Sernova Corp.
Working to cure diabetes
Message: New Strategic Plan
| April 28, 2009 |
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Sernova Corp.: New Strategic Plan
Appointment of Dr. Philip Toleikis as President and CEO |
| LONDON, ONTARIO--(Marketwire - April 28, 2009) - Sernova Corp. (TSX VENTURE:SVA) - At the Annual General Meeting of Shareholders held today, the Sernova Board of Directors issued its report on the internal review of the Corporation's research and development, financing and partnering activities and strategies that had been conducted over the last three months by Mr. Jeffrey Bacha, an independent Director of the Corporation. Based on the analysis of the Corporation's scientific progress to date, regulatory requirements, and financial and human resources, the Board of Directors has approved Mr. Bacha's recommended strategic plan. Sernova's immediate priority will be to seek scientific collaborations with key international transplant centres that currently offer islet transplantation (known as the Edmonton Protocol) to patients suffering from Type 1 diabetes. Sernova strongly believes that its proprietary Sertolin(TM) technology, which utilizes co-transplantation of porcine islets and Sertoli cells in a unique transplantation device, offers a quantum leap forward over the Edmonton Protocol, the current standard of care. The limitations of the Edmonton Protocol are well understood: very small source of donated human islets, potential damage to the patient's liver, significant loss of islets following transplantation, severe immune and inflammatory responses to the transplanted islets, and the permanent need for the patient to take toxic and expensive anti-rejection drugs. The Sertolin(TM) treatment would potentially overcome all of the Edmonton Protocol limitations in a simpler, less invasive, safer and less expensive way, since it is based on the availability of a large supply of porcine islets and sertoli cells from controlled herds, reduced loss of islets following transplantation, no minimal immune or inflammatory responses, and no need for any antirejection drugs. Sernova has already initiated discussions with several key transplantation centres in the United States with a view to establishing scientific collaborations to demonstrate proof of concept and commercialize Sertolin(TM). Mr. Bacha stated: "By working together with leading transplant centres, we can achieve far more in a shorter period of time, and ensure the highest quality studies that will meet the standards of the FDA and the international scientific community." Sernova is also aggressively seeking government and private grants to fund key projects within the overall Sertolin(TM) development plan. Until further funding and/or scientific collaborations are secured, the Corporation has significantly reduced its overhead and operating expenses. The Board of Directors also announces the appointment of Dr. Philip Toleikis as the President and CEO of the Corporation. Dr. Toleikis is a seasoned and experienced biotechnology executive, with over 20 years of research, intellectual property, management and business experience in the pharmacology and biotechnology sectors. His most recent position was as Vice President, R&D Pharmacology and Drug Screening, for Angiotech Pharmaceuticals, Inc. of Vancouver, British Columbia, where he built a major scientific and information technology team that included senior scientists, research scientists and technicians. Dr. Toleikis' major achievements at Angiotech included successful completion of Phase II European Clinical Trials, chairing the Joint Research Committee, in-licensing and out-licensing of technologies, and management of key patents and patent applications. Dr. Toleikis is the author of multiple issued patents and over 110 patent applications. His research training and experience includes biochemical pharmacology, diabetes, oncology, inflammatory diseases (psoriasis, multiple sclerosis, surgical adhesions, Alzheimer's disease and rheumatoid arthritis), osteoarthritis, neurological diseases and cardiovascular conditions including ischemic heart disease, cardiomyopathy, hypertension and aneurysms. Dr. Toleikis will be presenting on the Corporation's behalf at the BioFinance Conference in Toronto on Wednesday, April 29, 2009. Dr. George Adams, Chairman of the Board of Directors, welcomed Dr. Toleikis, stating, "Sernova is privileged to now be led by such a distinguished scientist and executive. We are fully confident that Dr. Toleikis will drive our technology through the worldwide regulatory process and into commercialization. The treatment of insulin-dependent diabetes will be just the first commercial application of our platform technology. On behalf of the Board of Directors and our shareholders, I welcome Dr. Toleikis to the Sernova family." Sernova also announces that it will be seeking the approval of the TSX Venture Exchange for a private placement of up to 14 million shares at a price of $0.03 per common share, for aggregate consideration of $420,000. A commission of 10%, along with a 10% agents warrant to purchase common shares at $0.05 per common share, will be paid. The Corporation also announces the granting of incentive stock options to an officer to purchase up to 700,000 common shares at $0.10 per share for a period of 5 years expiring April 28, 2014. 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 its patented Sertolin cell technology. According to the American Diabetes Association approximately 9 million Americans require insulin injections and it is the sixth leading cause of death in the United States. One out of every 8 dollars spent on health care in the United States is spent on treating diabetes and its complications. Worldwide expenditures on insulin alone are estimated to be $15 billion annually and growing. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. |
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