Sernova Corp. (“Sernova” or the “Corporation”) (TSX:SVA) (OTC:SEOVF) (FSE/XETRA:PSH), a clinical-stage regenerative medicine company and leader in cell therapeutics focused on developing a potential ‘functional cure’ for type 1 diabetes (T1D) and other chronic diseases, is pleased to announce results from its Annual General Meeting of Shareholders (the “AGM”), held virtually via live audio webcast on April 27, 2023.

The following resolutions were proposed and approved at the AGM:

• Dr. Philip M. Toleikis, James T. Parsons, Deborah M. Brown, Dr. Mohammad Azab, Dr. Daniel Mahony, Brett Whalen, Dr. Steven Sangha and Bertram von Plettenberg were elected as directors of the Corporation for the ensuing year. 

• Appointment of KPMG LLP, as auditors of the Company until the next annual meeting and the authorization of the directors of the Company to fix the remuneration to be paid to the auditors. 

The resolution to ratify and confirm amendments to the Option Plan and DSU Plan and to increase the maximum number of Common Shares reserved for issuance was not tabled at the AGM and as such the current incentive plan without the amendments continues in effect.

“As they transition out of their director roles, I would like to acknowledge Frank Holler and Jeffrey Bacha’s many years of contributions to Sernova’s Board of Directors,” said Dr. Philip Toleikis, President & CEO of Sernova Corp. “With today’s results, I would also like to welcome our two new directors, Dr. Steven Sangha and Bertram von Plettenberg to the company. We look forward to working with them as we strive to advance the Cell Pouch™ and work to create other therapeutic options for patients with chronic diseases.

“We are honored to be given the opportunity to represent the voice of all shareholders.  As directors on the Board of Sernova,  we will work hard to ensure the best interests of the company, shareholders and all other stakeholders are addressed in a timely manner,” said Dr. Steven Sangha and Bertram von Plettenberg.

ABOUT SERNOVA CORP.

Sernova Corp. is a clinical-stage biotechnology company that is developing regenerative medicine therapeutic technologies for chronic diseases, including insulin-dependent diabetes, thyroid disease, and blood disorders including hemophilia A. Sernova is currently focused on developing a ‘functional cure’ for insulin-dependent diabetes with its lead asset, the Cell-Pouch System, a novel implantable and scalable medical device with immune protected therapeutic cells. The Cell Pouch on implantation forms a natural vascularized tissue environment in the body for long-term survival and function of therapeutic cells that release necessary proteins or factors missing from the body to treat chronic diseases. Sernova’s Cell Pouch System has already shown it can potentially provide a ‘functional cure’ to people with type 1 diabetes in an ongoing Phase I/II clinical study at the University of Chicago. Sernova is also advancing a proprietary technology in collaboration with the University of Miami to cloak the therapeutic cells from the immune system attack with the goal to eliminate the need for chronic immunosuppressives. In May 2022, Sernova and Evotec entered into a global strategic partnership to develop an implantable off-the-shelf iPSC-based (induced pluripotent stem cells) beta cell replacement therapy. This partnership provides Sernova an unlimited supply of insulin-producing cells to treat millions of patients with insulin-dependent diabetes (type 1 and type 2). Sernova is also gearing up to be in the clinic in two additional programs that utilize its Cell Pouch System – an implantable cell therapy for benign thyroid disease resulting from thyroid gland removal and an ex-vivo lentiviral factor 8 gene therapy for hemophilia A.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Corporate:

Christopher Barnes

VP, Investor Relations

Sernova Corp.

This email address is being protected from spambots. You need JavaScript enabled to view it. 

519-902-7923

www.sernova.com 

Investors:

Corey Davis, Ph.D.

LifeSci Advisors, LLC

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212-915-2577

Media:

Elizabeth Miller, M.D.

LifeSci Communications

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646-791-9705

FORWARD-LOOKING INFORMATION

This release contains statements that, to the extent they 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 the company. Wherever possible, but not always, words such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential for" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur are used to identify forward-looking statements. These statements reflect management’s beliefs with respect to future events and are based on information currently available to management on the date such statements were made. Many factors could cause Sernova’s actual results, performances or achievements to not be as anticipated, estimated or intended or to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors could include, but are not limited to, the company’s ability to secure additional financing and licensing arrangements on reasonable terms, or at all; ability to conduct all required preclinical and clinical studies for the company’s Cell Pouch System and or related technologies, including the timing and results of those trials; ability to obtain all necessary regulatory approvals, or on a timely basis; ability to in-license additional complementary technologies; ability to execute its business strategy and successfully compete in the market; and the inherent risks associated with the development of biotechnology combination products generally. Many of the factors are beyond our control, including those caused by, related to, or impacted by the novel coronavirus pandemic. Investors should consult the company’s quarterly and annual filings available on www.sedar.com for additional information on risks and uncertainties relating to the forward-looking statements. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.