Ms. Cynthia Pussinen reports
SERNOVA PROVIDES UPDATE ON PUBLIC OFFERING
Sernova Corp. is not proceeding with its public offering of units and is withdrawing its preliminary short form prospectus filed on June 6, 2024.
The decision comes after careful consideration and thorough assessment of current market dynamics. Sernova remains committed to its mission of developing innovative therapies to improve the lives of patients with chronic diseases, including type 1 diabetes, thyroid disease and hemophilia A.
Additionally, the company believes the current market conditions do not reflect the value of its intellectual property, T1D clinical program, development collaboration for iPSC, opportunity for a near-term clinical trial in postoperative hypothyroidism and upcoming potential catalysts.
"In short, our shareholders deserve better. We believe cancelling this financing round is the prudent decision given the current market volatility which has impacted the company's market capitalization," said Cynthia Pussinen, chief executive officer of Sernova. "We remain steadfast in our dedication to advancing our groundbreaking therapeutic platforms and are exploring more favorable financing options."
Sernova's Cell Pouch System is a revolutionary technology designed to create a natural environment for therapeutic cells, offering the potential for long-term, sustainable treatment options for patients. The company's continuing clinical trial, a phase I/II study for insulin-dependent diabetes, has demonstrated promising results with the longest patient at more than four years insulin independent, further validating the potential of its platform technology.
Investors and stakeholders are encouraged to visit the company's website for additional information and updates on Sernova's progress.
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 that include hemophilia A. 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 System 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 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 T1D in an continuing phase I/II clinical study at the University of Chicago.
Sernova partnered with Evotec 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'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.
We seek Safe Harbor.
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