SVA:CC - Sernova Provides Update on Public Offering
(TheNewswire)
LONDON, Ontario; BOSTON, Massachusetts – June 12,2024 – TheNewswire – Sernova Corp. (TSX:SVA)(OTCQB:SEOVF) (FSE/XETRA:PSH), a clinical-stage biotechnology companyfocused on the development of regenerative medicine cell therapies fortreatment of chronic diseases, today announced that it is not proceeding with its public offering of unitsand is withdrawing its preliminary short form prospectus filed on June6, 2024.
The decision comes after careful consideration and thorough assessmentof current market dynamics. Sernova remains committed to its missionof developing innovative therapies to improve the lives of patientswith chronic diseases, including Type 1 diabetes, thyroid disease andhemophilia A. Additionally, the Company believesthe current market conditions do not reflect the value of ourintellectual property, T1D clinical program, development collaborationfor iPSC, opportunity for a near term clinical trial in post operativehypothyroidism, and upcoming potential catalysts.
"In short, our shareholders deserve better. Webelieve cancelling this financing round is the prudent decision giventhe current market volatility which has impacted the Company’smarket capitalization," said Cynthia Pussinen, CEO of Sernova."We remain steadfast in our dedication to advancing ourgroundbreaking therapeutic platforms and are exploring more favorablefinancing options.”
Sernova's Cell Pouch System™ is a revolutionary technology designedto create a natural environment for therapeutic cells, offering thepotential for long-term, sustainable treatment options for patients.The Company's ongoing clinical trial, a Phase I/II study forinsulin-dependent diabetes has demonstrated promising results with thelongest patient at more than four years insulin independent, furthervalidating the potential of its platform technology.
Investors and stakeholders are encouraged to visit the Company'swebsite at www.sernova.com for additional information and updates on Sernova'sprogress.
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 totreat millions of patients with insulin-dependent diabetes (type 1 andtype 2). Sernova’s development pipeline that uses its Cell PouchSystem also includes: a cell therapy for hypothyroid disease resultingfrom thyroid gland removal and an ex vivo lentiviral Factor VIII genetherapy for hemophilia A.
FOR FURTHER INFORMATION, PLEASECONTACT:
Cynthia Pussinen
Chief Executive Officer
Sernova Corp.
Email: cynthia.pussinen@sernova.com
Website: 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 for additionalinformation on risks and uncertainties relating to the forward-lookingstatements. Sernova expressly disclaims any intention or obligation toupdate or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.
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