Latest news with #Sernova
Globe and Mail
3 days ago
- Business
- Globe and Mail
Sernova Appoints Jonathan Rigby as Interim Chair
LONDON, Ontario and BOSTON, June 02, 2025 (GLOBE NEWSWIRE) -- Sernova Biotherapeutics, (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), a leading regenerative medicine company focused on developing its Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes (T1D), today announced the appointment of Sernova's Chief Executive Officer Jonathan Rigby as Interim Chair of the board of directors. Mr. Rigby will assume the Chair role, effective immediately, until a new independent director is appointed to serve as the next Chair of the Board. Sernova continues to advance financing discussions as previously disclosed with GoldTrack Ventures and the Kingdom of Saudi Arabia, regarding a potential investment and continues to believe that this will be a promising partnership. 'Sernova is making significant strides on multiple strategic and operational fronts. The recent release of encouraging clinical data, formation of a world-class Clinical Advisory Board, and active investment discussions with multiple parties is encouraging,' said Jonathan Rigby, Interim Chair and Chief Executive Officer of Sernova. 'As we advance toward our goal of delivering a functional cure for type 1 diabetes, we remain focused on execution and creating long-term shareholder value.' Sernova also announced the departure of Modestus Obochi, its Chief Business Officer. The company thanks Dr. Obochi for his leadership and contributions during his tenure and wishes him well in his future endeavors. ABOUT SERNOVA BIOTHERAPEUTICS Sernova Biotherapeutics is a clinical-stage company developing regenerative medicine therapeutics combining its Cell Pouch with human donor cells or stem-cell derived islet like clusters in collaboration with Evotec to create Bio-hybrid Organs to treat T1D. A Bio-hybrid Organ is comprised of non-biomaterials, such as the Cell Pouch, integrated with living tissues to restore or enhance the function of a compromised organ. This innovative approach aims to deliver a potentially revolutionary treatment for patients with chronic diseases, initially focusing on T1D and thyroid disorders. FOR FURTHER INFORMATION, PLEASE CONTACT: David Burke VP, Investor Relations (917) 751-5713 Email: Website: The TSX has not reviewed this news release and does not accept responsibility for the accuracy or adequacy of this news release. FORWARD-LOOKING INFORMATION This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements in this press release include the potential to finalize an agreement with GoldTrack Ventures to provide funding for operations. With respect to the forward-looking statements contained in this press release, Sernova has made numerous assumptions regarding, among other things: the company's ability to secure additional financing on reasonable terms, or at all; and the ability to conduct all required preclinical and clinical studies for the company's Cell Pouch, including the timing and results of those trials. A more complete discussion of the risks and uncertainties facing Sernova appears in Sernova's Annual Information Form for the year ended October 31, 2024, filed with Canadian securities authorities and available at as updated by Sernova's continuous disclosure filings, which are available at All forward-looking statements herein are qualified in their entirety by this cautionary statement, and Sernova disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.
Yahoo
23-05-2025
- Business
- Yahoo
Two Massachusetts men among 5 people indicted in insider trading scheme, DOJ says
Two Massachusetts men are among five people indicted in an insider trading scheme that reached the West Coast, federal justice department officials said Friday. Rouzbeh 'Ross' Haghighat, 61, of West Newbury, and James Roberge, 70, of Westford, are among those accused of allegedly profiting more than $600,000 by unlawfully buying the securities of a biopharmaceutical company in Seattle, Washington where Haghighat served as director, in 2023, Department of Justice officials said in a statement. Haghighat is listed as chair of the Board of Directors for Sernova, a biopharmaceutical company headquartered in Ontario, Canada, according to the company's website. Three others also charged in the case are Behrouz 'Bruce' Haghighat, 60, of Laguna Niguel, California; Kirstyn Pearl, 35, of Aguadilla, Puerto Rico; and Seyedfarbod 'Fabio' Sabzevari, 31, of North Hollywood, California. 'The defendants were charged yesterday for allegedly trading on inside information and reaping hundreds of thousands in illicit profits,' Matthew Galeotti, Head of the Justice Department's Criminal Division, said in a statement on Friday. 'Securities fraud and insider trading distort our financial markets and disadvantage Americans who play by the rules,' Galeotti said. 'These charges demonstrate that the Criminal Division is committed to maintaining the integrity of markets by holding accountable all those who defraud investors.' Ross Haghighat was charged with one count of securities fraud, 16 counts of insider trading, and two counts of conspiracy, officials said. He was previously charged with one count of conspiracy to commit insider trading. Roberge and Sabzevari were both charged with one count of securities fraud and seven counts of insider trading. Bruce Haghighat and Pearl were each charged with one count of securities fraud, one count of insider trading, and one count of conspiracy. A press release on Jan. 30 announced Ross Haghighat as board chairman and a change of name to Sernova Biotherapeutics. The press release describes the company as 'a leading regenerative medicine company focused on developing its Cell Pouch bio-hybrid organ as a functional cure for Type 1 diabetes.' 'With a proven track record in driving successful innovations, strategic growth and mergers and acquisitions in the biotechnology and life sciences sectors, Mr. Haghighat brings a wealth of financing and deal experience to Sernova's Board and leadership team,' the press release states. According to court documents, between May and June 2023, the five accused insider traders 'traded securities based on material nonpublic information about another pharmaceutical company's (Company-2) proposed acquisition of Company-1.' The indictment alleges that, in May 2023, Company-2 made a confidential proposal to acquire Company-1 at a price per share above the then current market value. The two companies then negotiated an agreement for the acquisition, which was announced in June 2023, causing the share price to spike. 'This case makes one thing clear: if you think you can game the system using insider information, think again,' Inspector in Charge Eric Shen of the U.S. Postal Inspection Service Criminal Investigations Group said in a statement. 'Ross Haghighat and his associates thought they were above the law and colored outside the lines for financial gain, but yesterday's indictment proves no one is above the law,' Shen said. 'The U.S. Postal Inspection Service will not hesitate to pursue and bring to justice anyone who tries to corrupt the integrity of our financial markets.' Prosecutors said in his position as a director on the board of Company-1, Ross Haghighat allegedly obtained material nonpublic inside information about its acquisition, including sensitive deal terms. He then allegedly purchased securities, and tipped others — including Bruce Haghighat, Pearl, Sabzevari, and Roberge — for personal benefit 'with the expectation that they would purchase securities, which the defendants allegedly did,' prosecutors said. If convicted, each defendant faces a maximum penalty of 25 years in prison on the securities fraud charge and 20 years in prison on each of the insider-trading charges. If convicted of conspiracy, Ross Haghighat, Bruce Haghighat, and Pearl face a maximum penalty of 25 years in prison. The U.S. Postal Inspection Service is investigating the case. This is a developing story. Check back for updates as more information becomes available. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
