Sernova Closes $5.2 Million Over-Subscribed Non-Brokered, Private Placement

(TheNewswire)

LONDON, ONTARIO – TheNewswire - September 4, 2024 -Sernova Corp. SVA (OTCQB: SEOVF) (FSE: PSH) is pleased to announce that it hasclosed its non-brokered, private placement in the amount over $5.2million, which includes over-subscriptions ofmore than $1.2 million.  

All securities issued pursuant to the private placementare subject to a hold period of four months under applicableprovincial securities laws in Canada. The private placement wasannounced on August 20, 2024, and closed on September 3, 2024.

On Thursday September 12 at the 2024 EASD AnnualMeeting in Madrid, Spain, Sernova’s principal clinical studyinvestigator will provide an update on recent data generated from itsphase I/II clinical study of Cell Pouch™ containing human donorislets for the treatment of type 1 diabetes.

This news release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in theUnited States. The securities have not been and will not be registeredunder the United States Securities Act of 1933, as amended (the“U.S. Securities Act”) or any state securities laws and may not beoffered or sold within the United States unless registered under theU.S. Securities Act and applicable state securities laws or anexemption from such registration is available.

ABOUT SERNOVA AND ITS CELL POUCHSYSTEM PLATFORM FOR CELL THERAPY

Sernova Corp. is a clinical-stage biotechnology companythat is developing therapeutic cell technologies for chronic diseases,including insulin-dependent diabetes and thyroid disease. Sernova iscurrently focused on developing a ‘functional cure’ forinsulin-dependent diabetes with its lead technology, the Cell PouchSystem, a novel implantable and scalable medical device with immuneprotected therapeutic cells.

On implantation, The Cell Pouch forms a natural,vascularized tissue environment in the body allowing long- termsurvival and function of therapeutic cells that release essentialfactors that are absent or deficient in patients with certain chronicdiseases. Sernova’s Cell Pouch System has demonstrated its potentialto be a ‘functional cure’ for people with T1D in an ongoing Phase1/2 clinical study at the University of Chicago.

Sernova is collaborating with Evotec to develop an implantableoff-the-shelf iPSC (induced pluripotent stem cells) based isletreplacement therapy. This partnership is expected to provide Sernova apotentially unlimited supply of insulin-producing cells to treatmillions of patients with insulin-dependent diabetes (type 1 and type2). Sernova’s Cell Pouch System development pipeline also includes acell therapy for hypothyroid disease resulting from thyroid glandremoval, and an ex vivo lentiviral Factor VIII gene therapy forhemophilia A.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Christopher Barnes

VP Investor Relations

Sernova Corp.

Tel: +1 519-902-7923

Email: christopher.barnes@sernova.com  

Website: www.sernova.com

The TSX has notreviewed this news release and does not accept responsibility for theaccuracy or adequacy of this news release.

FORWARD-LOOKING INFORMATION

This release contains statements that, to the extentthey are not recitations of historical facts, may constitute“forward-looking statements” that involve various risks,uncertainties, and assumptions, including, without limitation,statements regarding the prospects, plans, and objectives of thecompany. Wherever possible, but not always, words such as"expects", "plans", "anticipates","believes", "intends", "estimates","projects", "potential for" and similarexpressions, or that events or conditions "will","would", "may", "could" or"should" occur are used to identify forward-lookingstatements. These statements reflect management’s beliefs withrespect to future events and are based on information currentlyavailable to management on the date such statements were made. Manyfactors could cause Sernova’s actual results, performances orachievements to not be as anticipated, estimated or intended or todiffer materially from those expressed or implied by theforward-looking statements contained in this news release. Suchfactors could include, but are not limited to, the company’s abilityto secure additional financing and/or licensing arrangements onreasonable terms, or at all; conduct all required preclinical andclinical studies for the company’s Cell Pouch System and or relatedtechnologies, including the timing and results of those trials; obtainall necessary regulatory approvals, or on a timely basis; in-licenseadditional complementary technologies; execute its business strategyand successfully compete in the market; and the inherent risksassociated with the development of biotechnology combination productsgenerally. Many of the factors are beyond our control, including thosecaused by, related to, or impacted by the novel coronavirus pandemic.Investors should consult the company’s quarterly and annual filingsavailable on www.sedarplus.ca for additional information on risks anduncertainties relating to the forward-looking statements. Sernovaexpressly disclaims any intention or obligation to update or reviseany forward-looking statements, whether as a result of newinformation, future events or otherwise.

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