Press release Communiqué de presse
Press release Communiqué de presse
October 15, 2008 15 October, 2008
Jeffrey Bacha Appointed to Sernova Board of Directors - Grant of Stock Options
London, Ontario --October 15, 2008 -
Dr. George Adams, Chairman of the Board of Directors of Sernova Corp., is pleased to announce the appointment of Jeffrey Bacha to the Board of Directors. Mr. Bacha brings 15 years of life sciences experience in the areas of operations, strategy and finance for biotechnology, pharmaceutical and medical device companies in Canada, the United States and Europe. "Jeffrey will add considerable depth and expertise to the Sernova Board", said Dr. Adams, "and will play a key role in Sernova commercializing its treatment for insulin- dependent diabetes."
Mr. Bacha is currently Executive Vice President, Corporate Affairs and Chief Operating Officer of Clera Inc., a company developing new medicines to treat serious CNS diseases, including schizophrenia, depression and Parkinson's disease. From 2002 through 2005, Mr. Bacha launched Inimex Pharmaceuticals as President and Founding Chief Executive Officer, securing more than $35 million in grant and venture capital financing. Inimex recently completed a $22 million Series B financing and is ready to advance its first drug candidate into human clinical trials in the 2008 - 2009 timeframe. Prior to 2002, Jeffrey served as Vice President, Corporate Development of Inflazyme Pharmaceuticals Ltd., was a founding Board member of Urigen Holdings Inc., and was founding CFO and Vice President, Corporate Development of XBiotech Inc. Mr. Bacha was also Senior Manager and Director of KPMG's U.S. Health Ventures and Life Sciences Corporate Finance Group in San Francisco.
Originally from California, Mr. Bacha holds a B.Sc. in Biophysics from the University of California and an M.B.A. from the Goizueta Business School at Emory University. Both Inimex and Inflazyme were recognized as "Top 10 Life Sciences Investment Opportunities" in Canada during every year of Mr. Bacha's tenure at those companies. Mr. Bacha has received personal honours as one of the "Top 40 Under 40" business persons in British Columbia, and in 2004 was nominated for the Ernst & Young Entrepreneur of the Year Award.
Sernova also announces the granting of incentive stock options to a director and an officer to purchase up to an aggregate of 100,000 common shares at $0.12 per share for a period of 5 years expiring October 15, 2013.
About Sernova 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 its patented Sertoli 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.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
For further information contact: Craig Gauld, Executive Vice President Tel: (888) 318-7062; (519) 858-5126 firstname.lastname@example.org www.sernova.com
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