Mr. Jonathan Rigby reports

SERNOVA UPDATE ON STRATEGIC INITIATIVES

Sernova Corp. has taken key initiatives that underscore the company's strategic progress.

On Nov. 12, at the Riyadh Global Medical Biotechnology Summit, Sernova entered into a non-binding letter of intent with HealthGena and Goldtrack Ventures regarding project REEM ventures to explore opportunities for product development and commercialization initiatives in the Kingdom of Saudi Arabia to address the growing incidence of Type 1 diabetes. Project REEM ventures is a collaboration initiative between Sernova, HealthGena and Goldtrack Ventures. HealthGena is a Riyadh-based business accelerator with a focus on biotechnology innovation. Goldtrack Ventures is a German-regulated venture capital manager based in Leipzig, Germany, specializing in life science investments. A definitive agreement has not been entered into.

Additionally, Sernova is honoured to welcome Dr. Robert Gabbay, who will serve in a clinical advisory role. Dr. Gabbay brings a significant wealth of expertise in diabetes care and research, having most recently served as chief scientific and medical officer at the American Diabetes Association, and previously as chief medical officer at the Joslin Diabetes Center, one of the world's leading diabetes research organizations. His expertise will be instrumental as Sernova advances in clinical trial development and product innovation.

"With our cell pouch biohybrid organ, Sernova is at the cutting edge of developing a potentially transformative functional cure for Type 1 diabetes," stated Jonathan Rigby, chief executive officer of Sernova. "Our ongoing discussions with our visionary partners at Goldtrack Ventures and HealthGena, plus the addition of Dr. Gabbay as an adviser, signify positive progress towards achievement of our strategic goals."

Under new leadership, Sernova is committed to transparency and fostering engagement with its shareholders and will host a virtual town hall for investors on Friday, Dec. 13, at 10 a.m. ET. The event will feature the company's recently appointed Mr. Rigby, who will discuss recent developments and Sernova's strategic plans to create long-term value for shareholders. This will be followed by an open forum for questions and answers. The webcast registration link will soon be available in the investor section of the company's website.

In addition, the company is holding an annual general and special meeting of shareholders on Jan. 7, 2025. The management information circular for the meeting will be available on the company's website on Dec. 6, 2024.

About Sernova Corp.

Sernova is a clinical-stage company developing regenerative medicine therapeutics combining its cell pouch with human donor cells or stem cells to create a biohybrid organ. A biohybrid organ refers to a medical device designed to be implanted into the human body, where it integrates with existing living tissue to replicate or enhance the function of a natural organ, essentially aiming to restore normal organ function by combining living cells with non-living materials to mimic the properties of the original organ and seamlessly interact with surrounding tissues. This innovative approach aims to deliver a potentially revolutionary treatment for patients with chronic diseases, initially focusing on Type 1 diabetes and thyroid disorders.

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