SVA:CC - Sernova Reminds Shareholders to Vote FOR the Eight Management Director Nominees Using ONLY the WHITE Management Proxy

(TheNewswire)

L ondon , O N - TheNewswire - April 21, 2023- Sernova Corp. (“ Sernova ” or the“ Corporation ”) (TSX:SVA) (OTC:SEOVF) (FSE/XETRA:PSH) , remindsshareholders to vote the WHITE management proxy in advance of theproxy voting deadline on Tuesday April 25, 2023 at 10:00 a.m. (PacificTime) FOR all of the Sernova management director nominees. We thank the many shareholders who have alreadyvoted FOR Sernova’s management nominees using the WHITE proxy andurge those who have not voted yet to cast their vote using the WHITEproxy —every shareholder and every share counts.

• Protect your investment in Sernovaby voting FOR all of Sernova Management’s directornominees.

• ISS and Glass Lewis, independentthird-party proxy advisory firms, both recommend that shareholdersvote FOR Sernova’s eight management nominees and not to vote for thedissident nominees.

• The deadline to submit WHITEmanagement proxies is Tuesday April 25, 2023 at 10:00 a.m. (Pacifictime)

• Shareholders who have questions orneed assistance with voting their shares voting should contact SernovaCorp.’s strategic advisor and proxy solicitation agent Laurel HillAdvisory Group by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com

Shareholders are encouraged to read Sernova’smanagement information circular, the letter to shareholders theCorporation recently mailed to all shareholders and press releases byvisiting Sernova - AGM Annual GeneralMeeting , for details about how a group of dissidentshareholders is trying to impose two unqualified nominees onSernova’s board of directors.

Sernova’s Board Nominees – TheRight Team with the Right Experience

Sernova’s nominees, Frank Holler, Dr. Mohammad Azab, Jeffery Bacha,Deborah Brown, Dr. Daniel Mahony, James Parsons, Dr. Philip Toleikisand Brett Whalen possess the skills Sernova needs to continue thesuccessful execution the Corporation’s plan to progress Sernova toits next stage of development:

• Significant expertise and experiencein leading biotech companies . Sernova’s nominees all havesignificant breadth and depth of expertise and experience in directingpublic biotech, pharmaceutical, and healthcare sector companies inCanada and elsewhere.

• Director Qualifications .Sernova’s nominees each have deep biotechnology industry experienceencompassing relevant capabilities in finance, product and corporatedevelopment. The board has been developed and refreshed over timeagainst a specific skills matrix with currently 50% of the boardhaving served for less than 4 years.

• Strong Financial and CashPosition. Sernova ended Q1 2023 with a strong balance sheetincluding cash resources of $45.6 million. Since the April 2022 annualmeeting of shareholders, proceeds of $8 million were raised from thefull exercise of the remaining outstanding 2019 and 2020 privateplacement common share purchase warrants. Additionally, the Companycompleted a private placement with strategic partner Evotec resultingin a total equity investment of $27 million.

In addition, within the lastyear, Sernova’s Board and management team have made significantprogress with a ‘functional cure’ for insulin-dependent diabeteswith its lead asset, the Cell Pouch System (“CPS”), a novel implantable medical device with immune protectedtherapeutic cells. With a strong management and Board ofDirectors in the last 12 months the Company has:

• In May, 2022 - Entered into aglobal strategic partnership with Evotec SE (“Evotec”) to developan implantable off-the-shelf iPSC (induced pluripotent stem cells)based islet replacement therapy. This partnership provides Sernova apotentially unlimited supply of insulin-producing islet clusters totreat millions of patients with insulin-dependent diabetes (both type1 and type 2).

• In June, 2022 - Transitionedthe Company from the TSX Venture Exchange to the TSX as part of theCompany’s capital markets strategy to access a broader base ofinvestors and position the Company more favourably for institutionalinvestment.

• In January 2023 - The Companyannounced the confirmation of its hypothyroid program proof-ofconcept, demonstrating that thyroid auto-transplantation in the CellPouch can compensate for removal of the thyroid gland and restorenormal thyroid hormone production – potentially a lifechangingtreatment for patients who have gone through the thyroid gland removalprocedure.

Vote FOR your Management Nomineesusing ONLY Management’s WHITE Proxy

Voting is easy. We encourage you to vote online or bytelephone using the information on your WHITE proxy. Shareholders whohave voted using the dissident’s GOLD proxy and wish to supportSernova’s management nominees still have the right to change theirvote by simply voting FOR Sernova’s management nominees using theWHITE proxy. A later dated WHITE proxy will replace a previouslysubmitted vote.

YOURVOTE HAS NEVER BEEN MORE IMPORTANT. VOTE YOUR SHARES FOR SERNOVA’S MANAGEMENT NOMINEES AS SOON AS POSSIBLE, REGARDLESS OFTHE NUMBER OF SHARES YOU OWN

Shareholders are encouraged to vote your shares as soon as possible.The deadline for voting your shares is at 10:00 a.m. (Pacific Time) onTuesday April 25, 2023.

Sernova’s board of directorsrecommends that shareholders vote FOR all of the management directornominees and meeting resolutions using only the WHITE proxy.

Shareholder Questions

Shareholders who have any questions or require assistance with votingmay contact Sernova’s proxy solicitation agent and shareholdercommunications advisor:

Laurel Hill Advisory Group

Toll Free: 1-877-452-7184 (for shareholders in North America)

International: +1 416-304-0211 (for shareholders outside Canada andthe US)

By Email: assistance@laurelhill.com

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

Sernova Corp. is a clinical-stage biotechnology company that isdeveloping 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 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 essential factors that are absent ordeficient in the bodies of patients with certain chronic diseases.Sernova’s Cell Pouch System has demonstrated its potential to be a‘functional cure’ for people with T1D in an ongoing Phase 1/2clinical study at the University of Chicago. Sernova is also advancinga proprietary technology in collaboration with the University of Miamito shield therapeutic cells from immune system attack with the goal toeliminate the need for chronic, systemic immunosuppression. In May2022, Sernova and Evotec entered into a global strategic partnershipto develop an implantable off-the-shelf iPSC (induced pluripotent stemcells) based islet 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 continues to progress two additional developmentprograms that utilize its Cell Pouch System: a cell therapy forhypothyroid disease resulting from thyroid gland removal and an exvivo lentiviral Factor VIII gene therapy for hemophilia A.

FOR FURTHER INFORMATION, PLEASECONTACT:

FORWARD-LOOKING INFORMATION

This release contains statements that, to the extent they are notrecitations of historical facts, may constitute “forward-lookingstatements” that involve various risks, uncertainties, andassumptions, including, without limitation, statements regarding theprospects, 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 identifyforward-looking statements. These statements reflect management’sbeliefs with respect to future events and are based on informationcurrently available to management on the date such statements weremade. Many factors could cause Sernova’s actual results,performances or achievements to not be as anticipated, estimated orintended or to differ materially from those expressed or implied bythe forward-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.

Copyright (c) 2023 TheNewswire - All rights reserved.