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Sona Nanotech Inc. (CSE: SONA,OTC:SNANF) (OTCQB: SNANF) (the "Company" or "Sona") announces that it has elevated Dr. Kulbir Singh to be the Company's Chief Technology Officer. The Company also announces its annual stock option grant, consisting of the grant of 2,375,000 incentive stock options under the Company's Stock Option Plan ("Option Plan"), of which 2,070,000 have been granted to Directors and Officers. Each option is exercisable into one common share at a price of $0.35 per share and will vest at the rate of 25% every six months. The options will expire five years from the date of grant. All other terms and conditions of the options are in accordance with the terms of the Company's Option Plan.
Sona CEO David Regan commented, "Dr. Singh's appointment as Chief Technology Officer recognizes his leadership in advancing Sona's THT delivery system and the critical role he plays in moving our technology toward commercialization. As a co-founder of the Company and co-inventor of Sona's core patented technology, he brings deep technical expertise and a longstanding commitment to Sona. His work is particularly important as we optimize the delivery system for Sona's THT cancer therapy in preparation for the next phase of our clinical program. We look forward to providing the market with an update on that program soon."
"The annual stock option grant aligns our team with shareholders and rewards the sustained effort required to advance Sona's technology. Stock options remain the sole compensation provided to our directors, preserving cash to be used to advance our clinical progress."
About Sona Nanotech Inc.
Sona Nanotech is developing Targeted Hyperthermia™, a photothermal cancer therapy, that uses therapeutic heat to treat solid cancer tumors. The heat is delivered to tumors by infrared light that is absorbed by Sona's gold nanorods in the tumor and re-emitted as heat. Therapeutic heat (42-48°C) stimulates the immune system, shrinks tumors, inactivates cancer stem cells, and increases tumor perfusion, an approach aligned with the melanoma research community's active focus on converting immunogenically 'cold' tumors, which resist immunotherapy, into 'hot' tumors that the immune system can recognize and attack, thus enabling drugs to reach all tumor compartments more effectively. Targeted Hyperthermia promises to be safe, effective, minimally invasive, competitive in cost, and a valuable adjunct to drug therapy and other cancer treatments.
Sona has developed multiple proprietary methods for the manufacture of gold nanoparticles which it uses for the development of both cancer therapies and diagnostic testing platforms. Sona Nanotech's gold nanorod particles are cetyltrimethylammonium ("CTAB") free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including statements regarding the anticipated applications and potential opportunities of Targeted Hyperthermia Therapy; impact and effectiveness of Sona's THT cancer treatment; the timing and receipt of expected positive histological results supporting first-in-man treatment results obtained to date, including the anticipated design, conduct, and outcomes of the IGNITE-THT and PRIME-THT clinical studies; potential future applications of Sona's THT cancer treatment, including the estimated addressable patient population for early-stage melanoma; the timing and completion of Sona's proposed Canadian pilot study and Sona's preclinical and clinical study plans and the potential market impacts of such studies. Forward-looking statements are necessarily based upon a number of assumptions or estimates that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be able to secure the remaining required regulatory approvals for its clinical trials, including the ITA; enroll study participants in a timely manner, successfully obtain sufficient clinical and other data to submit regulatory submissions, raise sufficient additional capital, secure patents or develop the envisioned therapy, the risk that THT may not prove to have the benefits currently reported and anticipated, and general economic, market, competitive and business conditions . There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and Sona disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Sona Nanotech Inc.
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