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Sernova Provides Corporate Update and Results of 2014 Annual General Meeting
|By Marketwired .
|June 3, 2014 06:00 AM EDT
LONDON, ONTARIO -- (Marketwired) -- 06/03/14 -- Sernova Corp. (TSX VENTURE: SVA), a clinical stage company developing medical technologies for the long-term treatment of chronic debilitating metabolic diseases including diabetes and haemophilia today provides a corporate update and results of its 2014 Annual General Meeting (AGM).
Dr. Philip Toleikis, CEO of Sernova, commented, "This is an exciting time for Sernova. We are continuing our Cell Pouch clinical trial with Dr. James Shapiro of the University of Alberta for the treatment of Type I diabetes, and have reached agreement with Medicyte Gmbh for the initiation of proof of concept studies of our Cell Pouch with Factor VIII producing cells to treat haemophilia. We have also increased our board membership and brought on several seasoned business development members to assist the Sernova team as we further develop the Company."
Dr. Toleikis further stated, "Along with our current programs, we are seeking to develop additional clinical applications for the Cell Pouch, and our new business development team is in discussions with other potential corporate and academic partners to further expand the depth of our technologies. These advances should continue to build shareholder value and benefit patients with chronic diseases."
Selected 2013 and 2014 Corporate Developments
Following are highlights of significant developments at Sernova during the past year:
-- Released positive interim results from our human clinical trial of the
Cell Pouch with insulin producing islets for the treatment of Type I
diabetes, demonstrating biocompatibility and safety for up to 6 months,
as well as proof of 30 day islet survival within the Cell Pouch
following islet transplant. The clinical trial is ongoing.
-- Established an agreement with Medicyte GmbH and initiated preclinical
studies to jointly evaluate the use of Medicyte's upcyte® cells in
Sernova's Cell Pouch to treat patients with haemophilia A.
-- Received the first patent allowance for Methods and Devices for Cellular
Transplantation from the Australian Patent Office.
-- Continued evaluation of our Sertolin local immune protection
technology within the Cell Pouch for treatment of chronic diseases
following receipt of a contribution agreement for up to $254,300 from
the National Research Council of Canada for continued research and
-- Closed non-brokered private placement of $2 million, comprising 10
million units at a price of $0.20. Each unit consisted of 1 common share
and 1 common share purchase warrant exercisable at $0.35 for the first
24 months and $0.40 for the subsequent 12 months.
-- Appointed biopharma entrepreneur and investor Frank Holler to the Board
-- Established a world class business development team of Kevin Egan and
Nick Borrelly to establish corporate partners for Sernova's programs and
to expand Sernova's proprietary technologies through academic and
-- Appointed Mr. David Garland CPA CA, CPA CMA, MAcc, BA(Hon) as interim
CFO to replace Ms. Cathy Steiner, who has moved on to pursue other
business interests. Mr. Garland has extensive public company experience
and has been CFO of Highcourt Partners, LTD, Mash Media Solutions, Inc.,
and Wi-LAN V-chip Corp and has worked as VP Finance and/or Controller at
Pathways to Education, Certicom Corp, and Delano Technology Corporation.
2014 AGM Appointments
-- Dr. George Adams (Chair), Frank Holler, Jeffrey Bacha, James Parsons,
Bruce Weber and Dr. Philip Toleikis, were elected as the directors of
the Company to hold office until the next annual general meeting of
-- Davidson & Company, Chartered Accountants, was appointed auditor of the
Company until the close of the next annual general meeting of
shareholders, at a remuneration to be fixed by the Directors.
Sernova Corp is a clinical stage regenerative medicine company developing medical technologies for the treatment of chronic debilitating metabolic diseases such as diabetes, blood disorders including haemophilia and other diseases treated through replacement of proteins or hormones missing or in short supply within the body. Sernova is developing the Cell Pouch, an implantable medical device for therapeutic cells (donor, xenogeneic or stem cells) which then release proteins and/or hormones as required. The therapeutic cells are protected from immune attack by Sernova's proprietary technologies.
Forward Looking Information
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Sernova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Sernova's management on the date such statements were made. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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