Two Pfizer-coauthored studies demonstrated the advanced capabilities of the MyHeart platform for drug screening as well as disease modelling, a collaboration with AstraZeneca will see
We are in a period of significant growth and commercial expansion and expect this strong momentum to continue throughout 2020 further driving both market confidence and industry confidence.”
Business Highlights:
- Co-developing first of its kind human heart-in-a-jar model of heart failure with AstraZeneca
- Exclusively licensed technology from
Harvard University to develop next-generation human heart-in-a-jar - Completion of Phase II of a commercial agreement with a top-10
Global Pharmaceutical Company (“Global Pharma Partner”) to develop high throughput drug screening - Awarded
$1.67 million in research funding
Co-developing first of its kind human heart-in-a-jar model of heart failure with AstraZeneca
In
In collaboration with the Cardiovascular, Renal and Metabolism therapy area of AstraZeneca, the Company aims to provide a unique assay for understanding the mechanisms of HFpEF, identification of new therapeutic targets, and assessment of novel therapeutics for treating HFpEF patients.
Exclusively licensed technology from
In
The agreement enables
Completion of Phase II of a commercial agreement with the Global Pharma Partner to develop high-throughput drug screening as a potential recurrent revenue-generating avenue
In
The hvCTS-96 will increase the breadth and depth of the MyHeartTM Platform by offering a range of complementary but distinctive novel technologies to clients as tools for testing the efficacy and safety of drugs by predicting human responses. 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.
1Research and Markets, Global Microplates Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2018 To 2026
Awarded
In
The new ITC grant will support the development of the automated next generation of human heart assays, with further enhanced throughput, accuracy and sensitivity in screening drugs for toxic or therapeutic effects on the heart. The platform is designed to help drug developers increase their confidence in the selection and investment of candidate drugs that are most likely to succeed in clinical trials.
Change of fiscal year-end
To better align its financial reporting with the calendar year and that of its industry peers, during the six months ended
Financial Results for the six months ended
The Company recorded a net loss after tax of
Revenue and Cost of Sales
For the six months ended
Operating Expenses
Operating expenses for the six months
Financial Results for the Three Months Ended
The Company recorded a net loss after tax of
Operating expenses for the three months ended
Liquidity and Outstanding Share Capital
As at
ABOUT
Common shares of
For further information please contact:
Suite 2600,
V7X 1L3
Chief Executive Officer
(604) 398-3170
info@novoheart.com
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 its MyHeartTM 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
Consolidated Statements of Financial Position
(Expressed in Canadian dollars)
ASSETS | ||||||
Current | ||||||
Cash and cash equivalents | $ | 12,167,583 | $ | 18,145,717 | ||
Pledged bank deposit | 5,004,000 | 5,028,000 | ||||
Accounts and other receivables | 317,819 | 165,979 | ||||
Prepaid expenses and deposits | 475,638 | 421,569 | ||||
17,965,040 | 23,761,265 | |||||
Property and equipment, net | 532,589 | 803,412 | ||||
Right-of-use assets | 6,996,852 | - | ||||
Intangible assets, net | 231,052 | 187,727 | ||||
8,806,998 | 8,806,998 | |||||
$ | 34,532,531 | $ | 33,559,402 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current | ||||||
Accounts payable and accrued liabilities | $ | 921,672 | $ | 1,646,733 | ||
Loans | - | 1,676,000 | ||||
Lease liabilities – current | 1,124,678 | - | ||||
Contract liabilities | 22,549 | 35,902 | ||||
Deferred government grants | 8,253 | - | ||||
Due to related parties | 32,835 | 44,202 | ||||
2,109,987 | 3,402,837 | |||||
Lease liabilities – non-current | 5,555,838 | - | ||||
Restoration provision | 451,937 | - | ||||
Deferred government grants | - | 19,529 | ||||
Long-term license payable | 24,238 | 38,967 | ||||
8,142,000 | 3,461,333 | |||||
Shareholders' Equity | ||||||
Share capital | 52,179,118 | 52,149,493 | ||||
Contributed surplus | 1,888,156 | 1,942,532 | ||||
Accumulated other comprehensive income | 312,627 | 373,646 | ||||
Accumulated deficit | (27,989,370) | (24,367,602) | ||||
26,390,531 | 30,098,069 | |||||
$ | 34,532,531 | $ | 33,559,402 |
Consolidated Statements of Loss and Comprehensive Loss
For the six months ended
(Expressed in Canadian dollars, except number of common shares)
Six months ended | Year ended | ||||||||
Revenue | $ | 266,747 | $ | 165,031 | |||||
Cost of sales | 93,138 | 75,487 | |||||||
173,609 | 89,544 | ||||||||
OPERATING EXPENSES | |||||||||
Research and development | 1,446,188 | 2,177,271 | |||||||
Intellectual property and patent | 60,986 | 236,933 | |||||||
General and administrative | 1,995,765 | 3,093,687 | |||||||
Marketing | 320,879 | 782,379 | |||||||
Share-based compensation | 348,551 | 1,367,157 | |||||||
Depreciation and amortization | 339,445 | 669,632 | |||||||
4,511,814 | 8,327,059 | ||||||||
LOSS FROM OPERATIONS | (4,338,205) | (8,237,515) | |||||||
Government grants | 369,931 | 617,267 | |||||||
Other income | 179,379 | 66 | |||||||
Finance expense | (88,962) | (9,869) | |||||||
Foreign exchange (loss) / gain | (14,887) | 3,069 | |||||||
445,461 | 610,533 | ||||||||
NET LOSS FOR THE PERIOD/YEAR BEFORE TAX | $ | (3,892,744) | $ | (7,626,982) | |||||
Tax expense | 102,326 | 29,538 | |||||||
NET LOSS FOR THE PERIOD/YEAR AFTER TAX | $ | (3,995,070) | $ | (7,656,520) | |||||
OTHER COMPREHENSIVE INCOME | |||||||||
Foreign currency translation adjustment | (61,019) | 70,385 | |||||||
COMPREHENSIVE LOSS FOR THE PERIOD/YEAR | $ | (4,056,089) | $ | (7,586,135) | |||||
Loss per share – Basic and Diluted | $ | (0.02) | $ | (0.08) | |||||
Weighted average number of shares outstanding – basic and diluted | 188,555,443 | 94,727,746 | |||||||
Consolidated Statements of Cash Flow
For the six months ended
(Expressed in Canadian dollars)
Six months ended | Year ended | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net loss for the period/year after tax | $ | (3,995,070) | $ | (7,656,520) | ||
Items not affecting cash: | ||||||
Share-based compensation | 348,551 | 1,367,157 | ||||
Lease liabilities interests | 81,208 | - | ||||
Amortization of right-of-use assets | 417,198 | - | ||||
Depreciation and amortization | 339,445 | 669,632 | ||||
(2,808,668) | (5,619,731) | |||||
Changes in non-cash working capital items: | ||||||
(Increase) / decrease in accounts and other receivables | (154,335) | 469,525 | ||||
Increase in prepaid expenses and deposits | (237,146) | (120,841) | ||||
(Decrease) / increase in accounts payable and accrued liabilities | (725,200) | 257,552 | ||||
Decrease in due to related parties | (11,262) | (33,268) | ||||
Decrease in other long-term liabilities | (14,706) | (39,256) | ||||
Decrease in deferred government grants | (11,308) | (22,639) | ||||
(Decrease) / increase in contract liabilities | (13,330) | 2,231,110 | ||||
(1,167,287) | 2,742,183 | |||||
Net cash used in operating activities | (3,975,955) | (2,877,548) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Cash acquired from acquisition of a subsidiary | - | 22,692,695 | ||||
Acquisition of equipment and payment of leasehold improvements | (16,147) | (81,611) | ||||
Payment for the right-of-use assets | (431,451) | - | ||||
Lease incentive received | 606,594 | - | ||||
Increase in pledged bank deposit | - | (5,028,000) | ||||
Acquisition of intangible assets | (98,038) | - | ||||
Net cash generated from investing activities | 60,958 | 17,583,084 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
(Repayment of) / proceeds from loans | (1,686,670) | 1,688,417 | ||||
Payment of lease liabilities and interests | (355,031) | - | ||||
Net cash (used in) / generated from financing activities | (2,041,701) | 1,688,417 | ||||
Consolidated Statements of Cash Flow
For the six months ended
(Expressed in Canadian dollars)
Six months ended | Year ended | ||||
Changes in cash and cash equivalents during the period/year | (5,956,698) | 16,393,953 | |||
Effect of exchange rate changes on cash held in a foreign currency | (21,436) | 156,670 | |||
Cash and cash equivalents, beginning of period/year | 18,145,717 | 1,595,094 | |||
Cash and cash equivalents, end of period/year | 12,167,583 | $ | 18,145,717 |
Source:
2020 GlobeNewswire, Inc., source