Sernova Biotherapeutics Secures $4 Million Loan to Further Advance its Clinical Development Plans
Sernova Biotherapeutics (SEOVF) has secured a CAD$4 million secured term loan from Navigate Private Yield Fund LP III, maturing on April 16, 2026. The company, which focuses on developing Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes (T1D), will use the proceeds for working capital and general corporate purposes.
The loan, supported by a secured guarantee from Sernova's U.S. subsidiary and board member Dr. Steven Sangha, comes after raising over CAD$10 million in recent months. The company is preparing to initiate its final human donor islet Cohort C clinical trial of their Cell Pouch Bio-hybrid Organ in T1D patients, positioning itself as the most advanced company in U.S. clinical trials with an implantable and retrievable product targeting type 1 diabetes cure.
Sernova Biotherapeutics (SEOVF) ha ottenuto un prestito a termine garantito di 4 milioni di CAD da Navigate Private Yield Fund LP III, con scadenza il 16 aprile 2026. L'azienda, che si concentra sullo sviluppo del Cell Pouch Bio-ibrido come cura funzionale per il diabete di tipo 1 (T1D), utilizzerà i fondi per capitale circolante e scopi aziendali generali.
Il prestito, garantito dalla controllata statunitense di Sernova e dal membro del consiglio Dr. Steven Sangha, segue la raccolta di oltre 10 milioni di CAD negli ultimi mesi. L'azienda si sta preparando a iniziare la sua ultima sperimentazione clinica umana con donatori di isole di Langerhans, il Cohort C, per il Cell Pouch Bio-ibrido in pazienti con T1D, posizionandosi come la società più avanzata negli studi clinici statunitensi con un prodotto impiantabile e rimovibile mirato alla cura del diabete di tipo 1.
Sernova Biotherapeutics (SEOVF) ha asegurado un préstamo a plazo garantizado de 4 millones de CAD de Navigate Private Yield Fund LP III, con vencimiento el 16 de abril de 2026. La compañía, que se enfoca en desarrollar el Órgano Bio-híbrido Cell Pouch como una cura funcional para la diabetes tipo 1 (T1D), utilizará los fondos para capital de trabajo y fines corporativos generales.
El préstamo, respaldado por una garantía garantizada de la subsidiaria estadounidense de Sernova y el miembro de la junta Dr. Steven Sangha, llega después de recaudar más de 10 millones de CAD en los últimos meses. La empresa se está preparando para iniciar su ensayo clínico final con donantes humanos, Cohorte C, del Órgano Bio-híbrido Cell Pouch en pacientes con T1D, posicionándose como la compañía más avanzada en ensayos clínicos en EE.UU. con un producto implantable y recuperable dirigido a la cura de la diabetes tipo 1.
Sernova Biotherapeutics (SEOVF)는 Navigate Private Yield Fund LP III로부터 캐나다 달러(CAD) 400만 달러의 담보 대출을 확보했으며, 만기는 2026년 4월 16일입니다. 이 회사는 제1형 당뇨병(T1D)에 대한 기능적 치료법으로서 Cell Pouch Bio-hybrid Organ 개발에 주력하고 있으며, 이번 자금을 운전자본 및 일반 기업 목적에 사용할 예정입니다.
이번 대출은 Sernova의 미국 자회사와 이사회 멤버인 Dr. Steven Sangha의 담보 보증으로 지원되었으며, 최근 몇 달간 1,000만 캐나다 달러 이상을 조달한 데 이어 이루어졌습니다. 회사는 T1D 환자를 대상으로 한 Cell Pouch Bio-hybrid Organ의 최종 인간 공여자 이식편 코호트 C 임상시험을 준비 중이며, 이식 가능하고 회수 가능한 제품으로 제1형 당뇨병 치료를 목표로 하는 미국 임상시험에서 가장 앞선 회사로 자리매김하고 있습니다.
Sernova Biotherapeutics (SEOVF) a obtenu un prêt à terme garanti de 4 millions de dollars canadiens auprès de Navigate Private Yield Fund LP III, arrivant à échéance le 16 avril 2026. La société, qui se concentre sur le développement de l’organe bio-hybride Cell Pouch comme cure fonctionnelle du diabète de type 1 (T1D), utilisera les fonds pour le fonds de roulement et des fins générales d’entreprise.
Ce prêt, soutenu par une garantie sécurisée de la filiale américaine de Sernova et du membre du conseil d’administration Dr Steven Sangha, intervient après une levée de plus de 10 millions de dollars canadiens ces derniers mois. L’entreprise se prépare à lancer son dernier essai clinique humain avec des donneurs d’îlots, Cohorte C, pour son organe bio-hybride Cell Pouch chez des patients atteints de T1D, se positionnant comme la société la plus avancée dans les essais cliniques américains avec un produit implantable et récupérable visant la guérison du diabète de type 1.
Sernova Biotherapeutics (SEOVF) hat einen besicherten Terminkredit in Höhe von 4 Millionen CAD vom Navigate Private Yield Fund LP III erhalten, der am 16. April 2026 fällig wird. Das Unternehmen, das sich auf die Entwicklung des Cell Pouch Bio-hybrid Organs als funktionelle Heilung für Typ-1-Diabetes (T1D) konzentriert, wird die Mittel für Betriebskapital und allgemeine Unternehmenszwecke verwenden.
Der Kredit, der durch eine gesicherte Garantie der US-Tochtergesellschaft von Sernova und des Vorstandsmitglieds Dr. Steven Sangha unterstützt wird, folgt auf eine Kapitalaufnahme von über 10 Millionen CAD in den letzten Monaten. Das Unternehmen bereitet sich darauf vor, seine abschließende klinische Studie mit menschlichen Spender-Inselzell-Kohorte C für das Cell Pouch Bio-hybrid Organ bei T1D-Patienten zu starten und positioniert sich damit als das fortschrittlichste Unternehmen in US-amerikanischen klinischen Studien mit einem implantierbaren und entfernbaren Produkt, das auf die Heilung von Typ-1-Diabetes abzielt.
- Secured CAD$4 million loan with minimal dilution
- Raised over CAD$10 million in recent months
- Leading position in U.S. clinical trials for type 1 diabetes treatment
- Advancing to final human donor islet Cohort C clinical trial
- Requires personal guarantee from board member for loan security
- Taking on debt instead of equity financing
LONDON, Ontario and BOSTON, April 17, 2025 (GLOBE NEWSWIRE) -- Sernova Biotherapeutics, (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), a leading regenerative medicine company focused on developing it’s Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes (T1D), today announced that the Company has closed on a secured term loan in the amount of CAD
“Our operational and strategic plans are coming together well with over CAD
The Loan is supported by a secured guarantee of the Company's U.S. subsidiary and by a member of Sernova’s board of directors, Dr. Steven Sangha.
“We are truly grateful to Dr. Sangha for his unwavering support of Sernova,” said Jonathan Rigby. “As a board member and long-time shareholder, he truly understands the potential value of the opportunities we are pursuing and is fully aligned with our strategic plans.”
ABOUT THE LOAN
The Loan is secured against the assets of the Company and the Company's U.S. subsidiary as well as against the assets of Dr. Steven Sangha (the “Director Guarantor”). The Company has entered into an indemnification agreement with Dr. Sangha in the event of a realization against his assets and granted him a security interest in Sernova’s assets (on the same terms as the security interest granted to the Lender), which is subordinated to the Lender’s security.
In consideration of the Director Guarantor’s support of the Loan and assumption of liability, subject to receipt of final approval of the TSX, the Company is granting to the Director Guarantor 9,000,000 common share purchase warrants ("Compensation Warrants"). Each Compensation Warrant is exercisable, once vested, at a price of
The Loan has minimum fixed interest of
The issuance of the warrants and entering into the indemnification agreement with Dr. Sangha constitute "related party transactions" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of issuance of compensation warrants and the Indemnification as the fair market value of the transaction does not exceed
The transactions contemplated by the Credit Agreement, the Indemnification Agreement, and related documents, including the issuance of the Compensation Warrants, have been conditionally approved by the TSX.
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 our belief that Sernova has the most advanced implantable and retrievable product in U.S. clinical trials. 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
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