In This Article:
Signed Letter of Intent with ‘Project REEM Ventures’ for Product Development and Commercialization in the Kingdom of Saudi Arabia
Renowned Diabetes Expert Dr. Robert Gabbay to Serve as Clinical Advisor
Town Hall Call to be Held on December 13; AGM Circular Available on December 6
LONDON, Ontario and BOSTON, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Sernova Corp. (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), a leading regenerative medicine company focused on developing its Cell Pouch bio-hybrid organ as a functional cure for type 1 diabetes, today announced key initiatives that underscore the company’s strategic progress.
On November 12, at the Riyadh Global Medical Biotechnology Summit, Sernova entered into a non-binding letter of intent with HealthGena and GOLDTRACK Ventures regarding ‘Project REEM Ventures’ to explore opportunities for product development and commercialization initiatives in the Kingdom of Saudi Arabia to address the growing incidence of type 1 diabetes. ‘Project REEM Ventures’ is a collaboration initiative between Sernova, HealthGena and GOLDTRACK Ventures. HealthGena is a Riyadh-based business accelerator with a focus on biotechnology innovation. GOLDTRACK Ventures is a German-regulated venture capital manager based in Leipzig, Germany, specializing in Life Science investments. A definitive agreement has not been entered into.
Additionally, Sernova is honored to welcome Dr. Robert Gabbay who will serve in a clinical advisory role. Dr. Gabbay brings a significant wealth of expertise in diabetes care and research, having most recently served as Chief Scientific and Medical Officer at the American Diabetes Association, and previously as Chief Medical Officer at the Joslin Diabetes Center, one of the world’s leading diabetes research organizations. His expertise will be instrumental as Sernova advances in clinical trial development and product innovation.
“With our Cell Pouch bio-hybrid organ, Sernova is at the cutting edge of developing a potentially transformative functional cure for type 1 diabetes,” stated Jonathan Rigby, CEO of Sernova. “Our ongoing discussions with our visionary partners at GOLDTRACK Ventures and HealthGena, plus the addition of Dr. Gabbay as an advisor signify positive progress towards achievement of our strategic goals.”
Under new leadership, Sernova is committed to transparency and fostering engagement with its shareholders and will host a virtual Town Hall for investors on Friday, December 13, at 10:00am ET. The event will feature the company’s recently appointed CEO, Jonathan Rigby, who will discuss recent developments and Sernova’s strategic plans to create long-term value for shareholders. This will be followed by an open forum for questions and answers. The webcast registration link will soon be available in the Investor section of the company’s website at https://sernova.com/.