Sernova Corp
TSX VENTURE : SVA

Sernova Corp

April 30, 2012 06:03 ET

Sernova Announces Appointments to Board of Directors

LONDON, ONTARIO--(Marketwire - April 30, 2012) - Sernova Corp. ("Sernova" or the "Company") (TSX VENTURE:SVA) today announced that at the annual general meeting held April 19, 2012, Bruce Weber and James Parsons were elected to the Corporation's Board of Directors.

"The appointment of Mr. Weber and Mr. Parsons strengthens Sernova's Board from a perspective in the international clinical, regulatory and corporate finance arenas," said Dr. George Adams, Chairman of the Board of Directors of Sernova. "With Sernova's upcoming launch of its first in man Canadian clinical trial of the Cell Pouch™, the company is strategically focused on clinical validations and partnerships to advance its products. The board now has seasoned Directors with operational and transactional experience to properly govern and guide the Company."

In his distinguished career, Mr. Weber is currently Vice President, Clinical, Regulatory and Quality Assurance at Innovia LLC, since 2004. Prior to this appointment, Mr. Weber held a number of senior management positions including Vice President of Product Assurance at Syntheon LLC from 1998 to 2004, Vice President, Product Assurance at Corvita Corporation from 1989 to 1998, and Corporate Quality Assurance Manager at Organon Teknika from 1987 to 1988. He also held positions as Director of Manufacturing at BioNexis, Senior Regulatory Affairs Associate at Cordis Corporation, Production Manager at C.R. Bard, Inc. and Quality Control Manager at Cordis Dow Corporation.

Mr. Parsons is currently Vice President Finance and Corporate Secretary at Diamedica, Inc. since 2010 and also is Chief Financial Officer of Stem Cell Therapeutics Corp. since August 2011. Prior to these positions Mr. Parsons was Chief Financial Officer and Corporate Secretary of Amorfix Life Sciences, Ltd. from 2005 to 2010. Mr. Parsons also holds senior positions with a number of biotechnology companies and advises a number of early-stage companies within the industry. Mr. Parsons has over twenty years of experience working with Board of Directors and Audit Committees and has extensive experience in establishing and developing committee policies, mandates and governance processes. Mr. Parsons has secured approximately $100M of financing during his career and has advised and assisted on over $200M of product out-licensing, research agreements and in-licensing deals.

In connection with the appointment of Mr. Weber and Mr. Parsons, they were each granted 250,000 options on April 19, 2012 to purchase shares at an exercise price of $0.18 for a period of 5 years in accordance with the provisions of the Sernova stock option plan.

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 the novel Cell Pouch System™ and its patented Sertolin™ cell technology.

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 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.

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