- Sona Nanotech (SONA) is planning to raise up to C$2 million to support the development of its rapid COVID-19 antigen test
- The company intends to issue 2 million units at a price of $1.00 each, consisting of one common share and one-half of a share purchase warrant
- Each whole warrant will be exercisable at a price of $1.25 per share for a period of 24 months
- In addition to the financing, the company has appointed Obelis SA to complete the CE Marking process for its In-Vitro Diagnostic Devices in the European Union
- Sona Nanotech is currently down 2.94 per cent to $0.99 per share
Sona Nanotech (SONA) is planning to raise up to C$2 million to support the development of its rapid COVID-19 antigen test.
Under the terms of the financing, the Halifax-based diagnostic test developer intends to issue 2 million units at a price of $1.00 each. These units will be comprised of one common share in Sona Nanotech as well as one-half of a common share purchase warrant.
Each whole warrant will be exercisable at a price of $1.25 per share for a period of 24 months from the date of issuance.
According to today’s release, the proceeds will be used primarily to produce further clinical trial data for its rapid COVID-19 antigen nasal pharyngeal test and to pursue additional clinical trial validation work for a saliva-based version of the test.
A portion of the funds will also be used to pursue a European regulatory self-certification CE Mark declaration, for which Obelis SA has been appointed to complete.
Since 1988, Obelis – a regulatory and compliance consulting service provider – has helped more than 3,000 manufacturers from over 60 countries to introduce their products to the European market.
Sona Nanotech will now work with Obelis – as an authorised representative – to compile the necessary technical documentation to show that the company’s In-Vitro Diagnostic Devices meet the necessary CE Marking requirements.
Sona Nanotech also said it will work with its contracted manufacturer to complete its technology transfer batch production runs.
Using a pregnancy-type lateral flow test that eliminates the need for laboratory equipment or specially-trained health professionals, the company’s rapid COVID-19 antigen test is capable of producing results in as little as 15 minutes.
Sona Nanotech is currently down 2.94 per cent to $0.99 per share at 12:13pm EST.