LONDON, ONTARIO–(Marketwired – June 5, 2017) – Sernova Corp. (TSX VENTURE:SVA)(FRANKFURT:PSH)(OTCQB:SEOVF), a clinical stage company developing medical technologies for the long-term treatment of chronic metabolic diseases including diabetes, blood disorders such as hemophilia and other diseases, today provided a brief company outlook on corporate and clinical developments.
“During the first half of 2017, we have achieved significant progress in advancing our diabetes and hemophilia programs and have continued to build our intellectual property portfolio reaching new milestones in the development of our global patent portfolio, including coverage of leading indications in major markets,” stated President and CEO, Dr. Philip Toleikis. “We look forward to advancing our ongoing collaboration with a leading, global pharmaceutical company and are confident in our ability to execute on multiple fronts including our upcoming U.S. clinical study earmarked for the second half of 2017, and additional notable collaborations to bring the most innovative and effective regenerative medicine combination products to the forefront,” he added.
Our product development program plans for 2017 includes the following:
- Commence a Phase I/II clinical study of our Cell Pouch™ in the United States to support our positive results in diabetic patients with hypoglycemia unawareness using human donor islets to further develop the safety and efficacy of our regenerative medicine combination product;
- As a member of the HemAcure Consortium who will continue development of IND-enabling cell production and preclinical studies for personalized medicine treatment of hemophilia A consisting of factor VIII releasing therapeutic cells transplanted within Sernova’s implanted prevascularized Cell Pouch. (The HemAcure Consortium is the name of the consortium developing a product for hemophilia A);
- Conduct IND-enabling preclinical studies for treatment of hypo-thyroid disease consisting of thyroid hormone releasing tissue transplanted within Sernova’s Cell Pouch;
- Production of human stem cell derived cells for diabetes and proof of principle assessment of these differentiated human stem cells for their safety and efficacy within Sernova’s Cell Pouch for the treatment of insulin-dependent diabetes;
- Development of novel local immune protection technologies within the Cell Pouch, to further develop and advance Sernova’s therapeutic vision for diabetes of a product consisting of locally immune protected therapeutic cells within the Cell Pouch; and,
- Continue to collaborate with pharmaceutical companies to assess safety and efficacy of our combined technologies in preclinical studies for potential negotiation of a licensing arrangement and commercial development partnership for our diabetes and hemophilia programs.
- As of January 31, 2017, Sernova had $5.5 million in cash, cash equivalents, and bank deposits. The company’s net cash used for operating activities was $0.6 million for this quarter. Notably, Management recently purchased a total of 2,044,000 shares as reflected on www.sedar.ca
About Sernova
Sernova Corp is a clinical stage regenerative medicine Company developing medical technologies for the treatment of chronic debilitating metabolic diseases such as diabetes, blood disorders including hemophilia, and other diseases treated through replacement of proteins or hormones missing or in short supply within the body. Sernova is developing its Cell Pouch System, an implantable medical device and therapeutic cells (donor, xenogeneic or stem cell derived therapeutic cells). Sernova’s Cell Pouch System, following implantation, is thought to form a vascularized tissue environment for the housing and long-term survival and function of therapeutic cells. It is anticipated that these therapeutic cells may release necessary proteins or hormones missing from the body to treat chronic diseases as an alternative to daily administration of drugs. HemAcure is the name of the consortium developing a product for hemophilia A. This project has received funding from the European Union’s Horizon 2020 research and innovation program under grant agreement No 667421. For more information, visit www.sernova.com.
Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Sernova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements, which include our beliefs about the functionality of the Cell Pouch and our cell technologies, clinical trials, collaborations and therapeutic indications are based on the beliefs, estimates and opinions of Sernova’s management on the date such statements were made. 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.
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.
Philip Toleikis, Ph.D., President and CEO
(604) 961-2939
[email protected]
[email protected]
www.sernova.com
Ray Matthews & Associates
Suite 601-128 West Cordova Street
Vancouver, BC V6B 0E6
(604) 818-7778
www.raymatthews.ca
