Mr. Christopher Barnes reports

SERNOVA ANNOUNCES MANAGEMENT DEVELOPMENTS

Nicholas J. Rossettos, CPA, has joined Sernova Corp. on a consulting basis as interim chief financial officer (CFO).

With a wealth of experience in financial leadership within the biotech industry, Mr. Rossettos brings a fresh perspective and a strong record of success to the Sernova team during this transition period. The company has initiated a formal search for a permanent CFO, and is also actively recruiting additional talent to fill key leadership roles and strengthen its senior executive team, which started with the additions of Cynthia Pussinen as the chief executive officer and Modestus Obochi as chief business officer. The goal is to ensure that Sernova has the expertise to execute its strategic vision and drive the company forward by delivering life-changing therapies to patients worldwide.

David Swetlow, chief financial officer, is no longer with the company. Mr. Swetlow's employment was terminated for cause after the board received and considered findings made by independent legal counsel in connection with an continuing investigation into alleged misconduct. Another senior officer of the company has been placed on administrative leave pending the final outcome of the investigation. None of the allegations, if substantiated, are expected to materially change or impact the company's financial statements or its reporting obligations.

The Sernova mission remains unchanged: to improve the lives of patients through groundbreaking innovation and compassionate care. The board and the senior leadership team are deeply grateful for the dedication and hard work of the company's employees, partners and stakeholders, and remains steadfast in its commitment to maintaining the highest standards of integrity, transparency and accountability in all aspects of its operations.

About Sernova Corp.

Sernova is a clinical-stage biotechnology company that is developing therapeutic cell 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. On implantation, the Cell Pouch forms a natural vascularized tissue environment in the body for 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 Type 1 diabetes in a continuing phase 1/2 clinical study at the University of Chicago. Sernova is also advancing a proprietary technology in collaboration with the University of Miami to shield therapeutic cells from immune system attack with the goal to eliminate the need for chronic, systemic immunosuppression. 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) 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 continues to progress two additional development programs that utilize its Cell Pouch system: a cell therapy for hypothyroid disease resulting from thyroid gland removal and an ex vivo lentiviral Factor VIII gene therapy for hemophilia A.

We seek Safe Harbor.