Mr. Christopher Barnes
reports
SERNOVA ANNOUNCES OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT
Sernova Corp.'s non-brokered, private placement offering of $4-million has been oversubscribed with $4.7-million of binding agreements received. The closing will occur on Tuesday, Sept. 3, 2024, subject to Toronto Stock Exchange approval.
About Sernova Corp.
Sernova 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 Type 1 diabetes in a continuing phase 1/2 clinical study at the University of Chicago.
Sernova partnered with Evotec to develop an implantable off-the-shelf iPSC-based (induced pluripotent stem cell) islet replacement therapy. This partnership provides Sernova with a potentially unlimited supply of insulin-producing cells to treat millions of patients with insulin-dependent diabetes (Type 1 and Type 2). Sernova's development pipeline that uses its Cell Pouch system 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.
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