| ||October 07, 2009|
Sernova Corp. Announces Private Placement - Company To Present At Biocontact Conference In Quebec City
| ||London, Ontario - October 7th, 2009 - Sernova Corp. (TSX-V: SVA) today announced that it is undertaking a non-brokered private placement offering of up to 6.6 million Units at a price of $0.15 per Unit for gross proceeds of up to $1,000,000.|
The Company also announced that Dr. Philip Toleikis, Sernova's President and CEO, will present a company overview at BioContact Quebec, Canada's premiere biopharmaceutical investment and partnering symposium, in Quebec City on Thursday, October 8th.
Each Unit offered in the private placement shall consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share at the price of $0.25 for a period of two years. A finder's fee will be payable of up to 8% of the Units placed, payable in cash or in Units at the option of the finder. Sernova intends to use the proceeds of the private placement for product development activities and for general working capital. Closing is subject to acceptance for filing by the TSX Venture Exchange.
Dr. Philip Toleikis, President and CEO stated: "This financing will provide the capital for Sernova to continue to aggressively move our product development programs forward, including the validation and optimization of our novel Cell Pouch System(tm) device for cell transplantation."
The Cell Pouch System(tm) is a proprietary device which has been developed for human use and is a key component of Sernova's platform technology. The Cell Pouch System(tm) will be used initially for treatment of insulin-dependent diabetes and has the potential for use in additional cell transplantation therapies including haemophilia, spinal cord injury, Parkinson's disease and other chronic debilitating diseases.
Sernova Corp. is a Canadian-based, health-sciences company focused on commercializing medical technologies. Sernova is currently developing a platform technology for a number of serious disease indications, starting with a novel treatment for insulin-dependent diabetes, using the novel Cell Pouch System(tm) and its patented Sertolin(tm) cell technology. According to the American Diabetes Association approximately 9 million Americans require insulin injections and it is the sixth leading cause of death in the United States. One out of every 8 dollars spent on health care in the United States is spent on treating diabetes and its complications. Worldwide expenditures on insulin alone are estimated to be $15 billion annually and growing.
For further information contact:
Philip Toleikis, Ph.D., President and CEO
Tel: (604) 961-2939
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.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including availability of funds, the results of financing efforts, the results of research and product development activities - that could cause actual results to differ materially from Sernova's expectations are disclosed in Sernova's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
You can view the Next News Releases item: Tue Oct 20, 2009, Sernova's Cell Pouch System(tm) and Sertolin(tm) Preclinical Efficacy Presented at Leading International Islet Transplant Conference
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