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Sona Nanotech Closes Acquisition of Siva Therapeutics, Plans For First Therapy Application for Colorectal Cancer
This news release constitutes a "designated news release" for the purposes of the Company's prosp...
About this update from Sona Nanotech, Inc.
[{"type":"text","content":"Sona Nanotech Closes Acquisition of Siva Therapeutics, Plans For First Therapy Application for Colorectal CancerThis news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated April 9, 2021 to its short form base prospectus dated March 31, 2021.Halifax, Nova Scotia--(Newsfile Corp. - March 23, 2023) -  Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the \"Company\" or \"Sona\") announces that it has closed its previously announced acquisition of Siva Therapeutics, Inc. (\"Siva\"). Pursuant to the share exchange agreement announced on January 26, 2023, Sona has issued 15,107,457 common shares in the Company to the shareholders of Siva, which were issued at the ten-day volume weighted average price for C$0.1824 per share, or US$2.0 million in total. As additional consideration, Sona may issue additional Performance Shares to the shareholders of Siva in up to four instalments for up to an additional US $6.65 million in Sona common shares, upon Siva achieving the four milestones, described in Sona's press release of January 26, 2023. David Regan, CEO of Sona, commented, \"By merging with Siva, Sona's primary goal now becomes developing Targeted Hyperthermia Therapy (\"THT\") to help increase the treatability of colorectal cancer and reduce the estimated 60,000 deaths that are projected to occur each year in North America. In so doing, there is a service obtainable market for THT for rectal cancer alone estimated to be US $2.1 billion. While this won't be quick or easy to achieve, doing so could save lives and improve the quality of life for thousands for people living with cancer.\"\"In Sona, we found the most stable, biocompatible and scalable gold nanorods available, and the recent analysis by the National Cancer Institute's Nanotechnology Characterization Laboratory (\"NCL\") gave us further confidence. We look forward to using those materials in THT first for rectal cancer in a minimally invasive outpatient procedure that addresses an underserved patient segment. With success, we'd look to then address head and neck cancer, esophageal cancer, prostate cancer, and bladder cancer, each of which has characteristics possibly making them suitable for THT.\" - Len Pagliaro, Ph.D., President and Chief Executive Officer of Siva.Sona will now work to progress the development ...