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Press release Communiqué de presse

January 28, 2021 28 January, 2021

Sernova Announces Collaboration Agreements with Multiple Pharmaceutical Industry Leaders

Sernova’s Cell Pouch platform and cell therapy expertise being used in multiple collaborations with global pharmaceutical companies

January 28, 2021 8:05 a.m. EST

LONDON, ONTARIO – January 28, 2021 – Sernova Corp. (TSX-V: SVA)(OTCQB: SEOVF)(FSE: PSH), a leading clinical-stage regenerative medicine therapeutics company, announced today that it has entered into multiple research collaboration agreements with global pharmaceutical companies.

Sernova is deploying its in-house cell therapy expertise and patent-protected Cell Pouch technologies in combination with proprietary therapeutic cell assets designated by the pharmaceutical collaborators. Further details of these agreements will be kept confidential for strategic reasons. The collaborators have requested anonymity.

“The research collaborations follow the ongoing clinical success of Sernova’s Cell Pouch technologies in diabetes, and reflect the value and evolving recognition of our technologies and cell therapy platform,” said Dr. Philip Toleikis, President and CEO of Sernova Corp. “These important partnerships with leaders in the pharma industry build upon Sernova’s business strategy to develop a portfolio of products to realize the full potential of Sernova’s regenerative medicine platform by extending and broadening its application to new therapeutic areas and modalities. Sernova’s goal is to provide people with a functional cure for multiple chronic and rare diseases.”

ABOUT SERNOVA’S CELL POUCH SYSTEM

The Cell Pouch, as part of the Cell Pouch System, is a novel, proprietary, scalable, implantable macro- encapsulation device solution designed for the long-term survival and function of therapeutic cells. The device upon implantation is designed to incorporate with tissue, forming highly vascularized tissue chambers for the transplantation and function of therapeutic cells, which then release proteins and hormones as required to treat disease. The Cell Pouch, along with therapeutic cells, has been shown to provide long-term safety and efficacy in small and large animal models of diabetes and has been proven to provide a biologically compatible environment for insulin-producing cells in humans in a Canadian first-in-human study. Sernova is currently conducting a Phase I/II study at the University of Chicago.

ABOUT SERNOVA CORP.

Sernova Corp is developing regenerative medicine therapeutic technologies using a medical device and immune protected therapeutic cells (i.e., human donor cells, corrected human cells and stem cell-derived cells) to improve the treatment and quality of life of people with chronic metabolic diseases such as insulin- dependent diabetes, blood disorders including hemophilia, and other diseases treated through replacement of proteins or hormones missing or in short supply within the body. For more information, please visit www.sernova.com.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Dominic Gray

Sernova Corp.

Tel: (519) 858-5126

dominic.gray@sernova.com

www.sernova.com

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 secure additional financing and licensing arrangements on reasonable terms, or at all; ability to conduct all required preclinical and clinical studies for the company’s Cell Pouch System and/or related technologies, including the timing and results of those trials; ability to obtain all necessary regulatory approvals, or on a timely basis; ability to in-license additional complementary technologies; ability to execute its business strategy and successfully compete in the market; and the inherent risks associated with the development of biotechnology combination products generally. Many of the factors are beyond our control, including those caused by, related to, or impacted by the novel coronavirus pandemic. Investors should consult the company’s quarterly and annual filings available on www.sedar.com 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.