RE:⚡Sona terminates licensing agreement for its COVID-19 I guess at this point we can pretty much say SONA is a write off. Their concussion and bovine stuff is likely far off in the future. Too bad it did not even recover enough to sell it for a small loss. Tomorrow will be a disaster presumably -- if you can say that about a 16 cent stock. And to think it actually hit $16 at one time. What a false vision that was. So much for their technology.
Siberia wrote:
Sona Nanotech terminates licensing agreement for its COVID-19 rapid saliva test . Read more at: https://seekingalpha.com/news/3841220-sona-nanotech-terminates-licensing-agreement-for-its-covid-19-rapid-saliva-test
Sona Provides Corporate Update
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated April 9, 2021 to its short form base prospectus dated March 31, 2021
Halifax, Nova Scotia--(Newsfile Corp. - May 19, 2022) - Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the "Company" or "Sona") announces the termination of its licensing agreement with Arlington Scientific for the Company's COVID-19 rapid saliva test following its analysis of data from two clinicial studies and consultations with the U.S. Food and Drug Administration ("FDA"). The studies included assessments of the test for both point-of-care ("POC") and for self-testing.
The test achieved sensitivity of 88% in a POC environment for patients with high enough viral loads to deem them contagious (ie. with RT-PCR cycle threshold ("Ct") counts below 30). The overall sensitivity measure, however, including all patients in the study, was 62%, below the required 80% threshold due to the relative number of patients enrolled in the study with Ct counts over 30. As a result, the test worked well with contagious subjects but not as well with subjects whose viral load was low. This study showed specificity of 94%. The self-test study generated overall sensitivity and specificity of 70% and 81%, respectively, whereas FDA guidelines call for a minimum specificity in the mid- to high 90's.
"Our novel COVID-19 saliva test produced strong results with contagious patients when administered by professionals, but due to a combination of deteriorating market dynamics and an FDA preference for over-the-counter testing options, the company will not be continuing with this program. While it is understood that Omicron presents first in saliva and therefore a logical test, saliva is an inherently tricky matrix as evidenced by the fact that no rapid saliva test has yet been approved by the FDA. We are disappointed in this outcome despite having achieved encouraging success with contagious patients," said David Regan, CEO, Sona Nanotech.
The Company will continue to focus its efforts on the development of its concussion and bovine tuberculosis rapid tests, as well as the development of its proprietary gold nanorod manufacturing technology. The Company is pleased to announce the initiation of a research and development study of this technology at Dr. Warren Chan's Integrated Nanotechnology & Biomedical Sciences Laboratory under the previously announced MOU with the University of Toronto. This study will examine the biocompatibility of Sona's proprietary, gold nanorod manufacturing processes which is expected to provide a foundation for further research into how Sona's technology can help to unlock new, medical nanotechnology applications.
The Company is also pleased to announce that the class action suit filed in the U.S. has been dismissed, with prejudice, and the deadline for filing an appeal has passed with no appeal filed.
Contact:
David Regan, CEO
1 902 536 1932
david@sonanano.com