This is far from over. Read the release. Oversold and panic selling at the open IMO
Emergency use authorization denied in US, "AT THIS TIME" is not a priority!!
No comment on performance(you can bet they would have commented had the performance been bad"
Health Canada continues evaluation.
The US would rather approve a company in the US rather than Canada. SONA is a Canadian company and Health Canada could easily approve this or the FDA can still authorize this as a non emergency use.,
"Sona Nanotech Inc.'s request for an emergency use authorization (EUA) for the marketing of its rapid COVID-19 antigen test in the United States is not a priority and consequently such authorization will not be issued at this time. The FDA cited current EUA request prioritization criteria as including "the public health need for the product" and did not comment on the performance of the Sona test.
Health Canada continues its evaluation of the Company's application for an Interim Order ("IO") authorization for its test as a 'point-of-care' medical diagnostic device. The Company yesterday received additional questions on its application. Also, Health Canada has submitted the Company's tests to the Public Health Agency of Canada's National Microbiology Laboratory for evaluation, which is ongoing.
Sona has already sold tests to Canadian companies under 'research use only' labelling. "