Halifax, Nova Scotia--(Newsfile Corp. - November 22, 2018) - Sona Nanotech Inc. (CSE: SONA) has relocated its laboratory facilities to Halifax as it seeks to capitalise on recent business success and further expand its business in the diagnostics market.
Following a period of recent growth, the company agreed a three-year lease with Innovacorp on October 1 for space at the Technology Innovation Centre on Research Drive.
Previously, Sona's laboratory operations had been based at Saint Francis Xavier University in Antigonish, where the company was originally founded in 2014.
The recent signing of a global distribution agreement and collaborations with industry-leading businesses has led to increased demand for Sona's products and services. Sona's move to larger premises ensures customers' requirements are met while allowing continued business growth and new product development.
Sona's full staff began moving into the Centre this week after several weeks of work to outfit the new facility with state-of-the-art laboratory equipment.
The move was funded in part from a loan from the Atlantic Canada Opportunities Agency (ACOA), which was provided to Sona in May this year (2018).
Sona CEO Darren Rowles said: "This move represents a significant step towards realising our strategic plans through to 2020. Sona has achieved some incredible successes in recent months, including signing several exciting new partnerships and distribution agreements. To keep up with the growing demand for our products and services it was clear we needed larger premises to increase our manufacturing and distribution capacity to support long term growth. Innovacorp's Technology Innovation Centre fit our needs perfectly; the space is flexible and scalable, and the Centre's location, close to the airport and other transport links, is ideal for distributing our products globally. This will provide us with an excellent space in which to develop new and innovative products for the diagnostic and healthcare markets and a base from which to continue our growth as a strong, successful and sustainable business."
Michael Kabalen, Manager, Properties & Incubation for Innovacorp, said: "We are delighted to welcome Sona Nanotech to Innovacorp's Technology Innovation Centre. Sona is an innovative tech company with a unique offering and we have been watching its development with keen interest. We look forward to helping take Sona's business to the next level."
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.
Innovacorp is Nova Scotia's early stage venture capital organization. It works to find, fund and foster innovative Nova Scotia start-ups that strive to change the world. Target industries include information technology, life sciences, clean technology and ocean technology. In addition to risk capital, Innovacorp gives entrepreneurs access to world-class incubation facilities, expert advice and other support to help accelerate their companies.
For More Information
For more information about Sona, please contact:
President and Chief Executive Officer
Telephone: (902) 442-7192
Email: Darren Rowles [email protected]
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the Amalgamation (including the structure of the Amalgamation), the Amalgamation (including shareholder approval, shareholder support, and other terms), the Private Placement (including its completion and the use of proceeds from the Private Placement), the directors and management of the resulting issuer upon completion of the Amalgamation, and the implementation of Sona's business plan. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
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