By Robb M. Stewart

Sernova's shares rallied Wednesday after the biotechnology company entered a preclinical research collaboration with AstraZeneca to evaluate the use of its Cell Pouch System in combination with AstraZeneca's novel therapeutic cells.

In morning trading, the shares were 18% higher at C$1.07, widening the year-to-date advance to 35%.

Sernova said AstraZeneca is exploring the use of the Cell Pouch System as a potential platform for integration with its development of the next wave of cell therapies for various indications. Under the terms of the collaboration, AstraZeneca will lead and completely fund the development of the cell technologies and preclinical activities in conjunction with Sernova. The discovery work is being funded and conducted at AstraZeneca, Sernova said.

Preclinical research outcomes will determine the feasibility of potential therapeutic applications and subsequent product development activities between the two companies, said Sernova, which has developed a cell therapy approach for the potential treatment of insulin-dependent diabetes, hypothyroidism and hemophilia A.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 03, 2023 11:16 ET (15:16 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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