SVA:CC - Sernova Announces AGM Voting Results

(TheNewswire)

LONDON, Ontario; BOSTON,Massachusetts – TheNewswire – May 1, 2024, Sernova Corp.(“Sernova” or the “Corporation”) (TSX:SVA) (OTCQB:SEOVF) (FSE/XETRA:PSH) a clinical-stage biotechnology company focused on the development ofregenerative medicine cell therapies for treatment of chronicdiseases, is pleased to announce results from its Annual GeneralMeeting of Shareholders (the “AGM”) held virtually via live audiowebcast, on April 30, 2024.

At the Meeting, a total of 88,316,160 common shareswere voted, representing 29.11% of the votes attached to alloutstanding common shares as of the record date. The voting resultswere as follows:

Accordingly, Cynthia Pussinen,James T. Parsons, Dr. Steven Sangha and Brett A. Whalen were electedto the board of directors for the ensuing year. In addition, Bernd Muehlenweg was appointed to the board of directorsfollowing the AGM. Bertram Plettenberg resignedfrom the board of directors prior to the AGM and did not stand forelection at the AGM.

Shareholders also approved (with 99.79% of the votesapproving) the re-appointment of KPMG LLP, Chartered ProfessionalAccountants as the Company’s auditor for the ensuing year, andapproved (with 82.57% of the votes approving) the amendments to theOption Plan and DSU Plan and the increase in the maximum number ofCommon Shares reserved for issuance.

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, thyroid disease, and blooddisorders that include hemophilia A. Sernova is currently focused ondeveloping a ‘functional cure’ for insulin-dependent diabetes withits lead technology, the Cell Pouch System, a novel implantable andscalable medical device with immune protected 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 the bodies of patients withcertain chronic diseases. Sernova’s Cell Pouch System hasdemonstrated its potential to be a ‘functional cure’ for peoplewith T1D in an ongoing Phase 1/2 clinical study at the University ofChicago.

Sernova partnered with Evotec to develop an implantableoff-the-shelf iPSC (induced pluripotent stem cells) based isletreplacement therapy. This partnership provides Sernova a potentiallyunlimited supply of insulin-producing cells to treat millions ofpatients with insulin-dependent diabetes (type 1 and type 2).Sernova’s development pipeline that uses its Cell Pouch System alsoincludes: a cell therapy for hypothyroid disease resulting fromthyroid gland removal and an ex vivo lentiviral Factor VIII genetherapy for hemophilia A.

FOR FURTHER INFORMATION, PLEASECONTACT:

Christopher Barnes

VP, Investor Relations

Sernova Corp.

christopher.barnes@sernova.com

519-902-7923

www.sernova.com

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 licensing arrangements onreasonable terms, or at all; ability to conduct all requiredpreclinical and clinical studies for the company’s Cell Pouch Systemand or related technologies, including the timing and results of thosetrials; ability to obtain all necessary regulatory approvals, or on atimely basis; ability to in-license additional complementarytechnologies; ability to execute its business strategy andsuccessfully compete in the market; and the inherent risks associatedwith 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. Investorsshould consult the company’s quarterly and annual filings availableon www.sedarplus.ca foradditional information on risks and uncertainties relating to theforward-looking statements. Sernova expressly disclaims any intentionor obligation to update or revise any forward-looking statements,whether as a result of new information, future events orotherwise.

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