N@N

Sernova Corp.: Sernova Corp.: Closing of $420,000 Private Placement

_{//health-fitness.news-articles.net/content/2009/ .. a-corp-closing-of-420-000-private-placement.html}
^{Published in Health and Fitness on Monday, June 1st 2009 at 14:37 GMT, Last Modified on 2009-06-01 14:37:41 by Market Wire}  

LONDON, ONTARIO--(Marketwire - June 1, 2009) - Sernova Corp. (TSX VENTURE:SVA)

Sernova Corp. announces the closing of its private placement of 14,000,000 common shares at $0.03 per common share for gross proceeds of $420,000. The shares are subject to a hold period of four months, expiring on September 29, 2009. An agent's fee of $21,104 has been paid to Blackmont Capital Inc., along with 703,467 warrants with a two year term, exercisable into one common share per warrant at an exercise price of $0.05 in the first year and $0.10 in the second year.

"The proceeds of the private placement will be used to advance the development of Sernova's proprietary treatment for insulin-dependent diabetes," said Dr. Philip Toleikis, President and CEO of Sernova Corp.

About Sernova

Sernova Corp. is a Canadian-based, health-sciences company focused on commercializing medical technologies. Sernova is currently developing a platform technology for a number of serious disease indications, starting with a novel treatment for insulin-dependent diabetes, using its patented Sertolin cell technology. According to the American Diabetes Association approximately 9 million Americans require insulin injections and it is the sixth leading cause of death in the United States. One out of every 8 dollars spent on health care in the United States is spent on treating diabetes and its complications. Worldwide expenditures on insulin alone are estimated to be $15 billion annually and growing.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.