LONDON, Ontario, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Sernova Corp. (TSX:SVA) (OTCQB:SEOVF) (FSE/ XETRA:PSH), a clinical-stage company and leader in regenerative medicine cell therapeutics, today announced that it has completed the second and final tranche of its previously announced private placement with Evotec SE (FSE:EVT) (NASDAQ: EVO) of 2,709,800 common shares of the Company (“Common Shares”) at a price of $2.50 per share for total proceeds of $6,774,500. Upon completion of the second tranche, Evotec’s strategic investment in Sernova totals $27,098,000.

“Evotec’s investment at $2.50 per share, significantly more than double yesterday’s closing price, reflects the value our strategic partner places on Sernova relative to the current trading price on the TSX,” commented Dr. Philip Toleikis, President and CEO of Sernova Corp. “The dedication and synergy of our mutual teams to advance the iPSC diabetes program expeditiously has been impressive. We remain confident that our combined product strategy could dramatically impact the day to day lives of millions of people and their families worldwide with diabetes. With $50 million on our balance sheet, including Evotec’s additional investment and recent significant exercises of outstanding warrants, Sernova is well positioned to expedite the advancement of our iPSC diabetes stem cell initiative with Evotec and other regenerative cell therapy programs which we envision having a significant valuation impact.”

Sernova will use the net proceeds from the Common Shares for general working capital purposes and to continue pursuing ‘functional cures’ for diabetes, hypothyroidism and hemophilia A. The Common Shares are subject to a statutory four month hold period.

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