|By Marketwired .||
|February 11, 2014 06:00 AM EST||
LONDON, ONTARIO -- (Marketwired) -- 02/11/14 -- Sernova Corp. (TSX VENTURE: SVA), a clinical stage company developing medical technologies for the long-term treatment of chronic debilitating metabolic diseases including diabetes, blood disorders such as haemophilia and other diseases, today announced the appointment of Mr. Frank Holler to its Board of Directors. A Vancouver-based entrepreneur and investor, Holler brings 25 years of success-driven experience in the biopharma and technology sectors to Sernova's board. He has been directly involved in the founding and development of some of Canada's most successful biopharma companies including ID Biomedical, Angiotech Pharmaceuticals and Xenon Pharmaceuticals.
"Frank possesses the ideal combination of coveted bio-science experience and strategic relationships with institutions and pharma to guide Sernova's strategic advancement," stated Dr. George Adams, Sernova's Board Chair.
"I am pleased to be joining the board of Sernova," said Mr. Holler. "Sernova's CEO, Dr. Philip Toleikis is a former Angiotech colleague and I am looking forward to working with him and the Sernova team as we advance Sernova's therapeutic cell-based product development programs and drive value for shareholders."
Mr. Holler previously served as President & CEO of Xenon Pharmaceuticals, Inc., a genetics-based drug development company focused on the treatment of rare inherited medical conditions, President & CEO of ID Biomedical Corporation, a vaccine development company sold to GlaxoSmithKline in 2005, and was a founding director of Angiotech Pharmaceuticals, a TSX/NASDAQ-listed biotechnology company. He was also an investment banker with Merrill Lynch Canada and Wood Gundy, Inc. (now CIBC World Markets) and former director of the British Columbia Biotechnology Association (now LifeSciences BC), and in 2003 received the BC Biotech Award for Vision and Leadership.
"Frank's extensive industry experience, capital markets expertise and strategic insights will be very helpful as Sernova continues to advance its programs," said Dr. Philip Toleikis, President and CEO of Sernova. "In particular, I believe his background in corporate finance, strategic partnering and M&A will be a good fit for Sernova as we continue to build out the Company's leading position in regenerative medicine."
Sernova also announces that it has granted an aggregate of 150,000 incentive stock options on February 11, 2014 to certain directors of the Company to purchase common shares in the capital stock of the Company subject to approval of the TSX Venture Exchange. Each option entitles the holder to purchase one common share of the Company at an exercise price of $0.15, for a period of 5 years, in accordance with the provisions of the Sernova Stock Option Plan.
Sernova Corp is a clinical stage regenerative medicine company developing medical technologies for the treatment of chronic debilitating metabolic diseases such as diabetes, blood disorders including haemophilia and other diseases treated through replacement of proteins or hormones missing or in short supply within the body. Sernova is developing the Cell Pouch, an implantable medical device for therapeutic cells (donor, xenogeneic or stem cells) which then release proteins and/or hormones as required. The therapeutic cells are protected from immune attack by Sernova's proprietary technology, Sertolin.
About the Cell Pouch
The Cell Pouch is a proprietary scalable biocompatible medical device, contract manufactured (ISO13485) to meet international regulatory standards. It is inserted under the skin, and forms an ideal environment, rich in microvessels and tissue matrix for the placement and function of therapeutic cells. The Cell Pouch is currently being evaluated in clinical trials at the University of Alberta with Dr. James Shapiro as principal investigator in patients with Type 1 diabetes receiving an islet transplant.
Sertoli cells when co-localized with donor therapeutic cells release protective factors that can provide a non-toxic, immune-protected environment that may reduce or eliminate the need for daily anti-rejection drugs that currently must be used by patients with transplanted tissues and organs. Sernova is currently conducting preclinical studies to optimize sertoli cells and islets within the Cell Pouch through a NRC-IRAP contribution agreement provided by the Government of Canada.
About Clinical Islet Transplantation Program
Please view www.islet.ca for more information on the Clinical Islet Transplantation Program at the University of Alberta.
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.
Philip Toleikis, Ph.D.
President and CEO
Cathy Steiner, CPA CA MSc MBA
Ray Matthews & Associates
Suite 601-128 West Cordova Street,
Vancouver, BC V6B 0E6