Sernova Biotherapeutics Announces $13 Million Debt-to-Equity Conversion Eliminating Significant Financing Overhang
Sernova Biotherapeutics (OTCQB: SEOVF), a regenerative medicine company developing Cell Pouch Bio-hybrid Organ for type 1 diabetes, has announced a significant CAD $13.3 million debt-to-equity conversion of outstanding accounts payable.
The conversion was executed through a non-brokered private placement of 66.3 million units at $0.19 per unit. Each unit includes one share (common or preferred) and two half warrants exercisable at $0.25 and $0.30 for 2 and 3 years, respectively. Additionally, the company successfully negotiated to defer its $4 million term debt repayment until April 2026.
The company's management, including CEO and CFO, participated in the conversion, demonstrating internal confidence in Sernova's direction toward advancing its phase 1/2 clinical trial for type 1 diabetes treatment.
Sernova Biotherapeutics (OTCQB: SEOVF), una società di medicina rigenerativa che sviluppa il Cell Pouch Bio-hybrid Organ per il diabete di tipo 1, ha annunciato una significativa conversione debito-verso-patrimonio di CAD 13,3 milioni delle partite da pagare pendenti.
La conversione è stata eseguita tramite una private placement non-brokerata di 66,3 milioni di unità a 0,19 USD per unità. Ogni unità include una azione (ordinaria o preferenziale) e due warrant frazionati esercitabili a 0,25 e 0,30 USD per 2 e 3 anni, rispettivamente. Inoltre, la società ha negoziato con successo per differire il rimborso del suo debito a termine di 4 milioni di USD fino ad aprile 2026.
La dirigenza, incluso l’amministratore delegato e il direttore finanziario, ha partecipato alla conversione, dimostrando fiducia interna nella direzione di Sernova nel proseguire lo studio clinico di fase 1/2 per il trattamento del diabete di tipo 1.
Sernova Biotherapeutics (OTCQB: SEOVF), una empresa de medicina regenerativa que desarrolla Cell Pouch Bio-hybrid Organ para la diabetes tipo 1, ha anunciado una significativa conversión deuda-a-patrimonio por CAD 13,3 millones de cuentas por pagar pendientes.
La conversión se llevó a cabo mediante una colocación privada no brokered de 66,3 millones de unidades a 0,19 USD por unidad. Cada unidad incluye una acción (ordinaria o preferente) y dos warrants fraccionados ejercibles a 0,25 y 0,30 USD durante 2 y 3 años, respectivamente. Además, la empresa negoció con éxito aplazar el pago de su deuda a término de 4 millones de USD hasta abril de 2026.
La dirección de la empresa, incluido el CEO y el CFO, participó en la conversión, demostrando confianza interna en la dirección de Sernova para avanzar en su ensayo clínico de fases 1/2 para el tratamiento de la diabetes tipo 1.
Sernova Biotherapeutics (OTCQB: SEOVF), 제1형 당뇨를 위한 Cell Pouch Bio-hybrid Organ를 개발하는 재생의학 기업은 미지급계정채무의 CAD 13.3백만 달러 부채-자본 전환을 발표했습니다.
전환은 중개인 없이 진행된 비공개 배정으로 66.3백만 유닛을 유닛당 0.19달러에 발행했습니다. 각 유닛에는 한 주의 보통주(또는 우선주)와 행사 가능한 두 개의 반 워런트가 포함되며, 행사가는 각각 0.25달러와 0.30달러로 2년 및 3년의 만기를 가집니다. 또한 회사는 400만 달러의 기간부 채무 상환을 2026년 4월까지 연기하기로 성공적으로 협상했습니다.
CEO와 CFO를 포함한 경영진이 전환에 참여해 내부적으로 Sernova의 1/2상 임상시험을 진행하는 방향에 대한 확신을 보여주었습니다.
Sernova Biotherapeutics (OTCQB: SEOVF), une société de médecine régénérative qui développe le Cell Pouch Bio-hybrid Organ pour le diabète de type 1, a annoncé une importante conversion dette-capital de CAD 13,3 millions des comptes fournisseurs en souffrance.
La conversion a été réalisée par une placement privé sans courtier de 66,3 millions d’unités à 0,19 USD l’unité. Chaque unité comprend une action (ordinaire ou privilégiée) et deux warrants demi-temps exerçables à 0,25 et 0,30 USD pour 2 et 3 ans, respectivement. De plus, la société a réussi à négocier le report du remboursement de sa dette à terme de 4 millions USD jusqu’en avril 2026.
La direction de l’entreprise, y compris le PDG et le directeur financier, a participé à la conversion, démontrant une confiance interne dans l’orientation de Sernova pour faire progresser son essai clinique de phase 1/2 pour le traitement du diabète de type 1.
Sernova Biotherapeutics (OTCQB: SEOVF), ein Unternehmen der regenerativen Medizin, das Cell Pouch Bio-hybrid Organ für Typ-1-Diabetes entwickelt, hat eine bedeutende CAD 13,3 Millionen Debt-to-Equity-Umwandlung ausstehender Verbindlichkeiten angekündigt.
Die Umwandlung wurde durch eine nicht-brokerierte Privatplatzierung von 66,3 Millionen Einheiten zu je 0,19 USD pro Einheit durchgeführt. Jede Einheit enthält eine Aktie (ordentlich oder bevorzugt) und zwei halbe Warrants, die zu 0,25 USD bzw. 0,30 USD für 2 bzw. 3 Jahre ausgeübt werden können. Zusätzlich konnte das Unternehmen erfolgreich verhandeln, die Rückzahlung seiner 4 Millionen USD-Term Debt bis April 2026 zu verschieben.
Das Management des Unternehmens, einschließlich CEO und CFO, nahm an der Umwandlung teil, was intern Vertrauen in die Richtung von Sernova zeigt, um die Phase-1/2-Klinischen Studien zur Behandlung von Typ-1-Diabetes voranzutreiben.
سيرنوفا بيوثيرابيوتيكس (OTCQB: SEOVF)، وهي شركة في مجال الطب التجديدي وتطوّر عضو بي-هايبرد كول بواحد لعلاج النوع 1 من السكري، أعلنت عن تحويل ديون مهم إلى أسهم بقيمة CAD 13,3 مليون دولار كندي من حسابات مستحقة الدفع.
تم تنفيذ التحويل من خلال طرح خاص غير وسيط بقيمة 66,3 مليون وحدة بسعر 0,19 دولار للوحدة. تتضمن كل وحدة سهماً واحداً (عاديًا أو مفضلًا) ومِئتين من warrants نصفية قابلة للتنفيذ بسعر ممارسة 0,25 دولار و0,30 دولار لمدة سنتين و3 سنوات على التوالي. بالإضافة إلى ذلك، نجحت الشركة في التفاوض لتأجيل سداد دينها طويل الأجل بقيمة 4 ملايين دولار حتى أبريل 2026. شارك في التحويل فريق الإدارة من بينهم الرئيس التنفيذي والمدير المالي، مما يعكس ثقة داخلية في اتجاه سيرنوفا نحو تقدم تجربتها السريرية من المرحلة 1/2 لعلاج النوع 1 من السكري.
Sernova Biotherapeutics (OTCQB: SEOVF)，是一家开发用于1型糖尿病的 Cell Pouch Bio-hybrid Organ 的再生医学公司，宣布了一笔 CAD 1330 万美元的应付账款的债转股重大事项。
此次转股通过一轮非经纪人私募，发行 66.3 百万份单位，单位价格为 0.19 美元。每单位包含一股普通股或优先股，以及两份半认股权证，行使价分别为 0.25 美元和 0.30 美元，行权期为 2 年和 3 年。另公司成功谈判将其 400 万美元的定期债务偿还推迟至 2026 年 4 月。
包括首席执行官和首席财务官在内的管理层参与了此次转股，显示内部对 Sernova 向前推进其1/2期临床试验以治疗1型糖尿病方向的信心。
- Elimination of CAD $13.3 million in accounts payable debt through equity conversion
- Management and board participation in debt conversion shows internal confidence
- Removal of monthly debt repayment obligations
- Extension of $4 million term debt repayment to April 2026
- Strengthened balance sheet position for advancing clinical trials
- Significant dilution through issuance of 66.3 million new units
- Additional potential dilution from warrant exercises
- Remaining $4 million term debt still on balance sheet
Toronto, Ontario and Boston, Massachusetts--(Newsfile Corp. - October 1, 2025) - Sernova Biotherapeutics (TSX: SVA) (OTCQB: SEOVF) (FSE: PSH0) ("Sernova") 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 that it has signed debt-to-equity conversion agreements with vendors to convert approximately CAD
"This debt-to-equity conversion is a strong vote of confidence from supportive partners and vendors," said Jonathan Rigby, CEO of Sernova. "It underscores the shared vision and commitment we have to deliver a functional cure for patients living with type 1 diabetes. By removing a large portion of this inherited liability from our balance sheet, we are in a stronger financial position to advance an array of ongoing funding discussions in order to secure the capital necessary to advance our Cell Pouch Bio-hybrid Organ into the final cohort of our phase 1 / 2 clinical trial prior to year end."
The debt-to-equity conversion was completed by way of a non-brokered private placement of 66,346,502 million units at a unit price of
The company also announced that it negotiated the removal of a potential early repayment clause of its
All securities issued in connection with the private placement will be subject to a statutory hold period of four months. Completion of the private placement is subject to customary closing conditions, including acceptance of the TSX.
The Company expects insider participation in the private placement, which may be considered a related party transaction within the meaning of Multilateral Instrument 61-101 ("MI 61-101"). Sernova intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any insider participation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 release contains statements that, to the extent they are not recitations of historical facts, may constitute "forward-looking statements" that involve various risks, uncertainties, and assumptions, including, without limitation, statements regarding the prospects, plans, and objectives of the company. Wherever possible, but not always, words such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential for" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur are used to identify forward-looking statements. These statements reflect management's beliefs with respect to future events and are based on information currently available to management on the date such statements were made. Many factors could cause Sernova's actual results, performances or achievements to not be as anticipated, estimated or intended or to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors could include, but are not limited to, the company's ability to timely obtain necessary approvals, including TSX acceptance, to close the debt settlements. Investors should consult the company's quarterly and annual filings available on www.sedarplus.ca for additional information on risks and uncertainties relating to the forward-looking statements. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268665
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