LONDON, ONTARIO - (Marketwire - Dec. 31, 2009) - Sernova Corp. ("Sernova" or the "Company") (TSX VENTURE:SVA - News) announces that it has completed its previously announced non-brokered private placement, raising gross proceeds of $500,000 through the issuance of 5,000,000 common share units at $0.10 per unit.
The Company intends to use the net proceeds to fund product development activities related to Sernova's proprietary Cell Pouch System(TM). The Cell Pouch System(TM) is a novel chambered device which becomes vascularised to provide essential microcirculation to support the function and long-term survival of therapeutic cells. Sernova's Cell Pouch System(TM) represents a potential revolutionary improvement over the current practise of injecting therapeutic cells into blood vessels. Sernova's first application of the Cell Pouch System(TM) is in insulin-dependent diabetes, which affects approximately 9 million patients in North America alone.
The common share units were issued in two closings: 3,650,000 units on October 30, 2009, and 1,350,000 units on December 23, 2010. Each unit consisted of one common share of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for a period of two years from closing. A total of $20,512 was paid to finders. The securities issued are subject to four month hold periods.
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(tm) and its patented Sertolin(tm) 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.
For further information contact:
Philip Toleikis, Ph.D., President and CEO
Tel: (604) 961-2939
info@sernova.com
www.sernova.com
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.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
Copyright (c) 2009 SERNOVA CORP. (SVA) All rights reserved. For more information visit our website at http://www.sernova.com/ or send mailto:info@sernova.com
