Mr. David Burke reports

SERAXIS AND SERNOVA ANNOUNCE APPOINTMENT OF FORMER FDA MEDICAL OFFICER DR. PATRICIA BEASTON AS CHIEF MEDICAL OFFICER OF SERAXIS AND POST MERGER BETANOVA BIOTHERAPEUTICS

Seraxis Holdings Inc. and Sernova Biotherapeutics Inc. have appointed Patricia Beaston, MD, PhD, as chief medical officer (CMO) of Seraxis. Upon completion of the companies' proposed merger to form BetaNova Biotherapeutics Inc., Dr. Beaston will assume the same role at the combined company.

Dr. Beaston brings 24 years of experience as a medical officer at the United States' Food and Drug Administration (FDA), with expertise spanning endocrine therapeutics, medical devices, islet cell transplantation, immune modulation in Type 1 diabetes (T1D), and cell and gene therapies. Her appointment strengthens Seraxis's clinical and regulatory leadership as it prepares to initiate the phase 1/2 clinical trial of SR-02, pancreatic stem cell-derived insulin producing islets, with first patient dosing targeted for Q1 2027.

"Patricia brings an exceptional combination of clinical expertise and regulatory experience that is directly relevant to our programs," said Will Rust, PhD, president and chief executive officer of Seraxis, and proposed president and chief scientific officer of BetaNova. "Her extensive FDA experience, particularly in islet transplantation and T1D cell therapies, will be invaluable as we advance SR-02 into the clinic and execute our broader development strategy."

"Building a strong leadership team is central to our vision for BetaNova, and Patricia's appointment is an important step forward," said Jonathan Rigby, president and chief executive officer of Sernova, and proposed chief executive officer of BetaNova. "Her experience across cell therapies, medical devices and diabetes aligns exceptionally well with our integrated approach. We're bringing together complementary science, technology and expertise to advance meaningful new treatment options for people living with T1D."

During her FDA tenure, Dr. Beaston served across three of the agency's principal centres. At the Center for Drug Evaluation and Research (CDER), she evaluated endocrine therapeutics and subsequently joined the Center for Devices and Radiological Health (CDRH). Most recently, at the Center for Biologics Evaluation and Research (CBER), her review responsibilities included islet cell transplantation, immune modulation in T1D, cell and gene therapies, and xenotransplantation.

"I am excited to join Seraxis at such an important stage of its development as it merges with Sernova to become BetaNova. The opportunity to advance innovative islet cell therapies for people living with T1D is particularly meaningful, and I look forward to working with the team to translate this promising science into clinical progress and ultimately a commercial functional cure," said Dr. Beaston.

Dr. Beaston earned her PhD in anatomy and neurobiology and MD from the Medical College of Pennsylvania, following a BS in zoology from the University of Maryland. She completed her residency in internal medicine at the Medical College of Pennsylvania and a fellowship in Diabetes, Endocrinology, and Metabolism at Penn State/Hershey.

Advancing BetaNova's clinical strategy

The appointment comes as Sernova and Seraxis advance their proposed merger to become BetaNova, combining Seraxis's proprietary stem cell-derived pancreatic islets and cGMP (current good manufacturing practice) manufacturing capabilities with Sernova's clinically validated Cell Pouch Bio-hybrid Organ. The proposed business combination remains subject to numerous closing conditions, and there can be no assurance that the transaction closes in the expected time frame, or at all.

The proposed combined company's lead program, SR-02, has received FDA investigational new drug (IND) clearance for a phase 1/2 clinical trial, with first patient dosing targeted for Q1 2027. The initial study will evaluate SR-02 through direct omental administration to establish safety, dosing and early functional activity, with subsequent plans to evaluate the cells in combination with the Cell Pouch, subject to regulatory approvals.

BetaNova also intends to advance SR-03, a next-generation gene-edited islet cell therapy designed to reduce immune recognition and potentially eliminate the need for chronic immunosuppression, with an IND submission targeted for the second half of 2027.

About Sernova Biotherapeutics Inc.

Sernova Biotherapeutics is a clinical-stage company developing a regenerative medicine solution for T1D that combines its Cell Pouch implantation device, deep clinical experience in the engraftment of functional pancreatic cells and therapeutic cells to create a Bio-hybrid, functional surrogate endocrine organ.

About Seraxis Holdings Inc.

Seraxis Holdings develops stem cell-derived pancreatic islets under cGMP manufacturing processes. Seraxis's mission is to demonstrate safety and potency of its islets in T1D patients without immune suppression therapy. To accomplish this goal, its lead allogeneic product, SR-02, is paired with an immune tolerizing strategy. Seraxis's follow-on product SR-03 adds gene edits to SR-02 that increase compatibility with the host and potentially enhance long-term engraftment without immune suppression.

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