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LONDON, Ontario - (NewMediaWire) - September 04, 2024 - Sernova Corp. (TSX: SVA) (OTCQB: SEOVF) (FSE: PSH) is pleased to announce that it has closed its non-brokered, private placement in the amount over $5.2 million, which includes over-subscriptions of more than $1.2 million.
All securities issued pursuant to the private placement are subject to a hold period of four months under applicable provincial securities laws in Canada. The private placement was announced on August 20, 2024, and closed on September 3, 2024.
On Thursday, September 12 at the 2024 EASD Annual Meeting in Madrid, Spain, Sernova's principal clinical study investigator will provide an update on recent data generated from its phase I/II clinical study of Cell Pouch(TM) containing human donor islets for the treatment of type 1 diabetes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 and thyroid disease. 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 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 is collaborating with Evotec to develop an implantable off-the-shelf iPSC (induced pluripotent stem cells) based islet replacement therapy. This partnership is expected to provide 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 Cell Pouch System development pipeline 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.