, trading at $0.105 at 12:13 ET.