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Press release Communiqué de presse

June 22, 2023 22 June, 2023

Sernova to Present Updated Interim Phase 1/2 Clinical Data on Cell Pouch System™ During Oral Presentation at American Diabetes Association 83rd Scientific Sessions

Company to host in-person only analyst and investor event at an offsite location following the presentation on Saturday, June 24 at the ADA Scientific Sessions

LONDON, Ontario – June 22, 2023 – Sernova Corp. (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), a clinical- stage company and leader in cell therapeutics, will be presenting updated interim data from its ongoing Phase 1/2 clinical trial of the Cell Pouch System™ in patients with type 1 diabetes (T1D) and hypoglycemia unawareness at the American Diabetes Association (ADA) 83rd Scientific Sessions, to be held June 23-26, 2023, in San Diego.

The abstract, which was submitted several months ago, written by Dr. Piotr Witkowski, M.D., Ph.D. and his team at The University of Chicago Pritzker School of Medicine, was released by the ADA and shows that five of the six patients receiving the Sernova Cell Pouch remain insulin independent (>2.5 years, >1 year, 10 months, 2 months, and 1 month). With the 6th patient awaiting a final protocol-mandated islet transplant. The oral podium presentation will contain additional updated information and will take place on Saturday, June 24. In alignment with the ADA embargo policy, the additional data updates will be shared by Sernova following the completion of the presentation. The abstract for the oral presentation can be accessed here. Presentation details:

• Abstract: #240-OR • Title: Islet Allotransplantation into Pre-vascularized Sernova Cell Pouch—Early Results from the University of Chicago • Abstract Session: Clinical Islet-Cell Transplantation • Date: Saturday, June 24, 2023 • Time: 5:15 PM PT • Location: Room 30 • Authors: Mateusz Ogledzinski, Sarah Gondek, William Lin, Kamila Milejczyk, Braden Juengel, Lisa Potter, Piotr K. Bachul, Lindsay Basto, Laurencia Perea, Lingjia Wang, Martin Tibudan, Rolf Barth, John Fung, Piotr Witkowski

Sernova will host an in-person analyst and investor event following the presentation at ADA: • Date: Saturday, June 24, 2023 • Time: 6:30 PM PT • Location: The Hilton San Diego Bayfront • Room: Aqua 310B

Register for the event here: https://events.r20.constantcontact.com/register/eventReg? oeidk=a07ejsjhyfz2e580299&oseq=&c=&ch=

Abstracts for the ADA 83rd Scientific Sessions can be accessed here: https://eppro02.ativ.me/src/EventPilot/php/express/web/planner.php?id=ADA23

ABOUT SERNOVA CORP. AND THE CELL POUCH SYSTEM PLATFORM FOR CELL THERAPY

Sernova Corp. is a clinical-stage biotechnology company that is developing therapeutic cell technologies for chronic diseases, including insulin-dependent diabetes, thyroid disease, and blood disorders that include hemophilia A. Sernova is currently focused on developing a ‘functional cure’ for insulin-dependent diabetes with its lead asset, the Cell Pouch System, a novel implantable and scalable medical device with immune protected therapeutic cells. On implantation, The Cell Pouch forms a natural vascularized tissue environment in the body for long-term survival and function of therapeutic cells that release essential factors that are absent or deficient in the bodies of patients with certain chronic diseases. Sernova’s Cell Pouch System has demonstrated its potential to be a ‘functional cure’ for people with T1D in an ongoing Phase 1/2 clinical study at the University of Chicago. Sernova is also advancing a proprietary technology in collaboration with the University of Miami to shield therapeutic cells from immune system attack with the goal to eliminate the need for chronic, systemic immunosuppression. In May 2022, Sernova and Evotec entered into a global strategic partnership to develop an implantable off-the-shelf iPSC (induced pluripotent stem cells) based islet replacement therapy. This partnership provides Sernova a potentially unlimited supply of insulin-producing cells to treat millions of patients with insulin-dependent diabetes (type 1 and type 2). Sernova continues to progress two additional development programs that utilize its Cell Pouch System: a cell therapy for hypothyroid disease resulting from thyroid gland removal and an ex vivo lentiviral factor VIII gene therapy for hemophilia A.

FOR FURTHER INFORMATION, PLEASE CONTACT: Corporate: Christopher Barnes VP, Investor Relations Sernova Corp. christopher.barnes@sernova.com Tel: 519-902-7923 www.sernova.com

Investors: Corey Davis, Ph.D. LifeSci Advisors, LLC cdavis@lifesciadvisors.com Tel: 212-915-2577 Media: Hannah Holmquist LifeSci Communications hholmquist@lifescicomms.com Tel: 619-723-4326

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.