LONDON and ONTARIO, California, Oct. 24,
2019 /CNW/ -- Sernova Corp. (TSX-V: SVA) (OTCQB: SEOVF)
(FSE: PSH), a clinical-stage regenerative medicine company, is
pleased to announce that Mr. David
Swetlow, CPA, CA, has joined Sernova as Chief Financial
Officer.
Mr. Swetlow is a veteran of the high tech and life sciences
industries with over 20 years in various senior management, board,
and advisory roles for start-up, acceleration, and high-growth
stage companies, including multiple TSX and Nasdaq listed biotech
companies amongst them QLT Inc. and Protox Therapeutics Inc.
"Mr. Swetlow's extensive financial and business experience with
high-growth stage and public companies will bolster Sernova's
Management Team. Adding a full-time CFO at this inflection point
for the company with our recent announcement of initial positive
early efficacy indicators for our Cell Pouch(TM) Phase I/II US
clinical trial for type-1 diabetes and ongoing business development
activities will accelerate execution of the company's financial,
business and capital markets goals and strategies," said Dr.
Philip Toleikis, President and CEO
of Sernova.
Sernova's outgoing CFO, Mr. Sean
Hodgins, will assist with the transition as he continues to
provide contract CFO services to his technology company clients.
Sernova would like to thank Mr. Hodgins for his contribution and
wishes him well in his future endeavors.
In connection with Mr. Swetlow's appointment, Sernova has
granted an aggregate of 750,000 stock options on October 23, 2019 each such option being
exercisable into one common share at a price of $0.21 per share. The options will vest over 36
months and expire after 10 years.
ABOUT SERNOVA'S CLINICAL TRIAL
Sernova is conducting a Phase I/II non-randomized, unblinded,
single-arm, company-sponsored trial to assess the safety and
tolerability of islet transplantation into the company's patented
Cell Pouch in participants with diabetes and hypoglycemia
unawareness. The secondary objective is to assess efficacy through
a series of defined measures. Importantly, patients enrolled in
Sernova's clinical trial are incapable of producing C-peptide prior
to implantation of Sernova's Cell Pouch and therapeutic cells.
Eligible subjects are 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, transplanted into
the Cell Pouch.
A sentinel pouch is removed for an early assessment of the islet
transplant. Subjects are followed for additional safety and
efficacy measures for approximately six months. At this point, a
decision is made with regards to the transplant of a second islet
dose with subsequent safety and efficacy follow up. Patients will
be then further followed for one year to assess longer-term safety
and efficacy.
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'S CELL POUCH
The Cell Pouch is a novel, proprietary, scalable, implantable
macro-encapsulation device designed for the long- term survival and
function of therapeutic cells. The device is designed to
incorporate with tissue, forming highly vascularized tissue
chambers for the transplantation and function of therapeutic cells,
which then release proteins and hormones as required to treat
disease. The device, along with therapeutic cells, has been shown
to provide long-term safety and efficacy in small and large animal
models of diabetes and has been proven to provide a biologically
compatible environment for insulin-producing cells in humans.
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
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, which include our
beliefs about the conduct and outcome of clinical trials. The
information disclosed represents results from one patient and may
not be representative of all study patients or of the final study
results. 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.
For further information, contact:
Dominic Gray
Sernova Corp
Tel: +(519)-858-5126
dominic.gray@sernova.com
www.sernova.com
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SOURCE Sernova Corp.
