Sona Nanotech Covid Test Withdrawal.

If only they stayed with Anteotech!

In what is a major blow to shareholders of Sona Nanotech (CSE: SONA), the company this afternoon announced that it has withdrawn its rapid COVID-19 antigen application from Health Canada based on feedback it has received from the regulatory agency. The move is being conducted “in order to obtain more clinical data to augment its submission.”While the application for approval has been withdrawn, the company indicate that it will “continue to pursue approval” of the test from the agency, which is a nasal swab-type test. Sona is also reportedly continuing to validate its saliva-based version of the rapid test. Now, the company will be looking to conduct a large scale trial for this saliva-based test.Despite withdrawing its application for an interim order authorization from Health Canada for the marketing of its test, the company continued to state within the news release that it’s “COVID-19 antigen test offers results within 15 minutes.” The company also reiterated that testing has shown an agreement with RT-PCR tests 85% of the time, along with 96% sensitivity.Commenting on the withdrawn application, President and chief scientific officer Darren Rowles stated, “The regulatory approval path for antigen tests is new with evolving guidelines and Sona’s test is unique, creating a challenging environment for test developers and regulators alike.” He then followed up that statement by indicating the company is committed to obtaining the data required.A timeframe for the required data collection to proceed with Health Canada authorizations was not provided by the company. The company has indicated that it intends to resubmit its application as quickly as possibleSona Nanotech last traded at $3.11 on the CSE.

This what happens when you rush to market and regulators are not convinced of the product.
Sona currently down 67% to CAN$1.

Having the highly regarded Doherty Institute alongside ADO is an immense help.
Anteotech are not rushing and when its superior Covid -19 test hits the market. Look out for an amazing ride.
Coupled with the Ellume test, imo Anteotech will be well placed to be a major world supplier of Civid-19 Antigen Nasal and Saliva Rapid Test.