Sona Nanontech Inc. (CSE: SONA) (OTC: LMTCF) is a life sciences company based out of Halifax, Nova Scotia that is currently working on a rapid screening test amidst the spread of COVID-19. On March 4th 2020, SONA announced that the company has partnered with GE Healthcare Life Sciences, a division of General Electric (NYSE: GE). In this partnership, GE Healthcare Life Sciences and Sona nanotech will jointly complete test developments of Sona Covid-19 rapid response and will use GE Healthcare Lifesciences’ Fast Flow High Performance Membrane (FFHP) in production of the test and SONA will retain all commercial right to the resulting test. CEO of SONA Mr. Darren Rowles stated "It is exciting to work with a best-in-class partner like GE Healthcare Life Sciences, drawing on their expertise and to use the new FFHP Membrane. With their help, we will be able to accelerate our work and hopefully bring this critical test to the market quicker." Its not very often we see a large player such as GE partner with a CSE listed company and as such, this is one of the reasons we think investors should pay attention to Sona Nanotech.
Furthermore, SONA announced a corporate update in regards to the company’s recent activities pertaining to SONA Covid-19 later flow test. The corporate update specifies that the company new test to measure coronavirus is currently underway in three countries including Canada, UK and Germany, a country which expect 70% of its citizens may contract Covid-19. According to the company’s press release, SONA is currently in discussions with contract manufacturers, OEM manufactures, sales and distribution partners and field test partners and SONA expects to provide the market with an update on its sales channels in the near future however the company expects to have a working prototype for the coronavirus rapid response test in the coming weeks.
We previously highlighted Algernon Pharmaceuticals (CSE: AGN) (OTCQB: AGNPF) in a previous article titled “Shares of Algernon Pharmaceuticals Rocket on Coronavirus Outbreak”. In our article we focused on the operations of AGN as the company works on the Company’s repurposed drug NP-120 (Ifenprodil) for treatment and prevention of acute lung injury (ALI) which is associated to infections of coronavirus. On March 13th 2020, AGN announced that the company has filed a pre-IND (Investigational New Drug) meeting request with the U.S Food & Drug Administration (FDA). The company decided to file the pre-IND with the FDA after it was found that an independent study showed the use of Ifenprodil significantly reduced acute lung injury and increased the survivability by 40% in mice who were infected with Asian H5N1. The CEO of Algernon Mr. Moreau stated “This is a very important step for the Company as we move forward on our strong belief, based on the data, that NP-120 (Ifenprodil) may be an effective treatment for coronavirus (COVID-19),”. The company is hopeful on an expedited response from the FDA and will update the market in regard to the pre-IND application.
Additionally, AGN also announced on March 13th 2020, that the company has contacted the Bill and Melinda Gates Foundation for funding under the $125 million pledge for COVID-19 Accelerator program which was recently announced by the foundation on March 10th 2020. Mr. Moreau CEO of AGN was quoted “Since NP-120 Ifenprodil has a known safety history, it can move into a clinical trial on an immediate basis”. Mr. Moreau further stated “This is one of the benefits of investigating an older drug that has a known safety history, for new diseases”. We expect AGN will provide many more updates in regards to the pre-IND application with the FDA along with developments to the funding opportunities through the COVID-19 Accelerator Program with the Bill and Melinda Gates Foundation.
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