Novoheart Contracts with Global Pharma to Develop Novel Microplate for High Throughput Drug Screening Using Engineered Human Heart Tissue Strips
New 96-Well Microplates (hvCTS-96) to Further Advance MyHeart™ Platform Capabilities for High-throughput Screening of Compounds on Engineered Human Heart Tissue Strips
Novoheart Partners with a Global Pharma to Design and Develop the New Microplate and Will Retain Full Ownership of All IPNovoheart is to Enter a Billion-dollar Market and Generate Recurring Revenue from the Sale of Microplates to Global Pharmas and Biotech ClientsVANCOUVER, British Columbia, Jan. 21, 2020 (GLOBE NEWSWIRE) — Novoheart (“Novoheart” or the “Company”) (TSXV: NVH; FWB: 3NH), a global stem cell biotechnology company, is pleased to announce the completion of a research and development contract sponsored by a top 10 global pharma. The contract deliverables will see Novoheart further expand its current testing capabilities of the MyHeart™ Platform by designing and developing a new versatile High-Throughput microplate which will allow the screening of hundreds of drugs using engineered human ventricular Cardiac Tissue Strips (hvCTS). Termed the hvCTS-96, the disposable microplate is a custom-designed plate with 96 “wells” used to simultaneously cultivate 96 individual miniature hvCTS, and will be compatible with robotic plate handling systems for automated high-throughput screening.Drug discovery often starts with the screening of large numbers of compounds or candidates in order to identify those that are of interest (for example, those that can target a specific disease) for further testing and development. While generic microplates are commonly used in research to increase speed and efficiency through automated processes, custom-designed, specialist microplates are required for the growth of one small functional heart tissue strip per well.Novoheart’s MyHeart™ Platform, which includes its ‘human heart-in-a-jar’ technology, is providing engineered human cardiac tissue models for testing the efficacy and safety of drugs to predict human responses with more accuracy. The hvCTS-96 will increase the breadth and depth of the MyHeart™ Platform by offering a range of complementary but distinctive novel technologies to clients. The microplate market is estimated at CAD$980M (USD$750M).1Novoheart retains ownership of all IP rights relating to the new microplate design. A sponsorship of ~CAD$400,000 by the global pharma partner was received by Novoheart for the design. The patent-pending, custom-designed microplates are to be sold on an ongoing basis as a screening and research tool to the contracted pharma partner, as well as being marketed and sold to other global organizations in the business of drug screening and development.Novoheart and its global pharma partner also plan to jointly publish a peer-reviewed research paper on the novel microplate design. Further scientific and other details will be announced in due course.“Screening capacity and accuracy represent two of the most current and significant issues facing those developing new, innovative and life-saving drugs and treatments,” commented Novoheart CEO, Ronald Li. “We’re excited about the development of the new tissue strip microplates and their addition to the MyHeart™ Platform, as they will offer to those in the industry a highly unique, accurate and scalable screening solution.”1 Research and Markets, Global Microplates Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2018 To 2026About Novoheart: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 bio-artificial human heart constructs are created using state-of-the-art and proprietary stem cell and bioengineering approaches and are utilized by drug developers for accurate preclinical testing of the effectiveness and safety of new drugs, maximizing the successes in drug discovery whilst minimizing costs and harm caused to patients. With the recent acquisition of Xellera Therapeutics Limited for manufacturing Good Manufacturing Product (GMP)-grade clinical materials, Novoheart is now developing gene- and cell-based therapies as well as next-generation therapeutics for cardiac repair or regeneration.For further information, please contact:
Ronald Li, CEO
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email@example.comNeither 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 StatementsInformation 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 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 under the heading “Risk Factors” in Novoheart’s annual information form for the year ended June 30, 2019 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 Company 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.