(TheNewswire)
LONDON, ONTARIO – TheNewswire - January 25,2021 – Sernova Corp. (TSXV:SVA) (OTC:SEOVF) (FSE:PSH), a leadingclinical-stage regenerative medicine therapeutics company is pleasedto announce that in recent weeks it has received gross proceeds of$4.3 million pursuant to the exercise of more than 14 millionwarrants. Sernova intends to use the proceeds of the warrantsexercised to support the Company’s clinical diabetes programsincluding its US Phase I/II diabetes clinical trial, diabetes stemcell-derived technologies and to also accelerate treatments forhypothyroid disease and hemophilia A.
The exercised warrants were originally issued in connection to publicofferings of units completed by Sernova in July 2018 and September2019. In October 2020, the 2018 warrants were subsequently extended bythe Company to February 2021.
Sernova also announces the early conversion by the holder of itsoutstanding $1 million convertible debenture, due December 2022, intoequity of the Company. The conversion will save the Company almost twoyears of interest costs.
“I am extremely pleased to see these warrants being exercised andthe continued support from our shareholders," commented Dr.Philip Toleikis, President and CEO of Sernova Corp. "The earlyconversion of the debenture coupled with the warrants proceedsstrengthens our balance sheet and cash position as we continue ourongoing efforts to create shareholder value."
Warrants holders interested in exercising their warrants may contactthe Company (see the contact information provided below). The termsand conditions of the warrants are set out in the warrantscertificate.
ABOUT SERNOVA CORP.
Sernova Corp is developing regenerative medicine therapeutictechnologies using a medical device and immune protected therapeuticcells (i.e. human donor cells, corrected human cells and stemcell-derived cells) to improve the treatment and quality of life ofpeople with chronic metabolic diseases such as insulin-dependentdiabetes, blood disorders including hemophilia, and other diseasestreated through replacement of proteins or hormones missing or inshort supply within the body. For more information, please visit www.sernova.com
For further information contact:
Dominic Gray
Sernova Corp
Tel: (519) 858-5126
FORWARD-LOOKING INFORMATION
This release may contain forward-looking statements. Forward-lookingstatements are statements that are not historical facts and aregenerally, but not always, identified by the words “expects”,“plans”, “anticipates”, “believes”, “intends”,“estimates”, “projects”, “potential” and similarexpressions, or that events or conditions “will”, “would”,“may”, “could” or “should” occur. Although Sernovabelieves 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 forward-looking statements. Forward-lookingstatements are based on the beliefs, estimates, and opinions ofSernova’s management on the date such statements were made, whichinclude our beliefs about the conduct and outcome of clinical trials.Sernova expressly disclaims any intention or obligation to update orrevise any forward-looking statements whether as a result of newinformation, future events or otherwise.
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