Successful Contract Completion with Big Pharma 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.