LONDON, Ontario and BOSTON, MA - (NewMediaWire) - July 15, 2024 - Sernova Corp. (TSX:SVA) (OTCQB:SEOVF) (FSE/XETRA:PSH), a clinical-stage biotechnology company focused on the development of regenerative medicine cell therapies for treatment of chronic diseases such as Type 1 Diabetes, today announced that the Board of Directors has appointed Jonathan Rigby, who previously joined as a Director in May, as Executive Chairman effective immediately. Brett Whalen, who was previously Chairman, has resigned from the Board. These changes continue carefully curated management and Board transitions aimed at positioning Sernova to enter the next phase of the Company's growth and evolution.
As Executive Chairman Mr. Rigby will focus on partnering with company leadership on capital markets efforts for Sernova as well as leadership of the Board. Cynthia Pussinen, the Company's Chief Executive Officer, will continue in her role as originally defined managing Sernova's day to day business strategy and operations; she will continue to report to the Board.
"We welcome Jonathan to his expanded role as Executive Chairman to increase our focus on capital markets where he has a demonstrated track record of success through multiple capital raises, Nasdaq listings and successful exits of several biotech companies," said James Parsons, Director of Sernova. "The Board fully supports the leadership team and Jonathan will further augment our overall Company strength. We are grateful to Brett for his Chairmanship."
"I am delighted to serve the Company and its shareholders as Executive Chairman with passion and enthusiasm. As a sufferer myself, I will do all I can to help the Company give lives back to patients suffering from diseases such as Type 1 Diabetes," said Jonathan Rigby, Executive Chairman. "I have financed and grown multiple companies through to exits and my goal is quite clear, I will work tirelessly with the team to do the same for Sernova and its shareholders."
Mr. Rigby has held several CEO roles and currently serves on the Board of Directors of cancer therapy company Oncolytics Biotech Inc. and IM Therapeutics and was formerly on the board of Xeris Pharmaceuticals. Mr. Rigby holds a degree in Biological Sciences from the University of Sheffield, UK, and has a Master of Business Administration degree from the University of Portsmouth, UK.
Sernova Corp continues to collaborate closely with leading academic, pharmaceutical and clinical institutions to expand the scope and impact of its technology. The company anticipates further advancements as it progresses through additional cohorts and trials, with the ultimate goal of offering a scalable solution for insulin-dependent diabetes plus other chronic diseases.
ABOUT SERNOVA AND ITS CELL POUCH SYSTEM PLATFORM FOR CELL THERAPY
Sernova Corp. is a clinical-stage biotechnology company that is developing therapeutic cell technologies for chronic diseases, including insulin-dependent diabetes, thyroid disease, and blood disorders that include hemophilia A. Sernova is currently focused on developing a functional cure' for insulin-dependent diabetes with its lead technology, the Cell Pouch System, a novel implantable and scalable medical device with immune protected therapeutic cells.
On implantation, The Cell Pouch forms a natural, vascularized tissue environment in the body allowing long-term survival and function of therapeutic cells that release essential factors that are absent or deficient 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 1/2 clinical study at the University of Chicago.
Sernova partnered with Evotec to develop an implantable off-the-shelf iPSC (induced pluripotent stem cells) based islet replacement therapy. This partnership provides Sernova a potentially unlimited supply of insulin-producing cells to treat millions of patients with insulin-dependent diabetes (type 1 and type 2). Sernova's development pipeline that uses its Cell Pouch System also includes: a cell therapy for hypothyroid disease resulting from thyroid gland removal and an ex vivo lentiviral Factor VIII gene therapy for hemophilia A.
This release contains statements that, to the extent they 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 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 identify forward-looking statements. These statements reflect management's beliefs with respect to future events and are based on information currently available to management on the date such statements were made. Many factors could cause Sernova's actual results, performances or achievements to not be as anticipated, estimated or intended or to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors could include, but are not limited to, the company's ability to secure additional financing and licensing arrangements on reasonable terms, or at all; ability to conduct all required preclinical and clinical studies for the company's Cell Pouch System and or related technologies, including the timing and results of those trials; ability to obtain all necessary regulatory approvals, or on a timely basis; ability to in-license additional complementary technologies; ability to execute its business strategy and successfully compete in the market; and the inherent risks associated with 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. Investors should consult the company's quarterly and annual filings available on www.sedarplus.ca for additional information on risks and uncertainties relating to the forward-looking statements. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
