(TheNewswire)
LONDON, ONTARIO - TheNewswire - September 23, 2020 -Sernova Corp. ("Sernova" or the"Company") (TSXV:SVA) (OTC:SEOVF)(FSE:PSH) is pleased to announce that it has closed its non-brokered privateplacement announced on September 9, 2020. The Company receivedover-subscriptions of $0.7 million, increasing the total amount of theprivate placement to $3.7 million.
"We are very pleased with the resoundinglypositive response and rapid closing to our oversubscribed offering,which included participation by all directors of the Company. Theoffering will enable us to build further upon our recent momentum,strategically enhancing and solidifying our novel cell therapyplatform with the goal to provide a "functional" cure fordiabetes and other rare diseases," said Dr. Philip Toleikis,President and CEO of Sernova Corp.
A total of 12,218,333 units were issuedin the private placement at $0.30 per unit, with each unit consistingof one common share and one warrant. Each warrant entitles the holderto acquire one common share at a price of $0.35 per share for a periodof 24 months, subject to abridgment of the exercise period if the10-day volume-weighted average price of the Company's shares exceeds$0.50 per share.
The net proceeds of the privateplacement will be used to accelerate development of the Company'srecently acquired cellular local immune protection technology, furtherits immune-protected diabetes stem cell-derived program and supportthe Company's US Phase I/II diabetes clinical trial.
The closing is subject to the acceptance of the TSX Venture Exchange. T heCompany also issued 198,310 warrants and paid a total of $59,493 toqualified finders. All securities issued inconnection with the private placement will be subject to a hold periodof four months, in accordance with applicable Canadian securitiesregulations.
This news release does not constitute an offer to sellor the solicitation of an offer to buy any of the securities in theUnited States. The securities have not been and will not be registeredunder the U.S. Securities Act of 1933 or any state securities laws,and may not be offered or sold in the United States withoutregistration under the U.S. Securities Act of 1933 and all applicablestate securities laws, or an applicable exemption from registrationrequirements.
ABOUT SERNOVA CORP.
Sernova Corp is developing regenerative medicinetherapeutic solutions using a medical device (Cell Pouch(TM)) andimmune protected therapeutic cells/tissues (i.e. human donor cells,corrected human cells, and stem cell-derived cells) to improve thetreatment and quality of life of people with chronic metabolicdiseases such as insulin-dependent diabetes, blood disorders includinghemophilia, and other diseases treated through cellular production ofproteins or hormones missing or in short supply within the body. Formore information, please visit www.sernova.com .
ABOUT SERNOVA'S CELL POUCHSYSTEM
The Cell Pouch, as part of the Cell Pouch System, is anovel, proprietary, scalable, implantable macro-encapsulation devicesolution designed for the long-term survival and function oftherapeutic cells. The device, upon implantation, is designed toincorporate with tissue, forming highly vascularized tissue chambersfor the transplantation and function of therapeutic cells, which thenrelease proteins, hormones, or other factors as required to treatdisease. Sernova is currently conducting a Phase I/II study at theUniversity of Chicago and has demonstrated encouraging early safetyand efficacy indicators. The Cell Pouch, in combination withtherapeutic cells/tissues, has been shown to provide long-term safetyand efficacy in preclinical models of diabetes,hemophilia A and other indications supporting our therapeuticsplatform.
For further information contact:
Dominic Gray
Sernova Corp
Tel: (519) 858-5126
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 with respectto future events and are based on information currently available tomanagement on the date such statements were made. Many factors couldcause Sernova's actual results, performances or achievements to not beas anticipated, estimated or intended or to differ materially fromthose expressed or implied by the forward-looking statements containedin this news release. Such factors could include, but are not limitedto, the Company's ability to secure additional financing and licensingarrangements on reasonable terms, or at all; ability to conduct allrequired preclinical and clinical studies for the Company's Cell PouchSystem and/or related technologies, including the timing and resultsof those trials; ability to obtain all necessary regulatory approvals,or on a timely 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 available onwww.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) 2020 TheNewswire - All rights reserved.