Sernova Appoints Jonathan Rigby as Interim Chair

Rhea-AI Summary

Sernova Biotherapeutics has appointed CEO Jonathan Rigby as Interim Chair of the board of directors, effective immediately. This appointment will continue until a new independent director is selected as the permanent Board Chair. The company, which focuses on developing Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes, is currently in financing discussions with GoldTrack Ventures and the Kingdom of Saudi Arabia. Rigby highlighted the company's recent achievements, including positive clinical data and the formation of a world-class Clinical Advisory Board. Additionally, Sernova announced the departure of Chief Business Officer Modestus Obochi.

Positive

• Company is in active investment discussions with multiple parties including the Kingdom of Saudi Arabia
• Recent release of encouraging clinical data for type 1 diabetes treatment
• Formation of a world-class Clinical Advisory Board

Negative

• Departure of Chief Business Officer indicates potential leadership instability
• CEO now serving dual role as Interim Chair could raise corporate governance concerns
• Financing discussions still pending, indicating potential need for capital

LONDON, Ontario and BOSTON, June 02, 2025 (GLOBE NEWSWIRE) -- Sernova Biotherapeutics, (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), a leading regenerative medicine company focused on developing its Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes (T1D), today announced the appointment of Sernova’s Chief Executive Officer Jonathan Rigby as Interim Chair of the board of directors. Mr. Rigby will assume the Chair role, effective immediately, until a new independent director is appointed to serve as the next Chair of the Board.

Sernova continues to advance financing discussions as previously disclosed with GoldTrack Ventures and the Kingdom of Saudi Arabia, regarding a potential investment and continues to believe that this will be a promising partnership.

“Sernova is making significant strides on multiple strategic and operational fronts. The recent release of encouraging clinical data, formation of a world-class Clinical Advisory Board, and active investment discussions with multiple parties is encouraging,” said Jonathan Rigby, Interim Chair and Chief Executive Officer of Sernova. “As we advance toward our goal of delivering a functional cure for type 1 diabetes, we remain focused on execution and creating long-term shareholder value.”

Sernova also announced the departure of Modestus Obochi, its Chief Business Officer. The company thanks Dr. Obochi for his leadership and contributions during his tenure and wishes him well in his future endeavors.

ABOUT SERNOVA BIOTHERAPEUTICS

Sernova Biotherapeutics is a clinical-stage company developing regenerative medicine therapeutics combining its Cell Pouch with human donor cells or stem-cell derived islet like clusters in collaboration with Evotec to create Bio-hybrid Organs to treat T1D. A Bio-hybrid Organ is comprised of non-biomaterials, such as the Cell Pouch, integrated with living tissues to restore or enhance the function of a compromised organ. This innovative approach aims to deliver a potentially revolutionary treatment for patients with chronic diseases, initially focusing on T1D and thyroid disorders.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Burke VP, Investor Relations (917) 751-5713 Email: David.Burke@sernova.com Website: https://sernova.com/

The TSX has not reviewed this news release and does not accept responsibility for the accuracy or adequacy of this news release.

FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements in this press release include the potential to finalize an agreement with GoldTrack Ventures to provide funding for operations. With respect to the forward-looking statements contained in this press release, Sernova has made numerous assumptions regarding, among other things: the company’s ability to secure additional financing on reasonable terms, or at all; and the ability to conduct all required preclinical and clinical studies for the company’s Cell Pouch, including the timing and results of those trials. A more complete discussion of the risks and uncertainties facing Sernova appears in Sernova’s Annual Information Form for the year ended October 31, 2024, filed with Canadian securities authorities and available at www.sedarplus.ca, as updated by Sernova’s continuous disclosure filings, which are available at www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and Sernova disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

FAQ

Who is the new Interim Chair of Sernova Biotherapeutics (SEOVF)?

Jonathan Rigby, who is also the company's CEO, has been appointed as Interim Chair of the board of directors

What is Sernova's main product in development?

Sernova is developing a Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes (T1D)

Who is Sernova in financing discussions with in 2025?

Sernova is in financing discussions with GoldTrack Ventures and the Kingdom of Saudi Arabia regarding potential investment

Which executive recently left Sernova Biotherapeutics?

Modestus Obochi, the Chief Business Officer, has departed from the company

What recent achievements has Sernova (SEOVF) reported?

Sernova has reported encouraging clinical data, formed a world-class Clinical Advisory Board, and is in active investment discussions with multiple parties