Sernova Biotherapeutics (TSX: SVA; OTC: SEOVF) and Seraxis Holdings, Inc. have closed a USD 11.2 million financing to support their proposed merger into BetaNova Biotherapeutics and advance the allogeneic pancreatic islet cell therapy SR-02 into clinical testing for type 1 diabetes.
The non-brokered financing exceeded a USD 10 million target and is expected to support cGMP manufacturing, patient enrollment beginning in Q4 2026, and first dosing in a Phase I/II study in Q1 2027 under an FDA-cleared IND. Initial clinical data are expected in H1 2027.
The companies also plan to use proceeds to advance SR-03, a next-generation gene-edited pancreatic islet cell program designed for immune evasion, toward an IND submission in H2 2027.