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Press release Communiqué de presse

December 14, 2021 14 December, 2021

Sernova Appoints Christopher Barnes as Vice President, Investor Relations & Grants Options/DSUs

LONDON, ONTARIO – December 14, 2021 – Sernova Corp. (TSX-V:SVA) (OTCQB:SEOVF) (FSE/XETRA:PSH), a clinical-stage leader in regenerative medicine and cell therapy therapeutics developing a potential ‘functional cure’ for type 1 diabetes (T1D) and other chronic diseases, is pleased to announce today it has appointed executive Christopher Barnes as Vice President, Investor Relations. Mr. Barnes will lead the execution of Sernova’s investor relations strategy and communications activities.

New VP Investor Relations

Mr. Barnes has a track record of 23 years of experience in both investor relations and capital markets. His previous investor relations experience includes being the investor relations head at a large North American healthcare company. Additionally, he has worked in the capital markets and institutional sales for three boutique investment dealers covering buy side accounts in Canada, the United States and Europe. “We are pleased to welcome seasoned investor relations and capital markets executive Christopher Barnes to the Sernova management team,” commented Dr. Philip Toleikis, President and CEO. “The ongoing success of our Cell Pouch System™ diabetes clinical program, rivalling our peers, and our evolving global pharmaceutical partnering activities are catching the eye of institutional investors and others. Christopher’s strong network of relationships across the North American investment community combined with his capital markets savvy and communications experience will accelerate and broaden the awareness of Sernova’s prospects, developing the cell therapy industry’s most clinically successful platform to date, with our T1D study’s longest treated patient now being insulin independent for over 20 months. He will work closely with our New York, US based LifeSci Advisors team bolstering targeted investor outreach and other new initiatives as well as support the shift in our shareholder base towards institutional shareholders.”

Mr. Barnes’ appointment continues the buildout of Sernova’s management and internal clinical and regulatory, R&D and corporate teams to support and continue the execution of the Company’s growth plan.

Option and DSU Grants

In conjunction with team’s expansion and the recognition of Sernova’s significant accomplishments and transformation over the last two years, the Sernova board of directors has granted 13,575,484 stock options to certain officers, employees and consultants of the Company, with each option being exercisable into one common share at a price of $1.32 per share for a period of 5 years, and granted 1,360,000 Deferred Share Units (DSU) to its non-management directors. The last company wide option and DSU grants occurred two years ago in 2019.

ABOUT SERNOVA Sernova is developing regenerative medicine therapeutic solutions using a medical device (Cell Pouch) and immune protected therapeutic cells / tissues (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 cellular production of proteins or hormones missing or in short supply within the body. For more information, please visit www.sernova.com.

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. Positive initial results have been presented at several international scientific conferences.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Corey Davis, Ph.D. LifeScience Advisors, LLC cdavis@lifesciadvisors.com Tel: 212-915-2577

Christopher Barnes VP, Investor Relations Sernova Corp. christopher.barnes@sernova.com Tel: 519-902-7923 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.