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Sona Engages Sports Marketing Partner to Secure Concussion Test Development Partner

8:16 am ET August 31, 2020 (Newsfile) Print

Halifax, Nova Scotia--(Newsfile Corp. - August 31, 2020) - Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company"), a developer of rapid, point-of-care diagnostic tests, announced today it has engaged Bonham/Wills & Associates ("Bonham/Wills"), a leading sports consulting firm, to assist in securing test development sponsorship partners for its next rapid-response test R&D project, leveraging the Company's proprietary gold nanorod technology. Bonham/Wills is tasked with identifying partners to participate in the development of a prototype and eventual field validation for a test for mild-traumatic brain injury ("mTBI"), commonly referred to as concussion. Partners will be asked to support on-going test development, optimization, validation and field studies with a view to obtaining regulatory approval around the globe.

The Sona concussion test will detect the presence of GFAP, (Glial fibrillary acidic protein), a biological marker associated with concussions, typically released into the blood stream within minutes of an impact to the head. GFAP appears at trace amounts within minutes following a head impact, and the ability of Sona's proprietary gold nanorod technology to detect biomarkers at very low levels is ideally suited for such a test. GFAP has been approved by the Federal Drug Authority ("FDA") as an effective indicator that may lead to a patient to suffer a concussion. Sona expects this test will be in the form of a lateral-flow assay, similar to its COVID19 rapid antigen test and will be designed to be administered in-field within a few minutes of a causality event, without the need for laboratory equipment or medical expertise.

Darren Rowles, Sona Nanotech's Chief Scientific Officer commented, "Our goal is to develop a test that will provide immediate diagnosis at the scene of a possible concussion, that is both quicker and more definitive than the current subjective cognitive tests relied upon to assess for a concussion. The ability of Sona's gold nanorod technology to detect biomarkers at very low levels, combined with the knowledge gained from our recent accelerated test development process for COVID-19, will be leveraged with a view to make this goal a reality."

Thomas Wills, President of Bonham/Wills added, "We are excited to be a part of such an innovative project. Developing a field test for concussion is a critical issue for many of the world's leading sports leagues and we are confident many organizations will be significantly interested in assisting Sona to develop this test. Involving national leagues and teams at this stage of development is an innovative approach to sponsorship, and will help to ensure that product development is aligned with its highest profile potential users and customers. Further, the development of rapid-response concussion protocols will be beneficial to the growth of both amateur and professional sports, alike."

An estimated 10 million concussions occur each year globally, with 2.9 million/year in the US alone, including 837,000 incidents involving children. Sona's concussion test is ready to enter the prototype development stage, however, industry standard timelines for a test to reach commercialization is estimated at 12-24 months, subject to regulatory approvals.

Also, last week the Company completed submissions to the FDA and Health Canada for authorizations for its COVID-19 rapid, antigen test, including responding to all follow-up questions received to date. The commercialization of its COVID-19 rapid, antigen test continues to be the top near-term priority for the Company.

Investor Relations Contact:

604 684 6730 | 1 866 684 6730

arlen@kincommunications.com

For more information about Sona, please contact:

David Regan

Chief Executive Officer

Telephone: (902) 448-1416

About Bonham Wills & Associates

Bonham Wills & Associates is a global sport and entertainment evaluation, consulting and research firm headquartered in Vancouver, Canada, with satellite offices in Las Vegas, Nevada and Halifax, Nova Scotia. With more than a quarter century of strategic insight obtained from analyzing a wide variety of high-profile properties, the Bonham/Wills team has earned a reputation for being experts in the consulting, evaluation, negotiation and research services they offer. Over the years, the Bonham/Wills team has valued more than $12 billion through our proprietary formulas. Furthermore, Dean Bonham, Bonham/Wills Partner, Chairman, and lead negotiator, has personally negotiated more than US $3 billion in partnerships.

Bonham Wills has previously placed over US $3 Billion in sport sponsorships including:

  • Naming rights and sponsorships for the O2 in London, the Honda Centre, PNC Park and over 150 other venues;
  • Identifying sponsorship and partnerships for teams and leagues including the NHL, NFL, MBA, Premier League, and, numerous colligate leagues; and
  • Aiding corporations in identifying, negotiating and evaluating over US $11 Billion in sport sponsorships including, the Ford Motor Company, Bank of America, Mastercard, FedEx and JP Morgan Chase.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions 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. 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. 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.

This news release contains forward-looking statements relating to the development of an mTBI lateral-flow test. The current mTBI proof of concept has only completed in-laboratory testing under controlled conditions. The test may not produce similar results in field conditions or with increased variable conditions. The reader can take no assurances that Sona will be able to successfully complete field testing or obtain regulatory approvals to allow Sona to sell or monetize this test.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62859

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