Sernova Provides Corporate Update and Results of 2014 Annual General Meeting
03 June 2014 - 8:00PM
Marketwired Canada
Sernova Corp. (TSX VENTURE:SVA), a clinical stage company developing medical
technologies for the long-term treatment of chronic debilitating metabolic
diseases including diabetes and haemophilia today provides a corporate update
and results of its 2014 Annual General Meeting (AGM).
Dr. Philip Toleikis, CEO of Sernova, commented, "This is an exciting time for
Sernova. We are continuing our Cell Pouch(TM) clinical trial with Dr. James
Shapiro of the University of Alberta for the treatment of Type I diabetes, and
have reached agreement with Medicyte Gmbh for the initiation of proof of concept
studies of our Cell Pouch(TM) with Factor VIII producing cells to treat
haemophilia. We have also increased our board membership and brought on several
seasoned business development members to assist the Sernova team as we further
develop the Company."
Dr. Toleikis further stated, "Along with our current programs, we are seeking to
develop additional clinical applications for the Cell Pouch(TM), and our new
business development team is in discussions with other potential corporate and
academic partners to further expand the depth of our technologies. These
advances should continue to build shareholder value and benefit patients with
chronic diseases."
Selected 2013 and 2014 Corporate Developments
Following are highlights of significant developments at Sernova during the past
year:
-- Released positive interim results from our human clinical trial of the
Cell Pouch(TM) with insulin producing islets for the treatment of Type I
diabetes, demonstrating biocompatibility and safety for up to 6 months,
as well as proof of 30 day islet survival within the Cell Pouch(TM)
following islet transplant. The clinical trial is ongoing.
-- Established an agreement with Medicyte GmbH and initiated preclinical
studies to jointly evaluate the use of Medicyte's upcyte(R) cells in
Sernova's Cell Pouch(TM) to treat patients with haemophilia A.
-- Received the first patent allowance for Methods and Devices for Cellular
Transplantation from the Australian Patent Office.
-- Continued evaluation of our Sertolin(TM) local immune protection
technology within the Cell Pouch(TM) for treatment of chronic diseases
following receipt of a contribution agreement for up to $254,300 from
the National Research Council of Canada for continued research and
development.
-- Closed non-brokered private placement of $2 million, comprising 10
million units at a price of $0.20. Each unit consisted of 1 common share
and 1 common share purchase warrant exercisable at $0.35 for the first
24 months and $0.40 for the subsequent 12 months.
-- Appointed biopharma entrepreneur and investor Frank Holler to the Board
of Directors.
-- Established a world class business development team of Kevin Egan and
Nick Borrelly to establish corporate partners for Sernova's programs and
to expand Sernova's proprietary technologies through academic and
corporate partnerships.
-- Appointed Mr. David Garland CPA CA, CPA CMA, MAcc, BA(Hon) as interim
CFO to replace Ms. Cathy Steiner, who has moved on to pursue other
business interests. Mr. Garland has extensive public company experience
and has been CFO of Highcourt Partners, LTD, Mash Media Solutions, Inc.,
and Wi-LAN V-chip Corp and has worked as VP Finance and/or Controller at
Pathways to Education, Certicom Corp, and Delano Technology Corporation.
2014 AGM Appointments
-- Dr. George Adams (Chair), Frank Holler, Jeffrey Bacha, James Parsons,
Bruce Weber and Dr. Philip Toleikis, were elected as the directors of
the Company to hold office until the next annual general meeting of
shareholders.
-- Davidson & Company, Chartered Accountants, was appointed auditor of the
Company until the close of the next annual general meeting of
shareholders, at a remuneration to be fixed by the Directors.
About Sernova
Sernova Corp is a clinical stage regenerative medicine company developing
medical technologies for the treatment of chronic debilitating metabolic
diseases such as diabetes, blood disorders including haemophilia and other
diseases treated through replacement of proteins or hormones missing or in short
supply within the body. Sernova is developing the Cell Pouch(TM), an implantable
medical device for therapeutic cells (donor, xenogeneic or stem cells) which
then release proteins and/or hormones as required. The therapeutic cells are
protected from immune attack by Sernova's proprietary technologies.
Forward Looking Information
This release may contain forward-looking statements. Forward-looking statements
are statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar expressions, or that
events or conditions "will", "would", "may", "could" or "should" occur. Although
Sernova believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from those in
forward looking statements. Forward-looking statements are based on the beliefs,
estimates and opinions of Sernova's management on the date such statements were
made. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sernova Corp.
Philip Toleikis, Ph.D.
President and CEO
(604) 961-2939
philip.toleikis@sernova.com
info@sernova.com
Ray Matthews & Associates
Ray Matthews
(604) 818-7778
www.raymatthews.ca
www.sernova.com
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