VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/14/18 -- 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 ft2 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.
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