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Press release Communiqué de presse

July 26, 2023 26 July, 2023

Sernova Expands Leadership Team with Appointment of Modestus Obochi, Ph.D., MBA, as Chief Business Officer

LONDON, Ontario – July 26, 2023 – Sernova Corp. (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), a clinical- stage company and leader in cell therapeutics, today announced the appointment of Modestus Obochi, Ph.D., MBA, a veteran dealmaker and strategic leader with 25+ years of biotech and pharmaceutical industry experience, as Chief Business Officer effective September 8, 2023.

“Dr. Obochi brings additional invaluable industry acumen to our expanding leadership team,” said Dr. Philip Toleikis, President and Chief Executive Officer of Sernova. “His proven expertise in strategy, business development, product lifecycle management, and operational excellence will be vital to our team as we continue to strategically advance our proprietary therapeutic cell therapy technologies including our Cell Pouch System™, both independently and with industry partners, as a potential ‘functional cure’ for multiple chronic diseases.”

Dr. Obochi added, “I am very excited by the significant commercial potential and the immense clinical potential that Sernova’s proprietary cell therapy platform has shown in the ongoing Phase 1/2 study in people living with type 1 diabetes. As an immunologist and someone whose family has been impacted by the devastating effects of T1D, the Sernova opportunity is very personal to me. I look forward to working with Sernova’s management and board of directors, its partners, and research collaborators as we aim to develop Sernova’s proprietary cell therapy platform into a commercially viable ‘functional cure’ modality for multiple chronic diseases, including insulin-dependent diabetes, hemophilia A, and hypothyroidism.”

Based in the Chicago, Illinois area, where he has resided for the last 16 years, Dr. Obochi joins Sernova from Phlow Corp., where he served as Executive Vice President of Strategy and Business Development. In that role, he led the design, development, and execution of corporate strategy and business development plans. He also managed the due diligence, structuring, and negotiations of all transactions, including licensing deals, product acquisitions, partnerships, M&A, and strategic investments. Prior to his role at Phlow Corp., Dr. Obochi held several executive-level commercial and business development roles at leading pharmaceutical companies including Pfizer, Hospira, and Baxter International, and has previously consulted for several biotechnology companies. Most notably, in these roles, Dr. Obochi has helped corporations raise significant capital and has successfully structured and closed multiple strategic transactions worth over $5 billion. Dr. Obochi holds a Ph.D. in Immunology from the University of British Columbia, Vancouver, and an MBA from the Beedie School of Business of Simon Fraser University, Vancouver. He has published over 30 manuscripts, including journal articles and symposia abstracts, and is an inventor on several patents, including one on cell transplantation.

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 therapeutic cell technology 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.