Signed Letter of Intent with 'Project REEM Ventures' for Product Development and Commercialization in the Kingdom of Saudi Arabia

Renowned Diabetes Expert Dr. Robert Gabbay to Serve as Clinical Advisor

Town Hall Call to be Held on December 13; AGM Circular Available on December 6

LONDON, Ontario and BOSTON, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Sernova Corp. (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, today announced key initiatives that underscore the company's strategic progress.

On November 12, at the Riyadh Global Medical Biotechnology Summit, Sernova entered into a non-binding letter of intent with HealthGena and GOLDTRACK Ventures regarding 'Project REEM Ventures' to explore opportunities for product development and commercialization initiatives in the Kingdom of Saudi Arabia to address the growing incidence of type 1 diabetes. 'Project REEM Ventures' is a collaboration initiative between Sernova, HealthGena and GOLDTRACK Ventures. HealthGena is a Riyadh-based business accelerator with a focus on biotechnology innovation. GOLDTRACK Ventures is a German-regulated venture capital manager based in Leipzig, Germany, specializing in Life Science investments. A definitive agreement has not been entered into.

Additionally, Sernova is honored to welcome Dr. Robert Gabbay who will serve in a clinical advisory role. Dr. Gabbay brings a significant wealth of expertise in diabetes care and research, having most recently served as Chief Scientific and Medical Officer at the American Diabetes Association, and previously as Chief Medical Officer at the Joslin Diabetes Center, one of the world's leading diabetes research organizations. His expertise will be instrumental as Sernova advances in clinical trial development and product innovation.

"With our Cell Pouch bio-hybrid organ, Sernova is at the cutting edge of developing a potentially transformative functional cure for type 1 diabetes," stated Jonathan Rigby, CEO of Sernova. "Our ongoing discussions with our visionary partners at GOLDTRACK Ventures and HealthGena, plus the addition of Dr. Gabbay as an advisor signify positive progress towards achievement of our strategic goals."

Under new leadership, Sernova is committed to transparency and fostering engagement with its shareholders and will host a virtual Town Hall for investors on Friday, December 13, at 10:00am ET. The event will feature the company's recently appointed CEO, Jonathan Rigby, who will discuss recent developments and Sernova's strategic plans to create long-term value for shareholders. This will be followed by an open forum for questions and answers. The webcast registration link will soon be available in the Investor section of the company's website at .

In addition, the Company is holding an Annual General and Special Meeting of Shareholders on January 7, 2025. The Management Information Circular for the meeting will be available on the Company's website on December 6, 2024.

ABOUT SERNOVA CORP

Sernova Corp. is a clinical-stage company developing regenerative medicine therapeutics combining its Cell Pouch with human donor cells or stem cells to create a bio-hybrid organ. A bio-hybrid organ refers to a medical device designed to be implanted into the human body, where it integrates with existing living tissue to replicate or enhance the function of a natural organ, essentially aiming to restore normal organ function by combining living cells with non-living materials to mimic the properties of the original organ and seamlessly interact with surrounding tissues. This innovative approach aims to deliver a potentially revolutionary treatment for patients with chronic diseases, initially focusing on type 1 diabetes and thyroid disorders.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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 our belief of potential opportunities for product development and commercialisation initiatives in the Kingdom of Saudi Arabia and our progress towards achieving our strategy goals. 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, 2023 filed with Canadian securities authorities and available at , as updated by Sernova's continuous disclosure filings, which are available at . 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.