- Grant will fund advanced research and development and the use of artificial intelligence (AI) to accelerate drug development using Novoheart's human ventricles and tissues
- The resulting advances should increase the scope and capabilities of Novoheart's MyHeart ™ platform and expand the marketing opportunities for Novoheart's market-leading technologies
VANCOUVER, British Columbia, January 7th 2020 (GLOBE NEWSWIRE) – Novoheart ("Novoheart" or the "Company") (TSXV: NVH; FWB: 3NH), a global stem cell biotechnology company, is pleased to announce that its wholly-owned subsidiary Novoheart Limited will receive another grant from the Innovation and Technology Commission has (ITC) the government of the Hong Kong Special Administrative Region. Combined with a cash discount program and funding for hiring research and development talent, the company is expected to receive grants totaling over HK $ 10 million (CAD 1.67 million) over the next two years ITC received. This is the third major R&D matching grant the ITC Novoheart has granted for the company's pioneering work in connection with its award-winning MyHeart ™ platform for biotechnologically engineered human heart tissue. In total, the grant will be awarded for more than HKD 22 million (CAD 3.7 million). ,
The new grant funds research to further investigate the possibilities of drug screening in the company's own chamber for human ventricular cardiac organoid (also known as "Human Heart-in-a-Jar") and in the Human Ventricular Cardiac Anisotropic Sheet (hvCAS) to improve. Building on Novoheart's proprietary machine learning platform, a holistic Artificial Intelligence (AI) approach with advanced machine learning multiplexing technology is also being developed to integrate data from multiple MyHeart ™ tests as an “intelligent system”. The system will weigh the unique strengths of each assay to maximize Novoheart's ability to automate screening and drug classification, thereby accelerating the pursuit of safer and better drugs.
Novoheart is committed to revolutionizing drug discovery with its proprietary MyHeart ™ platform and is the only company in the world to offer the unique hvCAS and Human Heart-in-a-Jar tests to help you do this human heart modeled in the laboratory and high-precision results can be achieved drug screening platforms for drug developers worldwide. The new ITC grant will support the development of the automated next generation of these human heart tests and further improve throughput, accuracy, and sensitivity when screening drugs for toxic or therapeutic effects on the heart. The platform was developed to help drug developers build confidence in the selection and investment of drugs that are most likely to be successful in clinical trials.
“Novoheart is pleased with the latest ITC funding round – a great recognition of our work in recent years. We are grateful for the continued support we can provide towards our goal of revolutionizing drug discovery and improving the quality of life for patients around the world, ”said Professor Kevin Costa, Novoheart co-founder and chief scientific officer.
NOVOHEART HAS MARKET SERVICES
Subject to regulatory approval, Novoheart has mandated Venture Liquidity Providers Inc. ("VLP") to provide market making services to help maintain a proper trading market for the Company's common stock (the "Common Stock"). VLP will buy and sell the common stock through the TSX Venture Exchange facilities (the "TSX-V") to maintain an orderly trading market and / or provide liquidity in the common stock.
The market making service is operated by VLP through a registered broker, W.D. Latimer Co. Ltd., carried out in accordance with the applicable guidelines of the TSX-V and other applicable laws. Novoheart has agreed to pay VLP CAD 5,000 per month for a period of 12 months for its services. The contract can be terminated at any time by the company or by VLP. The Company and VLP act on arm's length terms and VLP has no direct or indirect interest in the Company or its securities. The finances and the shares required for the market making service are provided by W. D. Latimer. The fee paid by the company to VLP applies only to services.
VLP is a specialized Toronto-based advisory firm that offers a variety of services for issuers listed on the TSX-V.
Novoheart is a global stem cell biotechnology company developing a range of prototypes for next-generation human heart tissue. It is the first company in the world to develop miniaturized human heart pumps that are revolutionizing drug discovery and helping to save time and money in the development of new therapeutics. Also known as & # 39;human heart in a glassNovoheart's bio-artificial human heart constructs are manufactured using state-of-the-art proprietary stem cell and bioengineering approaches and used by drug developers for accurate preclinical testing of the efficacy and safety of new drugs to maximize drug discovery success while minimizing cost and damage to the patients. With the recent acquisition of Xellera Therapeutics Limited to manufacture GMP-certified clinical materials (Good Manufacturing Product), Novoheart is now developing gene therapies, cell-based therapies and next-generation therapeutics for heart repair or regeneration.
For further information please contact:
Ronald Li, managing director
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Neither TSX Venture Exchange nor its regulatory service provider (as that term is defined in the TSX Venture Exchange guidelines) accepts responsibility for the adequacy or accuracy of this press release.
Warning regarding forward-looking statements
The information contained in this press release may contain forward-looking statements in accordance with applicable securities laws. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often relate to expected future business and financial results and often include the following terms: anticipate, believe, plan, estimate, anticipate, and intend an action or a Event "can", "could", "could", "should" or "is" taken or occurs or other similar expressions. All statements contained herein, with the exception of historical facts, including but not limited to statements regarding the expected amount of the grant from ITC, the purpose of the grant, the progress made, and the expectation that such progress will increase the scope and capabilities of ITC Novoheart's MyHeart platform and the expansion of marketing opportunities, Novoheart's goal to revolutionize drug discovery with the MyHeart platform, and future purchases and sales of company shares by VLP are forward-looking statements. Forward-looking statements naturally involve known and unknown risks, uncertainties and other factors that can cause the actual results, performance or success or other future events to differ significantly from the future results, performance or successes expressed or implied by us. These factors include, but are not limited to, the risks listed in the Novoheart Annual Information Form as of June 30, 2019 under the heading “Risk Factors”, or other reports and filings with the TSX Venture Exchange and relevant Canadian securities regulators. Forward-looking statements are based on beliefs, estimates and opinions of management at the time these statements are made. The company is under no obligation to update any forward-looking statements if these beliefs, estimates and opinions or other circumstances change, unless required by applicable securities law. Investors are cautioned not to place undue certainty in forward-looking statements.