PharmiWeb.com - Global Pharma News & Resources
21-Aug-2019

Sernova Announces First Closing of Private Placement

Offering Increased to $3,500,000

 

LONDON, ONTARIO – August 19, 2019 – Sernova Corp. (TSX-V:SVA) (FSE:PSH) (OTCQB:SEOVF), a clinical-stage regenerative medicine company, is pleased to announce that it has completed a first closing of $2,333,500 of its  non-brokered private placement, (which was announced on July 25, 2019), of which $64,000 was closed under the “Existing Shareholder Exemption.”

In addition, the Company announces that it is increasing the maximum offering by an additional $500,000, for a total offering of $3,500,000 of Units. Each Unit in the Offering is priced at $0.20 per Unit and consists of one common share and one common share purchase warrant (“Warrant”). Each Warrant will be exercisable into one share at a price of $0.30 per share for a period of 36 months

The Company plans to close the balance of the placement in the coming weeks.

Net proceeds from the increased portion of the private placement will be used to support funding of Sernova's clinical program including its FDA cleared US Phase I/II regenerative medicine clinical trial and to advance corporate/academic collaborations utilizing the Company’s platform technology to treat diabetes, hemophilia and other serious disease conditions, as well as for investor relations and general corporate purposes.

Completion of the private placement is subject to the approval of the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a statutory hold period of four months.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act of 1933 and all applicable state securities laws, or an applicable exemption from registration requirements.

 

ABOUT SERNOVA’S US CLINICAL STUDY

The approved protocol is a Phase I/II non-randomized, unblinded, single-arm, company-sponsored trial, where diabetic subjects with hypoglycemia unawareness enroll into the study. Participants are then implanted with Cell Pouches. Following the development of vascularized tissue chambers within the Cell Pouch, subjects are then stabilized on immunosuppression, and a dose of purified islets, under strict release criteria, is transplanted into the Cell Pouch. 

A sentinel pouch is removed for an early assessment of the islet transplant. Subjects will be followed for additional safety and efficacy measures for approximately six months. At this point, a decision will be made with regards to the transplant of a second islet dose with subsequent safety and efficacy follow up. Patients will then be further followed for one year. The primary objective of the study is to demonstrate safety and tolerability of islet transplantation into the Cell Pouch. The secondary objective is to assess efficacy through a series of defined measures. 

For more information on this clinical trial, please visit www.clinicaltrials.gov/ct2/show/NCT03513939. For more information on enrollment and recruitment details, please visit www.pwitkowski.org/sernova.
 

 

ABOUT SERNOVA CORP.
Sernova Corp is developing regenerative medicine therapeutic technologies using a medical device and immune protected therapeutic cells (i.e. human donor cells, corrected human cells and stem cell-derived cells) to improve the treatment and quality of life of people with chronic metabolic diseases such as insulin-dependent diabetes, blood disorders including hemophilia, and other diseases treated through replacement of proteins or hormones missing or in short supply within the body. For more information, please visit www.sernova.com

Editor Details

  • Company:
    • Sernova Corp
  • Name:
    • Sernova Corp
Last Updated: 21-Aug-2019