Sernova Corp
TSX VENTURE : SVA

Sernova Corp

May 09, 2013 06:00 ET

Sernova Provides Corporate Update and Results of 2013 Annual General Meeting

LONDON, ONTARIO--(Marketwired - May 9, 2013) - Sernova Corp. (TSX VENTURE:SVA), provides a corporate update on the clinical development of the Cell Pouch™ and projections for 2013. As well, it is pleased to announce the results of the 2013 Annual General Meeting (AGM).

Cell Pouch™ Corporate Update

In August 2012, Sernova initiated the enrollment of patients in a Phase I/II clinical trial in Canada to evaluate the safety (primary endpoint) and efficacy (secondary endpoint) of treating diabetes with transplantation of insulin-producing islets using its Cell Pouch™.

"We are continuing to enroll patients in this clinical study of Sernova's Cell Pouch™ and we expect to announce the first interim analysis of the data in the second half of 2013," said Dr. James Shapiro MD, Ph.D. FRCS (Eng.) FRCSC, principal investigator of the Cell Pouch™ study and Director of the Clinical Islet Transplantation Program at the University of Alberta.

Dr. Toleikis, President and CEO Sernova Corp added, "2013 is shaping up to be a most exciting year for Sernova. We look forward to sharing important developments while continuing our strategic plan to build Sernova into a leading technology company that will improve the health and quality of life for people with diabetes and other chronic diseases."

Sernova intends to complete the following corporate objectives in 2013:

  • Continue the enrollment of patients into the Phase I/II study of the Cell Pouch™, and release interim results

  • Develop and confirm an international clinical, regulatory and commercialization strategy for the Cell Pouch™ for the treatment of insulin-dependent diabetes

  • Conduct preclinical studies of the safety and efficacy of Sernova's local immune protection technology, Sertolin™, within the Cell Pouch™ through the recently announced NRC-IRAP contribution agreement

  • Initiate preclinical, safety and efficacy studies using stem cells or xenogeneic cells within the Cell Pouch™ which could eventually enable treatment of a much larger number of patients with diabetes than donor islets could provide alone

  • Establish a corporate partnership to begin development of a new product indication for the Cell Pouch™

  • Prepare regulatory documentation for initiation of a second clinical indication for the Cell Pouch™

Results of Sernova's 2013 AGM

Dr. George Adams (Chair), Jeffrey Bacha, James Parsons, Bruce Weber and Dr. Philip Toleikis, were elected as the directors of the Company to hold office until the next annual general meeting of shareholders.

Davidson & Company, Chartered Accountants, was appointed auditor of the Company until the close of the next annual general meeting of shareholders, at a remuneration to be fixed by the Directors.

About Sernova

Sernova Corp. is a clinical stage health-sciences company focused on commercializing medical technologies. Sernova is developing a platform technology based on the Cell Pouch™, Sertolin™ and therapeutic cells, for a number of chronic diseases, including insulin-dependent diabetes as a first indication and other cell therapies such as for parathyroid disease, haemophilia, and Parkinson's disease. Sernova's goals for the Cell Pouch™ for diabetes include increasing the number of patients currently treated with intraportal delivery of donor islets and to provide a safe environment for sources of unlimited insulin-secreting cells such as insulin-producing stem cells and xenogeneic cells. This vision combined with local anti-rejection protection of the cells could enable millions of patients with insulin-dependent diabetes to be treated without limitation to availability of cells.

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.

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