Mr. Christopher Barnes reports
SERNOVA CLOSES $5.2 MILLION OVER-SUBSCRIBED NON-BROKERED, PRIVATE PLACEMENT
Sernova Corp. has closed its non-brokered private placement in the amount over $5.2-million, which includes oversubscriptions of more than $1.2-million.
All securities issued pursuant to the private placement are subject to a hold period of four months under applicable provincial securities laws in Canada. The private placement was announced on Aug. 20, 2024, and closed on Sept. 3, 2024.
On Thursday, Sept. 12, at the 2024 EASD Annual Meeting in Madrid, Spain, Sernova's principal clinical study investigator will provide an update on recent data generated from its phase I/II clinical study of Cell Pouch containing human donor islets for the treatment of Type 1 diabetes.
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 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 collaborating with Evotec to develop an implantable, off-the-shelf, iPSC-based (induced pluripotent stem cell) islet replacement therapy. This partnership is expected to provide 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 Cell Pouch development pipeline 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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