– Brand new 5,300 ftÂ² integrated laboratory and office space, fully equipped for scalable stem cell production and tissue engineering
– Expanded capacity able to accommodate significantly increased number of commercial contracts and partner projects
– Eligible to benefit from local government R&D subsidies for development of new technologies for global commercialization
– Streamlined coordination with Company's US laboratory, driving complimentary R&D innovation
VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 14, 2018) – Novoheart (“Novoheart” or the “Company”) (TSX VENTURE:NVH)(FRANKFURT:3NH) is pleased to announce the opening of its brand new Hong Kong facility consisting of 5,300 ftÂ² of integrated laboratory and office space. Located in the Hong Kong Science Park, the laboratory is equipped with state-of-the-art facilities for stem cell production, tissue engineering and world-class research and development. The facility provides Novoheart with a new level of scalability enabling it to accommodate a significant number of additional revenue-generating commercial contracts and projects.
“Our new, state-of-the-art facility and Hong Kong location allows us to now take full advantage of the booming Asian market and build regional strategic partnerships while also accommodating an increased number of revenue-generating opportunities within North America,” said Dr. Ronald Li, CEO of Novoheart. “Our location also allows us access to local government funding to support new and pioneering R&D activities. In the past few years, Novoheart has secured approximately $2 million in government support which has allowed us to accelerate the development of our market-leading technologies for commercialization.”
“With the newly expanded Hong Kong facilities, operations are being streamlined to ensure its growing R&D team works seamlessly with those located in our Irvine, California location, and the two locations enable our R&D programs to operate continuously round the clock.” said Dr. Kevin Costa, CSO of Novoheart. “In addition to this facility being an advantage for our global client-base, we believe we will rapidly accelerate our ability to innovate in key areas of research and ensure we continue to deliver best-in-class drug discovery tools for our pharmaceutical and biotech clients.”
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 as to the effectiveness and safety of new drugs, maximizing the successes in drug discovery whilst minimizing costs and harm caused to patients.
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 MyHeartâ„¢ 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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