Press release Communiqué de presse
Press release Communiqué de presse
April 21, 2023 21 April, 2023
Sernova Reminds Shareholders to Vote FOR the Eight Management Director Nominees Using ONLY the WHITE Management Proxy
- Protect your investment in Sernova by voting FOR all of Sernova Management’s director nominees.
- ISS and Glass Lewis, independent third-party proxy advisory firms, both recommend that shareholders vote
FOR Sernova’s eight management nominees and not to vote for the dissident nominees.
- The deadline to submit WHITE management proxies is Tuesday April 25, 2023 at 10:00 a.m. (Pacific time)
- Shareholders who have questions or need assistance with voting their shares voting should contact Sernova
Corp.’s strategic advisor and proxy solicitation agent Laurel Hill Advisory Group by telephone at 1-877-452-
7184 or by email at firstname.lastname@example.org.
LONDON, Ontario – April 21, 2023 – Sernova Corp. (“Sernova” or the “Corporation”) (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), reminds shareholders to vote the WHITE management proxy in advance of the proxy voting deadline on Tuesday April 25, 2023 at 10:00 a.m. (Pacific Time) FOR all of the Sernova management director nominees. We thank the many shareholders who have already voted FOR Sernova’s management nominees using the WHITE proxy and urge those who have not voted yet to cast their vote using the WHITE proxy —every shareholder and every share counts.
Shareholders are encouraged to read Sernova’s management information circular, the letter to shareholders the Corporation recently mailed to all shareholders and press releases by visiting Sernova - AGM Annual General Meeting, for details about how a group of dissident shareholders is trying to impose two unqualified nominees on Sernova’s board of directors.
Sernova’s Board Nominees – The Right Team with the Right Experience Sernova’s nominees, Frank Holler, Dr. Mohammad Azab, Jeffery Bacha, Deborah Brown, Dr. Daniel Mahony, James Parsons, Dr. Philip Toleikis and Brett Whalen possess the skills Sernova needs to continue the successful execution the Corporation’s plan to progress Sernova to its next stage of development:
- Significant expertise and experience in leading biotech companies. Sernova’s nominees all have significant breadth and depth of expertise and experience in directing public biotech, pharmaceutical, and healthcare sector companies in Canada and elsewhere. - Director Qualifications. Sernova’s nominees each have deep biotechnology industry experience encompassing relevant capabilities in finance, product and corporate development. The board has been developed and refreshed over time against a specific skills matrix with currently 50% of the board having served for less than 4 years. - Strong Financial and Cash Position. Sernova ended Q1 2023 with a strong balance sheet including cash resources of $45.6 million. Since the April 2022 annual meeting of shareholders, proceeds of $8 million were raised from the full exercise of the remaining outstanding 2019 and 2020 private placement common share purchase warrants. Additionally, the Company completed a private placement with strategic partner Evotec resulting in a total equity investment of $27 million.
In addition, within the last year, Sernova’s Board and management team have made significant progress with a ‘functional cure’ for insulin-dependent diabetes with its lead asset, the Cell Pouch System (“CPS”), a novel implantable medical device with immune protected therapeutic cells. With a strong management and Board of Directors in the last 12 months the Company has:
- In May, 2022 - Entered into a global strategic partnership with Evotec SE (“Evotec”) to develop an implantable off-the-shelf iPSC (induced pluripotent stem cells) based islet replacement therapy. This partnership provides Sernova a potentially unlimited supply of insulin-producing islet clusters to treat millions of patients with insulin-dependent diabetes (both type 1 and type 2). - In June, 2022 - Transitioned the Company from the TSX Venture Exchange to the TSX as part of the Company’s capital markets strategy to access a broader base of investors and position the Company more favourably for institutional investment. - In January 2023 - The Company announced the confirmation of its hypothyroid program proof-of concept, demonstrating that thyroid auto-transplantation in the Cell Pouch can compensate for removal of the thyroid gland and restore normal thyroid hormone production – potentially a lifechanging treatment for patients who have gone through the thyroid gland removal procedure.
Vote FOR your Management Nominees using ONLY Management’s WHITE Proxy Voting is easy. We encourage you to vote online or by telephone using the information on your WHITE proxy. Shareholders who have voted using the dissident’s GOLD proxy and wish to support Sernova’s management nominees still have the right to change their vote by simply voting FOR Sernova’s management nominees using the WHITE proxy. A later dated WHITE proxy will replace a previously submitted vote.
YOUR VOTE HAS NEVER BEEN MORE IMPORTANT. VOTE YOUR SHARES FOR SERNOVA’S MANAGEMENT NOMINEES AS SOON AS POSSIBLE, REGARDLESS OF THE NUMBER OF SHARES YOU OWN
Shareholders are encouraged to vote your shares as soon as possible. The deadline for voting your shares is at 10:00 a.m. (Pacific Time) on Tuesday April 25, 2023.
Sernova’s board of directors recommends that shareholders vote FOR all of the management director nominees and meeting resolutions using only the WHITE proxy.
Shareholder Questions Shareholders who have any questions or require assistance with voting may contact Sernova’s proxy solicitation agent and shareholder communications advisor:
Laurel Hill Advisory Group Toll Free: 1-877-452-7184 (for shareholders in North America) International: +1 416-304-0211 (for shareholders outside Canada and the US) By Email: email@example.com
ABOUT SERNOVA CORP. AND THE CELL POUCH SYSTEM PLATFORM FOR CELL THERAPY
Sernova Corp. is a clinical-stage biotechnology company that is developing therapeutic cell technologies for chronic diseases, including insulin-dependent diabetes, 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. Sernova is also advancing a proprietary technology in collaboration with the University of Miami to shield therapeutic cells from immune system attack with the goal to eliminate the need for chronic, systemic immunosuppression. In May 2022, Sernova and Evotec entered into a global strategic partnership to develop an implantable off-the-shelf iPSC (induced pluripotent stem cells) based 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 progress two 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:
Corporate Christopher Barnes VP, Investor Relations Sernova Corp. firstname.lastname@example.org Tel: 519-902-7923 www.sernova.com
Investors Corey Davis, Ph.D. LifeSci Advisors, LLC email@example.com Tel: 212-915-2577
Media Elizabeth Miller, M.D. LifeSci Communications firstname.lastname@example.org Tel: 646-791-9705
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 www.sedar.com 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.