Sernova Corp

Sernova Corp

June 06, 2012 06:00 ET

Sernova Announces Exercise of Warrants

LONDON, ONTARIO--(Marketwire - June 6, 2012) - Sernova Corp. ("Sernova" or the "Company") (TSX VENTURE:SVA) is pleased to announce that, since mid-April, it has received gross proceeds of $772,182 on exercise of 3,878,277 common share purchase warrants, of which 3,808,814 were exercisable at a price of $0.20 per share and 69,463 warrants were exercisable at a price of $0.15 per share.

The warrants were issued in connection with private placements which closed between 2009 and 2011. The funds will be used to support the ongoing Phase I/II human clinical trial of the Cell Pouch™ and for general working capital purposes.

"This demonstration of support from our shareholders has strengthened Sernova's working capital position and shows continued excitement for the direction of the Company as we develop our product platform technologies," stated Dr. Philip Toleikis, President and CEO of Sernova.

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™, a medical device for transplantation and long-term efficacy of therapeutic cells and its patented Sertolin™ cell technology which provides local immune protection of therapeutic cells.

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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