LONDON, ONTARIO--(Marketwire - Dec. 7, 2010) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Sernova Corp. ("Sernova" or the "Company") (TSX VENTURE:SVA) is pleased to provide an update on activities and plans for 2011 and the closing of private placement.
The Company has completed a non-brokered private placement of 1,400,000 Units at a price of $0.16 per Unit raising gross proceeds of $224,000. Each Unit issued consisted of one common share of the Company (a "Share") and one-half of a share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one Share at a price of $0.20 for a period of 24 months. All of the securities issued in the private placement are subject to a four month hold period that expires on April 3, 2011.
Dr. Philip Toleikis, Sernova's President & CEO, stated: "This and previous private placements have positioned Sernova with the financial resources to continue to build value through the accomplishment of several milestones during the coming year." Proceeds of the offering will be used to fund ongoing development of Sernova's proprietary Cell Pouch System™, including cGMP manufacturing, pre-clinical studies required by regulatory authorities to support a future Phase I/II human clinical study of insulin-dependent diabetes, and for general working capital.
During 2010, we achieved a number of key milestones including:
Refocusing our strategy around the commercialization of our Cell Pouch System™.
The augmentation of our Scientific Advisory Board with the additions of Dr. James Shapiro and Dr. David Sutherland.
Prepared for initiation of human clinical trials with the Cell Pouch System™ by completing a significant preclinical study demonstrating long-term glucose control in an industry-standard model of diabetes.
The Cell Pouch System™ is a proprietary medical device which may offer a revolutionary improvement over the current practice of injecting therapeutic cells into blood vessels. Based on previous pre-clinical research, the Cell Pouch System™ becomes a vascularised organ-like structure when placed in the body, providing the microcirculation thought to be essential to early function and long-term survival of therapeutic cells.
During the coming year, Sernova plans to build shareholder value by continuing to advance the Cell Pouch System™ into human clinical trials by:
establishing a relationship with an ISO13485 compliant manufacturer to produce our US-FDA GMP-compliant Cell Pouch Systems™;
preparing documentation to support regulatory filings required to begin human clinical trials in 2011for patients to receive donor islets;
continuing to establish relationships with leaders in the medical community by presenting at leading transplantation conferences including: The Canadian Society of Transplantation, and World Congress of International Pancreas and Islet Transplant Association;
presenting the validation study of the Cell Pouch System™ in non-human primates, assessing tissue incorporation and angiogenesis, which was conducted in collaboration with the University of Illinois at Chicago's Transplant Biology Research Laboratory; and
presenting key results from ongoing studies of the Cell Pouch System™ in autograft and islet-sparing allograft porcine studies.
Another important aspect of Sernova's commercialization strategy, is establishing collaborative relationships with companies working in the cell therapy field. Based on research to date, the Cell Pouch System™ has the potential for a wide range of uses in cell therapy including the treatment of diabetes, haemophilia, spinal cord injury, Parkinson's disease and other chronic debilitating diseases.
Now that we have demonstrated strong efficacy in diabetes with the Cell Pouch™ we are hoping to establish one or more collaborations to demonstrate the expanded utility of the Cell Pouch System™ for other therapeutic cells during 2011," added Dr. Toleikis.
As always, we wish to thank our shareholders for their continued support of our vision to build a successful and profitable health-sciences company.
Dr. Philip Toleikis, President & CEO Sernova Corp
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™ and its patented Sertolin™ 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.
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.
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.