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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
Newly Renovated Novoheart Lab and Studios Open Smoothly in Hong Kong
Honored with Outstanding Biomedical Technology Award at the 2020 Capital Outstanding Enterprise Awards
Patent application filed in bioreactor ‘human center in a pot’ next generation
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 pot” with many vital new features that were not available in previous versions.With its new design, this next-generation bioreactor will supply more accurately the homes of the mini-center chamber, very vital to the center’s human disease styles.-Specific style to check the protection and effectiveness of new healing 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 heart protection and efficacy when treatments opposed to COVID occur.-19.
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 the 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 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.that their 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 after-tax loss of $1901944 (loss consistent with a consistent percentage of $0.01) for the 3 months ended June 30, 2020 net loss after tax of $2582062 (loss consistent with consistent percentage of $0.03) for the 3 months ended June 30, 2019.Since the start 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.$49,782 and $21,537 sales charge for the six months ended June 30, 2020 compared to the $159,776 profit and $73,743 sales charge for the six months ended June 30, 2019.have an effect on what many of the company’s partners have.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.Minimize operating expenses primarily similar to depreciation, stocks, overhead and administrative expenses, and new marketing.through 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.expenses incurred in the comparative quarter that were not incurred in the existing 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 decreased 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 $ 5,059,344 for the six months ended June 30, 2020 The increases in operating expenses are basically similar to general and administrative expenses, studies and development, as well as those of high level. and patent expenses compared to the six months ended June 30, 2019. The accrual 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 was basically due to high occupancy prices due to laboratory and workplace prices and the structure of the GMP facility.the six months ended June 30, 2020 for the same reasons discussed above 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.Al 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 inventory with a training value ranging from $0.32 to $0.50 consistent with the stock.
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.Hajjar, as XT CSO, contributed to clinical translation directions in the initial plan development phase, i.e. in the gene therapy box, as the basis of XT.In the coming months, the focus will be on regulatory structure and licensing.be shared through Dres. Co-Founders Godfrey Chan and Ronald Li with the contributions of the Co-Chairmen of the Scientific Advisory Council, Drs. Marc Turner and Paul Tam La Society would like to thank Dr. Hajjar for his contributions and wish each and every one 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.Fermini hired to lend a hand to drs.co-clinical founders Kevin Costa and Ronald Li in studies and development His daily work was transferred and controlled in component through Doctors Costa and Li, who are also respectively lead clinical director and CEO of the company.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 at the forefront of a line of next-generation human center fabric prototypes.It is the first company in the world to have designed miniature living human center pumps that can revolutionize drug discovery, helping to save time and money to expand new treatments.Also known as the ‘human centre in a bottle’, Novocenter’s bio-artificial human center constructions are created using cutting-edge approaches and state-of-the-art mobile technology and biotechnology.-developed and used through drug expanders for accurate preclinical testing of the efficacy and protection of new drugs, maximizing success in drug discovery and minimizing burden and damage 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., Suite 2600, 595 Burrard Street, Vancouver, British Columbia V7X 1L3
Ronald Li, director
(604) [email protected]
Caution related to forward-looking statements
The information in this press release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements related to long-term events, not past. In this context, forward-looking statements relate to expected long-term monetary and business functionality and involve words such as “anticipate”, “believe”, “plan”, “estimate”, “expect” and “expect”. objective “, statements that an action or event” possibly “,” may also simply “,” may also simply “,” merit “or” will be “adopted or will occur, or other similar expressions. All statements, other than statements of ancient fact, included in this document, including but not limited to; Statements regarding the company’s long-term plans, objectives and expectations, as well as the forward-looking programs of its MyHeart ™ platform, are forward-looking statements. By their nature, forward-looking statements involve known and unknown dangers, uncertainties and other points that could possibly cause actual results, functionality or achievements, or other long-term events, to be materially different from the expressed long-term results or achievements. Or implied through those forward-looking statements. These items include, but are not limited to, known hazards in the Novoheart Holdings Inc. recent and interim annual maximum annual monetary statements control research and analysis segment or other reports and filings with the TSX Venture Exchange. and applicable Canadian securities regulators. Forward-looking statements are based on control beliefs, estimates and reviews as of the date the statements are made and the respective corporations do not adopt to update any forward-looking statements if such beliefs, estimates and reviews or otherwise change. , unless necessary. through applicable securities laws. Investors are cautioned against assigning undue certainty to forward-looking statements.
NOVOHEART HOLDINGS INC. Condensed Consolidated Interim Financial Statements (Unaudited) (Expressed in Canadian Dollars)
June 30, 2020
December 31, 2019
TRUMPS
current
Cash and money equivalents
Ps
13 236 527
$
12 167 583
Guaranteed deposit
–
5,004,000
Accounts and collections
82 236
317 819
Prepayment and deposits
311392
475 638
13630 155
17 965 040
Property and equipment, net
691083
532 589
Assets of use
6 570 247
6.996.852
Intangible assets, net
199.599
231052
Construction underway
774800
–
Goodwill
8 806 998
8 806 998
Ps
30 672 882
Ps
34 532 531
COMMITMENTS AND EQUITY
current
Accounts payable and fees payable
Ps
833 339
Ps
921672
Rent – current
1 298 489
1 124 678
Contractual responsibility
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 input
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
Income
$
39 662
Ps
51821
Ps
49,782
Ps
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
709.039
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
)
Loss consistent with consistent withcentage – 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 OPERATING ACTIVITIES
Net loss for the after-tax period
Ps
(4 738 984
)
$
(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 subsidies
49 595
(11 398
)
Increased contractual liabilities
7 917
475 590
312 007
1006 144
Net money used in operating activities
(2 892 925
)
(1 968 361
)
CASH FLOW FROM INVESTMENT ACTIVITIES
Adquisition of equipments
(454 376
)
(47 270
)
Acquisition of ongoing works
(775 240
)
–
Cash on the acquisition of a subsidiary
–
22 692695
Decrease / (increase) of the 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