Collaboration with Major European Lateral Flow Test Developer and Sona Nanotech Inc.

Sona Nanotech Inc. (CSE: SONA) has signed a collaboration agreement with one of Europe’s largest lateral flow test developers, who will integrate Sona’s nanorod technology into their market-established lateral flow assays.

Operon SA, based in Zaragoza, Spain, produces a range of rapid diagnostic test and molecular diagnostic products, which it exports to more than 50 countries.

Operon and Sona have agreed to work together to improve the performance of Operon’s currently in-market lateral flow tests to help further establish their market share in the infectious disease arena.

If the feasibility study is successful, further development will take place with the expectation to launch products into the market in the first half of 2020.

Sona CEO Darren Rowles said: “Sona Nanotech is growing its presence in the lateral flow market, and this agreement with one of the largest and most respected developers in Europe demonstrates the scale of our ambition. We are confident that Sona’s unique gold nanorods will improve the performance of Operon’s tests while remaining cost-competitive, allowing expansion of their market share in this multi-billion-dollar market segment*. I am confident this collaboration is just the start of a long and productive relationship between our companies.”

Tomas Toribio, MD of Operon, said: “Operon is always looking for new innovations that will improve the performance of our diagnostic tests and provide a more cost-effective offer for our customers. Sona’s gold nanorods are a unique and impressive technology and we look forward to working together to maximise their potential in our lateral flow assays.”

* Source: https://www.prnewswire.com/news-releases/global-lateral-flow-assay-market-is-projected-to-reach-usd-8-7-billion-by-2023-from-usd-6-0-billion-in-2018-growing-at-a-cagr-of-7-7-from-2018-to-2023–300754197.html

About Sona Nanotech Inc.

Sona Nanotech Inc. is a nanotechnology life sciences firm that has developed two proprietary methods for the manufacture of rod-shaped gold nanoparticles. The principal business carried out and intended to be continued by Sona is the development and application of its proprietary technology 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.

Sona is a publicly listed company on the Canadian Securities Exchange existing under the laws of Nova Scotia, with its operations in Nova Scotia.

About Operon

Operon has been developing, manufacturing and selling lateral flow tests to the global market for more than 26 years. Its main product lines are:

• Raw Materials: monoclonal antibodies and recombinant antigens.
• Immunocromatography: rapid lateral flow tests.
• Molecular Diagnostic tests: Opegen and OligoGen.
• Customized services: contract manufacturing of lateral flow tests and raw materials.

For More Information
For more information about Sona, please contact:
Darren Rowles
President and Chief Executive Officer
Telephone: (902) 442-7192
Email: Darren Rowles darren@sonanano.com

FORWARD LOOKING INFORMATION

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Source: www.newsfilecorp.com