Sernova Corp. Announces Appointment of New Chief Executive Officer

LONDON, Ontario and BOSTON, Aug. 12, 2024 (GLOBE NEWSWIRE) -- August 12, 2024. Sernova Corp. (“Sernova” or the “Company”) (TSX:SVA) (OTCQB:SEOVF) (FSE/XETRA:PSH), a clinical-stage biotechnology company focused on the development of regenerative medicine cell therapies for treatment of chronic diseases, led by an ongoing phase 1/2a clinical trial in type 1 diabetes, is pleased to announce Mr. Jonathan Rigby as the Company’s new Chief Executive Officer.

James Parsons, on behalf of the Board of Directors of Sernova, stated, “The Board believes that Sernova is now positioned to achieve its strategic milestones under Jonathan’s leadership. Jonathan brings a track record of success raising equity capital for biotech companies. Jonathan has led multiple biotech companies through listings onto Nasdaq, and the achievement of key operational and clinical developments, leading to strategic acquisitions that have generated significant value for shareholders.”

On his appointment, Mr. Rigby commented, “As a type 1 diabetic myself, I am honored to serve the company and its shareholders as Sernova’s new CEO. I am passionate about Sernova’s mission and determined to lead the Company to realize its full potential. I have financed and grown multiple companies through to exits and my goal is clear; I will work tirelessly with the team to do the same for Sernova and its shareholders.”

Mr. Rigby has held several CEO roles and currently serves on the board of directors of cancer therapy company, Oncolytics Biotech Inc. (Nasdaq: ONCY), and IM Therapeutics, working in the diabetes field. He was formerly a board member of Xeris Pharmaceuticals, which developed and commercialized a product to treat type 1 diabetes severe hypoglycemia. Mr. Rigby holds a degree in biological sciences from the University of Sheffield, U.K., and has a master of business administration degree from the University of Portsmouth, U.K.

The Board thanks Ms. Cynthia Pussinen, the Company’s former CEO, for her dedication and service to the Company and wishes her the very best in her future endeavors.

ABOUT SERNOVA CORP.

Sernova Corp. is a clinical-stage biotechnology company that is developing therapeutic cell technologies that are implanted in patients inside its Cell Pouch™ System for chronic diseases, including an ongoing phase 1/2a trial in insulin-dependent diabetes and plans to enter the clinic in 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 asset, 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 for 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 ongoing Phase 1/2 clinical study at the University of Chicago. In May 2022, Sernova and Evotec entered into a global strategic partnership to develop an implantable iPSC (induced pluripotent stem cells) based Cell Pouch 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 continues to evaluate the potential for additional development programs that utilize its Cell Pouch System: a cell therapy for hypothyroid disease resulting from thyroid gland removal and an ex vivo lentiviral Factor VIII gene therapy for hemophilia A.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Christopher Barnes

VP, Investor Relations

Sernova Corp.



519-902-7923

FORWARD-LOOKING INFORMATION

This release contains statements that, to the extent they are not recitations of historical facts, may constitute “forward-looking statements” that involve various risks, uncertainties, and assumptions, including, without limitation, statements regarding the prospects, plans, and objectives of the company. Wherever possible, but not always, words such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential for" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur are used to identify forward-looking statements. These statements reflect management’s beliefs with respect to future events and are based on information currently available to management on the date such statements were made. Many factors could cause Sernova’s actual results, performances or achievements to not be as anticipated, estimated or intended or to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors could include, but are not limited to, the company’s ability to secure additional financing and licensing arrangements on reasonable terms, or at all; ability to conduct all required preclinical and clinical studies for the company’s Cell Pouch System and or related technologies, including the timing and results of those trials; ability to obtain all necessary regulatory approvals, or on a timely basis; ability to in-license additional complementary technologies; ability to execute its business strategy and successfully compete in the market; and the inherent risks associated with the development of biotechnology combination products generally. Many of the factors are beyond our control, including those caused by, related to, or impacted by the novel coronavirus pandemic. Investors should consult the company’s quarterly and annual filings available on  for additional information on risks and uncertainties relating to the forward-looking statements. 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.