8:00 pm Pacific
SONA Rapid Response COVID-19 Test
Is Getting Rapid Response From Multiple Parties
Just a day after another G-20 country committed to the purchase of 2 million test kits, Canada’s federal government got hugely behind Sona Nanotech’s (SONA, CSE) Rapid Response Lateral Flow Test for COVID-19 today.
SONA received a $4.1 million grant from NGen, Canada’s advanced manufacturing supercluster, to develop and commercialize this unique test which will work anywhere without a technician (one of its major selling points, in addition to its accuracy and delivery of near-instant results). This non-repayable grant will be used to immediately accelerate the development of the prototype, in its final stages of optimization, and scale manufacturing capabilities.
“NGen is excited to support Sona Nanotech’s efforts to get a point-of-care test for COVID-19 in the hands of Canadian medical authorities as soon as possible,” stated Jay Myers, CEO of NGen. He added, “Sona’s proprietary and unique Gold nanorod technology enables a rapid-response antigen test that has the potential to significantly reduce the time to results for COVID-19 diagnosis and, ultimately, save lives.”
With $4.1 million going toward SONA from the feds as part of the government’s overall response to the pandemic crisis, and Myers’ comment about getting the test “in the hands of Canadian medical authorities as soon as possible,” the company now has 2 G-20 countries lined up for major orders with more on the way.
Advanced discussions continue with multiple procurement departments of government health agencies around the world. Meanwhile, SONA is also nailing down more manufacturing contracts (after the first one announced yesterday) as part of its multi-pronged global sales and delivery strategy (GE is helping with this). SONA is targeting manufacturers with the capability to push out multi-million units per month, and those manufacturers have some big ideas themselves.
“Your Ticket To Entry”
SONA is looking at a massive market, well beyond what company officials even envisioned just weeks ago.
Check out, for example, today’s news from one of our favourite Copper mining companies, Ero Copper (ERO, TSX).
Ero, which has not yet experienced any disruptions at its operations in Brazil, says it has ordered 3,000 COVID-19 test kits to monitor employees, while it will also be donating some of those kits to local municipalities to facilitate rapid testing.
This pandemic has changed the world in so many respects. Even when life returns to some semblance of normalcy, screening for COVID-19 or other viruses could easily become part of everyday life in certain settings including of course the workplace.
Click on the arrow to listen to the 2nd part of Jon’s interview with SONA director Jim Megann:
Jim Megann, SONA Director and Managing Director of Numus Financial.
Note: John and Jon hold share positions in SONA.
Every mining camp , logging camp , airport…. being able to self test SONA sure seems to becoming leader of the pack…
Comment by Silverhook — March 31, 2020 @ 8:36 pm
http://entrevestor.com/ac/blog/ngen-grants-sona-nano-4.1m
Comment by Foz1971 — April 1, 2020 @ 5:08 am
G6 (GGG) news:
https://www.thenewswire.com/press-releases/1knDFZqW1-g6-materials-corp-develops-disinfection-products-to-fight-the-spread-of-covid-19.html
Comment by Foz1971 — April 1, 2020 @ 6:07 am
Excellent Foz1971, thanks for posting. Nice to see good news first thing in the morning.
Comment by Danny — April 1, 2020 @ 6:38 am
No prob Danny. Nice to see GGG back up after yesterday’s action.
Comment by Foz1971 — April 1, 2020 @ 6:55 am
Little surprise in the share price non action this morning given the news of a grant yesterday, plus of course speculation of a deal with Canada. Maybe most investors think the original 2 million units are destined for Canada.
Comment by Dan1 — April 1, 2020 @ 7:53 am
The realties of the math are going to sink in for investors soon enough, Dan1, especially once the final prototype is announced in the coming days and more deals are completed…SONA is on the fast track to incredible revenues in such a short period of time, and of course it’s all 100% Sona…no revenue or profit sharing with GE, Native Antigen Co. or Bond Digital Health…strong margins on the product…the fundamentals are powerful…
Comment by Jon -BMR — April 1, 2020 @ 8:27 am
Jon, no revenue sharing with any other company? Why would GE get involved if that was the case?
Comment by Dan1 — April 1, 2020 @ 8:32 am
GE is making money on the consumables part, but smart negotiating by SONA…of course maybe GE buys them out down the road?…big money to be made by SONA, the numbers we’re crunching are eye-popping…
Comment by Jon - BMR — April 1, 2020 @ 8:51 am
Thanks Jon. Makes sense. Sona
Comment by Dan1 — April 1, 2020 @ 8:55 am
Added again at $1.10 – Sona
Comment by Dan1 — April 1, 2020 @ 8:55 am
Care to extrapolate out loud Jon?
Comment by DJD1 — April 1, 2020 @ 9:03 am
We’ll have an update tonite, DJD1…rest assured they justify a share price FAR higher than what we see now…
Comment by Jon - BMR — April 1, 2020 @ 9:14 am
Can you say multiple $$$ for Sona…….https://pm.gc.ca/en/news/backgrounders/2020/03/31/partnerships-canadian-industry-fight-covid-19-pandemic
Comment by Dan1 — April 1, 2020 @ 4:47 pm
We’ve been running the numbers and the possibilities, Dan1, multiple $$$ is correct…more tonite…
Comment by Jon - BMR — April 1, 2020 @ 4:54 pm
Dan1 the last sentence at the bottom talking about Sona’s test is a doozie!
“If successful, the project will yield 20,000 test kits available per week, with the potential to scale-up to 1 million test kits per week, while keeping costs within range of other comparable infectious-disease screening protocols”.
So my understanding is that is just Canada alone.
Ended up buying back the trading portion of my position in Sona @ 1.20 after letting it go yesterday for .10 cents cheaper. I think I may be glad I did.
Comment by DBReese — April 1, 2020 @ 5:34 pm
Yes, DBReese, global manufacturing #s will really take this over the top…
Comment by Jon - BMR — April 1, 2020 @ 6:20 pm
I’d say 10 cents not going to matter DBReese if millions and millions of kits are sold. And yes, this is just Canada! Can you imagine when other countries come on board.
Comment by Dan1 — April 1, 2020 @ 6:21 pm
Exactly. If it scales up to 1,000,000 a week in Canada alone? x the G20 and who knows what other countries will want it? Looking forward to your jaw dropping projections Jon.
Comment by DBReese — April 1, 2020 @ 7:28 pm