In a critical organizational change, Sernova Corp., a specialist in regenerative cell therapies in the biotechnology sector, announces the impending departure of its Chief Technology Officer, Dr. Philip Toleikis. Dr. Toleikis, who served the company in various senior capacities for over a decade, will retire on April 30, 2024. However, he will continue to serve as an advisor to the company, thereby supporting a smooth transition, according to Sernova's statements. The company's restructuring continues to progress. This includes not only personnel changes but also a workforce reduction of approximately 35 percent and a strategic refocusing of business operations. These steps are designed to extend the financial runway of the corporation, with a number of programs, such as the one for insulin-dependent Type 1 diabetes treatment, being defined as priority projects. The management team led by CEO Cynthia Pussinen emphasized that, despite the challenges of restructuring, the core competencies are to be preserved. In addition, all internal investigations that could relate to previous financial irregularities have been concluded without further findings. According to company statements, these incidents had no significant impact on the financial reports or business activities. On April 30, 2024, Sernova will also hold its annual general meeting, which this time will take place in a virtual format. This provides shareholders with a platform for interaction, regardless of their geographic location. Sernova's Cell Pouch System platform is at the heart of current and future development plans. This technological foundation serves as the basis for the treatment of a range of chronic diseases and is expected to significantly improve the quality of life for those affected. In conclusion, the company announced the departure of Bertram von Plettenberg from the Board of Directors. The management and leadership thanked him for his services and extended their best wishes for his future endeavors. The realignment of the Board is being continued to further strengthen the positioning in the life sciences industry.