Novoheart Announces Successful Completion of Second Commercial Contract with Global Pharmaceutical Company
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 30, 2018) - Novoheart (“Novoheart” or the “Company”) (TSX VENTURE:NVH) is pleased to announce the successful completion of a second commercial contract with a major global pharma partner (Pharma). The second contract was initiated after a successful initial collaboration that validated the drug screening capabilities of Novoheart’s proprietary MyHeart™ Platform.
In the latest study, Novoheart successfully designed and generated engineered human heart cells, tissues and chambers that carried a hereditary mutation responsible for a neurological disorder with cardiac dysfunction being the most frequent cause of death, in over two thirds of the afflicted individuals. The various disease-specific heart constructs are then used as the only human heart tissue models available for testing novel therapeutic candidates that target the disease.
“This is a significant upgrade for drug discovery, because previous genetic mouse models cannot reproduce certain key features of this human condition,” said Novoheart CEO Ronald Li.
Under the agreement, Novoheart has retained ownership of intellectual property generated from the project. A joint scientific report is currently being finalized by both parties, and will be submitted for publication in a peer-reviewed scientific journal.
Novoheart is to receive payment from the Pharma within 60 days of the project’s completion. This income will be reflected in its Q2 financial statement. Further details will be announced separately.
Novoheart is a global stem cell biotechnology company pioneering an array of next-generation human heart tissue prototypes. It is the first company in the world to have engineered miniature living human heart pumps that can revolutionize drug discovery, helping to save time and money for developing new therapeutics.
Also known as ‘human heart-in-a-jar’, Novoheart’s bioartificial human heart constructs are created using state-of-the-art stem cell and bioengineering approaches, and are utilized by drug developers for accurate preclinical testing as to the effectiveness and safety of new drugs, maximizing the successes in drug discovery whilst minimizing costs and harm caused to patients.
The Company is listed on the TSX Venture Exchange (the “TSXV”) under the symbol “NVH”.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the Company’s future plans, its goals and expectations, and the potential applications of its MyHeart™ platform are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the management discussion and analysis section of Novoheart Holdings Inc.’s interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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