SVA:CC - Sernova Corp. Announces Change of Auditor

(TheNewswire)

London, Ontario – TheNewswire - October 24, 2022 - Sernova Corp. (“ Sernova ” or the “ Corporation ”) (TSX:SVA) (OTC:SEOVF)(FSE/XETRA:PSH) announces that it has changedits auditor to KPMG LLP, Chartered Professional Accountants (the“ SuccessorAuditor ”) effective October 14, 2022.

Sernova’s board of directors appointed the SuccessorAuditor to hold office as the new auditor of the Corporation until theclose of the Corporation’s next annual general meeting ofshareholders. The Corporation’s former auditor, Davidson &Company, Chartered Professional Accountants (the “ Former Auditor ”),resigned effective October 14, 2022, at the request of Sernova.

There were no reservations in the Former Auditor'saudit reports for any financial period during which the Former Auditorwas the Corporation's auditor. Also, there are no "reportableevents" (as the term is defined in National Instrument 51-102 -Continuous Disclosure Obligations) between the Corporation and theFormer Auditor.

In accordance with National Instrument 51-102, theNotice of Change of Auditor, together with the required letters fromthe Former Auditor and the Successor Auditor, have been reviewed bythe Corporation's audit committee and board of directors and will befiled on SEDAR accordingly.

ABOUT SERNOVA CORP. AND THE CELLPOUCH SYSTEM PLATFORM FOR CELL THERAPY

Sernova Corp. is a clinical-stage biotechnology companythat is developing cell therapeutic technologies for chronic diseases,including insulin-dependent diabetes, thyroid disease, and blooddisorders including hemophilia A. Sernova is currently focused ondeveloping a ‘functional cure’ for insulin-dependent diabetes withits lead asset, the Cell Pouch System, a novel implantable andscalable medical device with immune protected therapeutic cells. Onimplantation, The Cell Pouch™ forms a natural vascularized tissueenvironment in the body for long-term survival and function oftherapeutic cells that release necessary proteins or factors missingfrom the body to treat chronic diseases. Sernova’s Cell Pouch Systemhas already shown it can potentially provide a ‘functional cure’to people with type 1 diabetes in an ongoing Phase 1/2 clinical studyat the University of Chicago. Sernova is also advancing a proprietarytechnology in collaboration with the University of Miami to cloak thetherapeutic cells from the immune system attack with the goal toeliminate the need for chronic immunosuppressives. In May 2022,Sernova and Evotec entered into a global strategic partnership todevelop an implantable off-the-shelf iPSC-based (induced pluripotentstem cells) beta cell replacement therapy. This partnership providesSernova a potentially unlimited supply of insulin-producing cells totreat millions of patients with insulin-dependent diabetes (type 1 andtype 2). Sernova is also in development of two additional programsthat utilize its Cell Pouch System – an implantable cell therapy forbenign thyroid disease resulting from thyroid gland removal and anex-vivo lentiviral Factor VIII gene therapy for hemophilia A.

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FORWARD LOOKINGSTATEMENTS:

This release includes certainstatements that may be deemed "forward-looking statements".All statements in this release, other than statements of historicalfacts, that address events or developments that the Company expects tooccur, are forward-looking statements. Forward-looking statements arestatements that are not historical facts and are generally, but notalways, identified by the words "expects","plans", "anticipates", "believes","intends", "estimates", "projects","potential" and similar expressions, or that events orconditions "will", "would", "may","could" or "should" occur. Although the Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Factors thatcould cause the actual results to differ materially from those inforward-looking statements include regulatory actions, market prices,and continued availability of capital and financing, and generaleconomic, market or business conditions. Investors are cautioned thatany such statements are not guarantees of future performance andactual results or developments may differ materially from thoseprojected in the forward-looking statements. Forward-lookingstatements are based on the beliefs, estimates and opinions of theCompany's management on the date the statements are made. Except asrequired by applicable securities laws, the Company undertakes noobligation to update these forward-looking statements in the eventthat management's beliefs, estimates or opinions, or other factors,should change.

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