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Sona Develops the Next Generation of Gold Nanorods

Sona Develops the Next Generation of Gold Nanorods
Written by
Marc Zerbola Challande
Marc Zerbola Challande
Published on
March 20, 2023
Read time
3
 min read

Sona Nanotech (CSE: SONA, OTC: SNANF) results from an idea formed in a small university laboratory that turned into a globally distributed product range. The company aims to make gold nanorods without cytotoxin CTAB to enable gold to be used in-vivo. Over the last two months, Sona received technology assessment results from NCL and also managed to raise financing to keep on doing operations. 

Sona Nanotech Ltd. - Crunchbase Company Profile & Funding

What are Gold Nanorods and Cytotoxins? 

Gold nanorods (GNRs) are tiny particles with properties that make them useful in a variety of applications, including diagnostics, optical biomedical imaging, and photothermal therapies, to name a few. Modifying their length and width can change their surface plasmon resonance (SPR) frequencies. Cetyltrimethylammonium bromide (CTAB), a cytotoxic, cationic surfactant employed only in the large-scale synthesis of GNRs, is one of the main obstacles to the usage of GNR-based materials, particularly for in-vivo applications like hyperthermal cancer treatment. By making tiny holes in the membranes of the afflicted cells and depriving them of energy, CTAB assaults and kills cells in the body in two different ways, each of which results in the death of the affected cell.

Company Overview

The Sona tale is one of the people, passion, and tenacity as it grows from an idea conceived in a tiny university laboratory to a line of products sold all over the world.
Dr. Gerard Marangoni, a professor of chemistry at St. Francis Xavier University, initiated a study on gold nanorods in 2013 because he was curious as to why they weren't being employed more frequently. After months of trying various techniques and substances, the team ultimately achieved their "eureka" moment and created gold nanorods free of CTAB.
Sona is the Hindi word for gold, and Sona Nanotech was born at that time. After Sona's founding, years of arduous labor were put into honing the procedure and developing the capacity to manufacture vast quantities of high-quality gold nanorods.

Sona got their gold nanorod nanoparticles results from the National Cancer Institute's Nanotechnology Characterization Laboratory. As a result of the results, it is anticipated that gold nanorod nanoparticles will be compatible with Siva's targeted hyperthermia therapy when used in vivo. Eliminating the possibility of endotoxins in the material was essential for enabling our continued collaboration as we made preparations for clinical trials.

Sona Nanotech - Next generation gold nanorods : Sona Nanotech

Gold nanorods that have been synthesized and stabilized without CTAB are obviously a safer alternative. The fact that such a particle is commercially available today is astonishing. This could be a very important step forward for a number of promising clinical methods.
Dr. Catherine J. Murphy


The company acquired Siva Therapeutics to continue its growth. Siva is the owner of two patents that enable the in vivo delivery of a thermal therapy that is intended to treat cancers more effectively than chemotherapy, less destructively than radiation, and without the hazards of surgery. 

"We are thrilled to be combining with the Siva team, given their traction in developing a practical and powerful therapy that leverages the key attributes of Sona's gold nanorods to potentially improve the lives of people living with cancer. This transaction provides for tremendous alignment of interests for the success of the further Targeted Hyperthermia Therapy trials planned for 2023 which will first address colorectal cancer, the second most mortal cancer worldwide, providing Sona with a more diversified portfolio as part of our push to build shareholder value." 
 David Regan, Chief Executive Officer of Sona.

Share Structure / Financials

The company’s last financial statements occurred for the period ending October 31, 2022, but this data changed because of the recent financing and Siva Therapeutics acquisition. 

The company had $155K in cash for $420k in liabilities. The most considerable expense for Sona was salaries and benefits, topping $1M, which represented ⅓ of the company’s expenses. 

Regarding the share structure, the company has 69M shares issued and outstanding, 3.9M options at $1.2, and 1.1M warrants at $1.25. The stock price is too low to exercise both of them. 

Sona Nanotech receives CE Mark approval for its Rapid COVID-19 Antigen Test  - NewsnReleases

On February 24, the company closed its $1.1M financing. Sona issued 11M shares at $0.10. The net proceeds of the funding will be used for corporate development and general working capital purposes. 

The company also acquired Siva Therapeutics by taking all of Siva's issued and outstanding common shares with a total consideration of US $2M, plus an additional US $6.65M if several conditions are met by January 31, 2025. 

The stock price trades at $0.17 (March 14, 2022). The stock price had broad fluctuations over the last 52 weeks. The lowest the stock price bottomed at is $0.06, and the highest occurred 50 weeks ago when it was trading around $0.30.

Bottom Line

Sona Nanotech (CSE: SONA, OTC: SNANF) is onto something disruptive. By removing cytotoxins CTAB, applications are multiple. The company acquired Siva Therapeutics, giving it more resources, and closed a financing to maintain its operations. The company needs several other landmarks to boost its market cap, but Sona is in the right direction. 

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