Business
Sernova Announces Warrants Exercise for Proceeds of $4.3 Million and Early Conversion of Debenture
(TheNewswire) LONDON, ONTARIO – TheNewswire - Januar...
About this update from Sernova Biotherapeutics Inc
[{"type":"text","content":"Sernova Announces Warrants Exercise for Proceeds of $4.3 Million and Early Conversion of Debenture\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LONDON, ONTARIO –\n \n TheNewswire -\n \n January 25,\n2021 – Sernova Corp. (TSXV:SVA) (OTC:SEOVF) (FSE:PSH), a leading\nclinical-stage regenerative medicine therapeutics company is pleased\nto announce that in recent weeks it has received gross proceeds of\n$4.3 million pursuant to the exercise of more than 14 million\nwarrants. Sernova intends to use the proceeds of the warrants\nexercised to support the Company’s clinical diabetes programs\nincluding its US Phase I/II diabetes clinical trial, diabetes stem\ncell-derived technologies and to also accelerate treatments for\nhypothyroid disease and hemophilia A.\n \n \n The exercised warrants were originally issued in connection to public\nofferings of units completed by Sernova in July 2018 and September\n2019. In October 2020, the 2018 warrants were subsequently extended by\nthe Company to February 2021.\n \n \n Sernova also announces the early conversion by the holder of its\noutstanding $1 million convertible debenture, due December 2022, into\nequity of the Company. The conversion will save the Company almost two\nyears of interest costs.\n \n \n “I am extremely pleased to see these warrants being exercised and\nthe continued support from our shareholders,\" commented Dr.\nPhilip Toleikis, President and CEO of Sernova Corp. \"The early\nconversion of the debenture coupled with the warrants proceeds\nstrengthens our balance sheet and cash position as we continue our\nongoing efforts to create shareholder value.\"\n \n \n Warrants holders interested in exercising their warrants may contact\nthe Company (see the contact information provided below). The terms\nand conditions of the warrants are set out in the warrants\ncertificate.\n \n \n \n ABOUT SERNOVA CORP.\n \n \n \n Sernova Corp is developing regenerative medicine therapeutic\ntechnologies using a medical device and immune protected therapeutic\ncells (i.e. human donor cells, corrected human cells and stem\ncell-derived cells) to improve the treatment and quality of life of\npeople with chronic metabolic diseases such as insulin-dependent\ndiabetes, blood disorders including hemophilia, and other diseases\ntreated thr...