Sona Nanotech Finalizing Submission to Health Canada and FDA for the Fastest COVID-19 Test kit


Recent News

Shades of Bureaucracy — Differences between the FDA and Health Canada
  • Sona Nanotech recently received confirmation from an independent laboratory that its test achieved a positive response to a recombinant whole spike protein control reagent specific to SARS-CoV2 and matched the limit of detection (LOD) achieved in its own labs.
  • In-house analytical testing has indicated a very high level of specificity to COVID-19, with no false positives being generated.
  • The Company has further acted on results generated from testing laboratories regarding the test design, which have been implemented in its laboratory.

The Company continues to work with regulators in anticipation of finalizing a submission to Health Canada for approval and making its formal submission to the FDA for the granting of an emergency use authorization (EUA). Once approved by regulators, the Company expects to begin accepting deposits for sales and commence manufacturing. (News)

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Why SONA is undervalued

Sona Nanotech Limited Delivering Innovative Treatment Tools to ...
  • SONA’s kit can produce results in 5-15 minutes and has quoted kits costing less than $50 CAD and likely will cost even less with larger bulk orders.
  • Current kit orders already sitting at $2 million through an LOI with Europe, Conservative bulk pricing of $27 then this would give the company revenues of $54M.
  • The federal government have mentioned ramping up testing 3 times the current numbers. (predicted revenues around $100 million conservatively)
  • Management mentioned ramping up production capacity to 1 million kits per week.
  • Estimated revenues around $200 million in the next two months.

Sona Nanotechnologies’ Market cap as of today: $103 million

Lateral Flow Diagnostic Applications

About Sona Nanotech Inc.

Sona Nanotech Inc. 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’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’s gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, pending the approval of various regulatory boards including Health Canada and the FDA.

Candlr is not paid to share this article by the company, candlr does not own any shares and does not plan to take position in the next 72 hours.

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