- Serova Corp. (SVA) has completed the final tranche of a $6.77 million private placement with Evotec SE
- 2.7 million Sernova common shares were issued at a price of $2.50 per share
- Sernova will the funds for general working capital purposes and to find ‘functional cures’ for diabetes, hypothyroidism, and hemophilia A
- Also, 14.8 million common shares have been issued related to warrants worth $4.49 million
- Serova Corp. (SVA) is up 2.80 per cent trading at $1.10 per share as of 11:20 a.m. ET
Serova Corp. (SVA) has completed the final tranche of a $6.77 million private placement with Evotec SE.
The company stated the transaction was made up of 2.7 million Sernova common shares at a price of $2.50 per share, about double yesterday’s closing price. After having completed the second tranche, Evotec’s investment in Sernova stood at $27 million.
“With $50 million on our balance sheet, including Evotec’s additional investment and recent significant exercises of outstanding warrants, Sernova is well positioned to expedite the advancement of our iPSC diabetes stem cell initiative with Evotec and other regenerative cell therapy programs which we envision having a significant valuation impact,” Dr. Philip Toleikis, President and CEO of Sernova, said.
Sernova will also use the net proceeds for general working capital purposes and to continue to find ‘functional cures’ for diabetes, hypothyroidism, and hemophilia A.
On top of the private placement share issuances, 14.8 million common shares have been issued for the exercise of warrants worth $4.49 million since the end of Sernova’s last fiscal quarter.
If any remaining outstanding warrants are fully exercised by September 22, then additional proceeds of approximately $3.5 million will be received and further reinforce the company’s cash reserves.
Sernova is a clinical-stage biotechnology company developing regenerative medicine therapeutic technologies for chronic diseases. It is currently focused on developing the aforementioned ‘functional cure’ with its regenerative cell therapy platform technologies.
Serova Corp. (SVA) is up 2.80 per cent trading at $1.10 per share as of 11:20 a.m. ET.
