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VANCOUVER, British Columbia, 31 August 2020 (GLOBE NEWSWIRE) – Novoheart Holdings Inc.(“Novoheart” or “Company”) publishes its monetary effects for the 3 and six months ended June 30, 2020.are expressed in Canadian dollars and comply with International Financial Reporting Standards (IFRS).
Company Highlights:
Patent application filed in bioreactor ‘human center in a pot’ next generation
Successful advertising contract with one of the 20 most sensible pharmaceutical companies
Heart protection from cOVID-19 treatment
Novoheart’s newly renovated lab and studies open up smoothly in Hong Kong
Awarded outstanding biomedical technology award at the 2020 Capital Outstanding Enterprise Awards
Patent application filed in next generation ‘human centre in a bottle’ bioreactor
In June 2020, the company filed a provisional patent application in the United States for a next-generation bioreactor for the “human center in a bottle” with many vital new features that were not available in previous versions. With the new design, this next generation bioreactor will supply the best mini-center camera homes, very vital to the center’s human disease styles. specific style to check the protection and effectiveness of new curative candidates.
Successful advertising contract with one of the 20 most sensible pharmaceutical companies
In April 2020, Novocenter entered into its advertising agreement with one of the company’s 20 most sensible pharmaceutical corporations, the company’s human ventricular center (hvCTS) tissue strips to examine the effects of blind drugs on cardiac contractility.
Assessment of the heart protection of the cOVID-19 remedy on cardiac contractility and arrhythmogenicity
Novoheart completed a may 2020 examination of our synthetic cardiac constructions to examine the effects of hydroxychloroquine and azithromycin on contractility and arrhythmogenicity in the human heart. Our cardiac structures have provided a useful platform for detecting cardiac protection and efficacy when treatments opposed to COVID-19 occur.
Novoheart’s newly renovated lab and studies open up smoothly in Hong Kong
On June 22, 2020, the company quietly opened the newly renovated laboratory and studio workplace in Hong Kong. The site houses the company’s study center with a larger workplace and laboratory. The facility will provide an indispensable area to meet our expansion and allow us to rent more skills to continue providing state-of-the-art service to our global customers.
Awarded the Outstanding Biomedical Technology Award at the CAPITAL Outstanding Enterprise Awards 2020 The CAPITAL Outstanding Enterprise Awards are one of the most identified corporate awards in Hong Kong, with the aim of rewarding corporations that have achieved remarkable functionality and achievements throughout the year. Novoheart was very pleased that its innovative technologies had earned the popularity of Hong Kong’s business community.
Financial effects for the 3 and six months ended June 30, 2020
The Company recorded a net loss after tax of $1901944 (loss consistent with a consistent percentage of $0.01) for the 3 months ended June 30, 2020 at a net after-tax loss of $2582062 (loss consistent with a consistent percentage of $0.03) for the 3 months ended June 30, 2019. Since the beginning of the fiscal year, the Company recorded a net loss of $4,738,984 (loss consistent with a consistent percentage of $0.03) for the six months ended June 30, 2020, at a net loss of $3,761,260 (a loss consistent with a percentage of $0.04) for the six months ended June 30, 2019.
Revenue and sales
For the 3 months ended June 30, 2020, the Company posted earnings of $39,662 and a $17,683 sales charge compared to earnings of $51,821 and a sales fee of $24,620 for the 3 months ended June 30, 2019. The Company posted earnings $49,782 and sales charge of $21,537 for the six months ended June 30, 2020 compared to the $159,776 gain and sales charge of $73,743 for the six months ended June 30, 2019. As of March 2020, COVID-19 has an effect on that has many of the company’s partners. The effect continued to be felt through Novoheart and its partners throughout the 2020 quarter, leading to delays in the communication and execution of the contract.
Operating expenses
Operating expenses increased from $2,611,560 for the 3 months ended June 30, 2019 to $2,411,107 for the 3 months ended June 30, 2020. Minimization of operating expenses is primarily similar to depreciation, actions, overhead and administrative expenses, and new marketing. Minimization is offset by increases in study prices and the progression and rates of patents and high-level rates.
During the 3 months ended June 30, 2020, depreciation expenses decreased due to the cancellation of capitalized lease innovations in Phase 3 of the Hong Kong Science Park; in the past, capitalized leasing innovations have been eliminated to turn the area into a GMP-compliant facility. Share-based reimbursement expense decreased as the company’s maximum of the Company’s characteristics in past periods was acquired and accounted for. General and administrative expenses decreased mainly due to the expenses incurred in the comparative quarter that were not incurred in the current quarter; in particular, staff and pro-fee bonuses similar to the acquisition of Xellera Therapeutics Limited (“the acquisition”) in June 2019. Marketing expenses were basically reduced by the dismissal of the company’s former senior vice president of business operations.
For the 3 months ended June 30, 2020, study and progression expenses increased mainly due to the expansion of the Company’s clinical team and acquisition, which ended in June 2019. Intellectual assets and patent fees have increased due to the filing of new patents as well as licenses signed with Harvard University in November 2019.
Operating expenses increased from $4,351,365 for the six months ended June 30, 2019 to $5059,344 for the six months ended June 30, 2020 Increases in operating expenses are basically similar to general and administrative expenses, studies and development, as well as high-level expenses.and patent expenditures compared to the six months ended June 30, 2019.Accumulation was offset by decreases in depreciation and amortization, inventory reimbursement expenses, and marketing expenses.
The accumulation of overhead and administrative expenses for the semester ended June 30, 2020 is basically due to higher occupancy prices by laboratory and workplace prices and the structure of the GMP facility. Research and progression prices and high-level assets and patent rates increased in the six months ended June 30, 2020 for the same reasons discussed earlier for the quarter ended June 30, 2020.
The main reasons for minimizing depreciation, inventory reimbursement, and marketing expenses for the six months ended June 30, 2020 are the same reasons discussed earlier for the quarter ended June 30, 2020.
Liquidity and slope
As of June 30, 2020, the Company had money and monetary equivalents of $13236527. As of August 31, 2020, there were 188,640,774 non-unusual inventories issued and notable and 8,272,373 non-unusual inventories that can be issued by increasing notable inventory characteristics with a settlement value ranging from $0.32 to $0.50 consistent with the share.
Departure from the Chief Scientific Officer of Xellera Therapeutics Limited
During the last quarter of 2020, Dr. Roger Hajjar resigned as Chief Scientific Officer of Xellera Therapeutics Limited to hold a position at a personal equity firm specializing in clinical research. Dr. Hajjar, as XT CSO, made a significant contribution to the direction of clinical translation in the initial phase of plan development, i.e. in the gene therapy table, as the basis of XT. In the coming months, the focus will be on regulatory structure and licensing. All clinical questions will be shared through the Drs. Founders. Godfrey Chan and Ronald Li with contributions from the Co-Chairmen of the Scientific Advisory Council, Drs. Marc Turner and Paul Tam. The Society would like to thank Dr. Hajjar for his contribution during his term of office and to wish each and every one of them good luck in the future.
Departure from Novoheart Research Development Director
On July 31, 2020, Dr. Bernard Fermini, the company’s director of studies and development, resigned. Dr. Fermini hired to lend a hand to the drs. clinical co-founders. Kevin Costa and Ronald Li in studies and development. His daily work was transferred and controlled in component through the Drs. Costa and Li, who are also, respectively, lead clinical director and CEO of the company. The company would like to thank Dr. Fermini for his contribution while serving as Director of Research and Development.
ABOUT NOVOHEART HOLDINGS INC.
Novocenter is a global mobile stem biotechnology company that is at the forefront of a variety of next-generation human center fabric prototypes. It is the first company in the world to design miniature living human center pumps that can revolutionize drug discovery, saving time and money to expand new treatments. Also known as the ”human center in a bottle’, novocenter’s bio-artificial human center constructions are created using complex approaches and technologies of bioengineering and stem mobiles and are used through drug expanders for preclinical testing of the efficacy and protection of new drugs. maximize drug discovery successes while minimizing prices and harm to patients. With the acquisition of Xellera Therapeutics Limited for the manufacture of good Manufacturing Product (GMP) quality clinical materials, Novocenter now introduces genetic and mobile treatments as well as other next-generation treatments for cardiac repair or regeneration.
Novoheart’s non-unusual shares are traded on the TSX Venture Exchange under the symbol “NVH”.
For information, contact:
Novoheart Holdings Inc., office 2600, 595 Burrard Street, Vancouver, British Columbia V7X 1L3
Ronald Li, managing director
(604) [email protected]
Caution related to forward-looking statements
The data contained in this press release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements related to long- and long-term occasions. In this context, forward-looking statements relate to long-term monetary and commercial functionality and involve words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend” and “intend,” “statements that an action or occasion” possibly”, “” could “,” “”deserve “or” adopt “or” adopt “or happen, or other similar expressions.” All statements, other than statements of old facts, included there are, including, without limitation; Statements regarding the Company’s long-term plans, objectives and expectations, as well as the prospective programs of its MyHeart ™ platform, are forward-looking statements. By their nature, forward-looking statements involve known and unknown hazards, uncertainties, and other points that would possibly cause actual results, functionality, or other long-term achievements to differ materially from the results, functionality, or long-term accomplishments expressed or implied. through such forward-looking statements. These points include, among other things, the known hazards in the discussion and investigation segment of Novoheart Holdings Inc.’s intermediate and maximum annual monetary statements or other reports and presentations to the TSX Venture Exchange and the corresponding Canadian securities regulators. Forward-looking statements are made on the basis of management’s beliefs, estimates and reviews from the date the statements are made and the respective corporations adopt not to update any forward-looking statements that merit such beliefs, estimates and revisions or other exchange cases. unless necessary. applicable securities laws. Investors are cautioned to object to undue certainty in forward-looking statements.
NOVOHEART HOLDINGS INC. Condensed (unaudited) consolidated interim financial statements (expressed in Canadian dollars)
June 30, 2020
December 31, 2019
TRUMPS
Current
Cash and money equivalents
Ps
13 236 527
Ps
12 167 583
Guaranteed deposit
–
5,004,000
Accounts and collections
82,236
317 819
Prepaid expenses and deposits
311392
475 638
13630 155
17,965,040
Property and equipment, net
691,083
532,589
Right-of-use assets
6,570,247
6,996,852
Intangible assets, net
199,599
231,052
Construction in progress
774,800
–
Goodwill
8,806,998
8,806,998
$
30,672,882
$
34,532,531
COMMITMENTS AND EQUITY
Current
Accounts payable and accrued liabilities
$
833,339
$
921,672
Lease liabilities – current
1,298,489
1,124,678
Contract liabilities
34 130
22 549
Deferred grants
58,265
8 253
Due to similar parties
–
32 835
2,224,223
2 109 987
Rent – not current
5 036 241
5 555 838
Restoration fix
476,323
451937
Long-term leave payable
–
24 238
7 736 787
8 142 000
CAPITAL
Sharing capital
52 179 118
52 179 118
More contributions
2237 675
1,888,156
Cumulative others of the overall result
1 247 656
312 627
Cumulative deficit
(32 728 354
)
(27 989 370
)
22 936 095
26 390 531
Ps
30 672 882
Ps
34 532 531
NOVOHEART HOLDINGS INC.
Consolidated interim statements summarized of losses and general source of income (unaudited) (expressed in Canadian dollars, for the number of non-unusual shares)
It ended three months
Six months completed
June 30, 2020
June 30, 2019
June 30, 2020
June 30, 2019
Revenue
Ps
39 662
Ps
51,821
Ps
49 782
$
159,776
The cost of sales
17,683
24,620
21 537
73 743
21 979
27 201
28 245
86 033
OPERATING COSTS
Research and development
773233
709039
1 498 650
1 241 717
Intellectual assets and patents
151820
105 731
305 591
168 124
General and administrative
1 648
1 235 148
2 445 491
1 812 283
Marketing
134 775
175 221
280 443
342 486
Share compensation
140 094
216 244
349 519
448 351
Depreciation and amortization
50 537
170 177
179650
338 404
2 411 107
2 611 560
5,059,344
4 351 365
LOSS OF OPERATIONS
(2 389 128
)
(2 584 359
)
(5031099
)
(4 265 332
)
Government subsidies
351111
79 602
405 352
543 929
Other income
260 283
223
335 841
410
Elimination of losses
(3 149
)
–
(188 841
)
–
Financial expenses
(117 659
)
(11 218
)
(225 564
)
(11 667
)
Change (loss) / gain
(3 402
)
(36 772
)
(500
)
938
487 184
31 835
326 288
533 610
NET LOSS OF THE PERIOD BEFORE TAXES
(1901944
)
(2 552 524
)
(4.704.811
)
(3 731 722
)
Tax expenses
3 794
29 538
34 173
29 538
NET LOSS OF THE PERIOD
(1905 738
)
(2 582062
)
(4 738 984
)
(3761260
)
OTHER GLOBAL INCOME (LOSSES)
Currency conversion adjustment
(618 616
)
66 393
935029
29 957
GLOBAL LOSS OF THE PERIOD
Ps
(2 524 354
)
Ps
(2 515 669
)
Ps
(3 803 955
)
Ps
(3 731 303
)
Percentage-consistent loss – fundamental and diluted
Ps
(0,01
)
Ps
(0,03
)
Ps
(0,03
)
Ps
(0,04
)
Significant weighted average number of shares: fundamental and diluted
Ps
188 640 774
97 438 816
188 640 774
96014 445
NOVOHEART HOLDINGS INC.
Consolidated interim cash flow statements (unaudited) (expressed in Canadian dollars)
For the six months ended
June 30, 2020
June 30, 2019
CASH FLOW FROM OPERATIONS ACTIVITIES
Net loss for the after-tax period
Ps
(4 738 984
)
Ps
(3761260
)
Items that do not specify:
Share compensation
349 519
448 351
Interest on liabilities
225 564
–
Amortization of assets the right of use
804591
–
Depreciation and amortization
179650
338,404
Elimination of losses
188 841
–
Reduce rent due to rental concessions
(214 113
)
–
(3.204.932
)
(2 974 505
)
Changes in non-cash working capital elements:
Decrease in accounts and receivables
252 814
357 126
Decrease / (increase) in prepayment and deposits
182 733
(184 845
)
(Decrease) / accumulation of creditors and commissions payable
(120 878
)
411 158
Decrease in amounts owed to similar parties
(34 614
)
(2 231
)
Decreased long-term liabilities
(25 560
)
(39 256
)
Increase / (decrease) in deferred grants
49 595
(11 398
)
Increased contractual liabilities
7 917
475 590
312 007
1006 144
Net money used in operating activities
(2 892 925
)
(1968 361
)
CASH FLOWS FROM INVESTMENT ACTIVITIES
Acquisition of equipment
(454 376
)
(47 270
)
Acquisition of works in progress
(775 240
)
–
Cash in the acquisition of a subsidiary
–
22 692695
Decrease / (increase) in promised deposit
5 004 000
(5 028 000
)
Net money generated by investment activities
3 774 384
17 617 425
CASH FLOW FROM FINANCING ACTIVITIES
Loan product
–
1 688 417
Payment and interest on rent
(718 100
)
–
Net money (used in) / generated through financing activities
(718 100
)
1 688 417
Changes in money and monetary equivalents of the period
163,359
17 337 481
Effect of exchange rate adjustments on foreign currency cash
905 585
141 742
Cash and money equivalents, start of the period
12 167 583
666 494
Cash and money equivalents, end-of-period
13 236 527
18 717