SVA:CC - Sernova Corp. Announces Voting Results of the 2023 Annual General Meeting of Shareholders

(TheNewswire)

LONDON, Ontario – TheNewswire - April2 8 , 2023 - Sernova Corp. (“ Sernova ” or the“ Corporation ”) (TSX:SVA) (OTC:SEOVF)(FSE/XETRA:PSH), a clinical-stage regenerativemedicine company and leader in cell therapeutics focused on developinga potential ‘functional cure’ for type 1 diabetes (T1D) and otherchronic diseases, is pleased to announce results from its AnnualGeneral Meeting of Shareholders (the “ AGM ”), heldvirtually via live audio webcast on April 27, 2023.

The following resolutions were proposed and approved atthe AGM:

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

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

The resolution to ratify and confirm amendments to theOption Plan and DSU Plan and to increase the maximum number of CommonShares reserved for issuance was not tabled at the AGM and as such thecurrent incentive plan without the amendments continues ineffect.

“As they transition out of their director roles, Iwould like to acknowledge Frank Holler and Jeffrey Bacha’s manyyears of contributions to Sernova’s Board of Directors, ” said Dr. Philip Toleikis, President & CEO of SernovaCorp. “With today’s results, I would also like to welcome our twonew directors, Dr. Steven Sangha and Bertram von Plettenberg to thecompany. We look forward to working with them as we strive to advancethe Cell Pouch™ and work to create other therapeutic options forpatients with chronic diseases.

“We are honored to be given the opportunity torepresent the voice of all shareholders.  As directors on the Boardof Sernova,  we will work hard to ensure the best interests of thecompany, shareholders and all other stakeholders are addressed in atimely manner,” said Dr. Steven Sangha and Bertram vonPlettenberg.

ABOUT SERNOVA CORP.

Sernova Corp. is a clinical-stage biotechnology companythat is developing regenerative medicine therapeutic technologies forchronic diseases, including insulin-dependent diabetes, thyroiddisease, and blood disorders including hemophilia A. Sernova iscurrently focused on developing a ‘functional cure’ forinsulin-dependent diabetes with its lead asset, the Cell-Pouch System,a novel implantable and scalable medical device with immune protectedtherapeutic cells. The Cell Pouch on implantation forms a naturalvascularized tissue environment in the body for long-term survival andfunction of therapeutic cells that release necessary proteins orfactors missing from the body to treat chronic diseases. Sernova’sCell Pouch System has already shown it can potentially provide a‘functional cure’ to people with type 1 diabetes in an ongoingPhase I/II clinical study at the University of Chicago. Sernova isalso advancing a proprietary technology in collaboration with theUniversity of Miami to cloak the therapeutic cells from the immunesystem attack with the goal to eliminate the need for chronicimmunosuppressives. In May 2022, Sernova and Evotec entered into aglobal strategic partnership to develop an implantable off-the-shelfiPSC-based (induced pluripotent stem cells) beta cell replacementtherapy. This partnership provides Sernova an unlimited supply ofinsulin-producing cells to treat millions of patients withinsulin-dependent diabetes (type 1 and type 2). Sernova is alsogearing up to be in the clinic in two additional programs that utilizeits Cell Pouch System – an implantable cell therapy for benignthyroid disease resulting from thyroid gland removal and an ex-vivolentiviral factor 8 gene therapy for hemophilia A.

FOR FURTHER INFORMATION, PLEASECONTACT:

Corporate:

Christopher Barnes

VP, Investor Relations

Sernova Corp.

christopher.barnes@sernova.com

519-902-7923

www.sernova.com

Investors:

Corey Davis, Ph.D.

LifeSci Advisors, LLC

cdavis@lifesciadvisors.com

212-915-2577

Media:

Elizabeth Miller, M.D.

LifeSci Communications

emiller@lifescicomms.com

646-791-9705

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.sedar.com for additional information on risks and uncertaintiesrelating to the forward-looking statements. Sernova expresslydisclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise.

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