Sona Nanotech Inc., - CEO, Darren Rowles
CEO, Darren Rowles
Source: Inkwood Research
  • Sona Nanotech has progressed its COVID-19 antigen test past its feasibility and prototype development, and into the optimisation phase
  • The company has enlisted two third-party laboratories to assess the test’s sensitivity and specificity in identifying COVID-19 antigens
  • Sona recently contracted a North American manufacturer, to ensure that it can meet pre-order demand in the region
  • In related news, Sona received approval to list on the OTCQB under the stock ticker “SNANF” and began trading on April 13
  • Sona Nanotech (SONA) is up 2.12 per cent, with shares trading for $1.93 and a market cap of $116.28 million

Life sciences firm, Sona Nanotech (CSE:SONA) has reached some significant milestones in the development of its COVID-19 antigen test.

Sona’s test has progressed past the feasibility and prototype phases, and is now entering the test’s optimisation phase. The company has enlisted two third-party laboratories to assess the test’s sensitivity and specificity in identifying COVID-19 related antigens.

Thus far, Sona has already accepted three million pre-orders for the test kits. As such, the company is rapidly arranging distribution and manufacturing agreements to meet demand.

On top of its pre-arranged European distribution deal, Sona recently signed a memorandum of understanding with a North American contract manufacturer. The deal ensures that Sona can meet the heightened demand for the tests in North America. The pandemic is currently running rampant in the United States, which now has the most COVID-19 related deaths.

The test purportedly identifies COVDID-19 antigens, caused by the patient’s immune response. A test like this could shine light on those who have had low-symptom or asymptomatic cases of the virus. It could also provide more detailed information on COVID-19’s actual infection rate.

Darren Rowles, CEO of Sona Nanotech, quelled concerns about competing antigen testing kits that have recently hit the market.

“In recent weeks, many antibody detecting tests have entered the market, generating concerns over performance and applicability.

“These serological tests detect IgG and IgM antibodies, which are not necessarily unique to the SARS-CoV-2 virus. They should not be used as a predictor for immunity against COVID-19. Sona is dedicated to getting an antigen test in the field as quickly as possible, but not at the expense of accuracy or quality,” he said.

Since Canada starting feeling the pandemic’s effects around February, the company’s market share has risen more than 800 per cent.

In related stocks news, the company has gained approval for listing on the OTCQB under the stock ticker “SNANF”. Sona began trading on April 13.

Sona Nanotech (SONA) is up 2.12 per cent, with shares trading for $1.93 at 10:03am EST. 

More From The Market Online
The Market Online Video

Emerging opportunity in a growing, high-value dermatological market

Kane Biotech (TSXV:KNE) engages in the development and commercialization of products that prevent and remove microbial biofilms.

Cannabis stock jumps on news its products are coming to Canada

Ovation Science Inc. (CSE:OVAT) signs an exclusive licensing agreement for its products in Canada with Ripco Processing Inc.