Dr. Philip Toleikis reports

SERNOVA CORP. ANNOUNCES VOTING RESULTS OF THE 2023 ANNUAL GENERAL MEETING OF SHAREHOLDERS

Sernova Corp. has released results from its annual general meeting of shareholders (AGM), held virtually via live audio webcast on April 27, 2023.

The following resolutions were proposed and approved at the AGM:

• Dr. Philip M. Toleikis, James T. Parsons, Deborah M. Brown, Dr. Mohammad Azab, Dr. Daniel Mahony, Brett Whalen, Dr. Steven Sangha and Bertram von Plettenberg were elected as directors of the corporation for the ensuing year.
• Appointment of KPMG LLP as auditors of the company until the next annual meeting and the authorization of the directors of the company to fix the remuneration to be paid to the auditors.

The resolution to ratify and confirm amendments to the option plan and DSU plan and to increase the maximum number of common shares reserved for issuance was not tabled at the AGM, and as such, the current incentive plan without the amendments continues in effect.

"As they transition out of their director roles, I would like to acknowledge Frank Holler and Jeffrey Bacha's many years of contributions to Sernova's board of directors," said Dr. Toleikis, president and chief executive officer of Sernova. "With today's results, I would also like to welcome our two new directors, Dr. Steven Sangha and Bertram von Plettenberg, to the company. We look forward to working with them as we strive to advance the Cell Pouch and work to create other therapeutic options for patients with chronic diseases."

"We are honoured to be given the opportunity to represent the voice of all shareholders. As directors on the board of Sernova, we will work hard to ensure the best interests of the company, shareholders and all other stakeholders are addressed in a timely manner," said Dr. Sangha and Mr. von Plettenberg.

About Sernova Corp.

Sernova is a clinical-stage biotechnology company that is developing regenerative medicine therapeutic technologies for chronic diseases, including insulin-dependent diabetes, thyroid disease and blood disorders, including hemophilia A. Sernova is currently focused on developing a functional cure for insulin-dependent diabetes with its lead asset, the Cell Pouch system, a novel implantable and scalable medical device with immune-protected therapeutic cells. The Cell Pouch on implantation forms a natural vascularized tissue environment in the body for long-term survival and function of therapeutic cells that release necessary proteins or factors missing from the body to treat chronic diseases. Sernova's Cell Pouch system has already shown it can potentially provide a functional cure to people with Type 1 diabetes in a continuing phase I/II clinical study at the University of Chicago. Sernova is also advancing a proprietary technology in collaboration with the University of Miami to cloak the therapeutic cells from the immune system attack with the goal to eliminate the need for chronic immunosuppressives. In May, 2022, Sernova and Evotec entered into a global strategic partnership to develop an implantable off-the-shelf iPSC-based (induced pluripotent stem cells) beta cell replacement therapy. This partnership provides Sernova an unlimited supply of insulin-producing cells to treat millions of patients with insulin-dependent diabetes (Type 1 and Type 2). Sernova is also gearing up to be in the clinic in two additional programs that utilize its Cell Pouch system -- an implantable cell therapy for benign thyroid disease resulting from thyroid gland removal and an ex vivo lentiviral factor 8 gene therapy for hemophilia A.

We seek Safe Harbor.