COMPANY UPDATES
28
May
2019
Novoheart to Acquire Xellera Therapeutics

Novoheart announced that effective on May 27, 2019, it has entered into a definitive non-arm’s length agreement to acquire (the “Acquisition”) all of the shares of Xellera Therapeutics Limited (“XT”) for C$33,805,000 to be satisfied through the issuance of 93,000,000 common shares of the Company (“Common Shares”). As stated in the vision statement, Novoheart aspires 1) to revolutionize human heart tissue engineering for disease modeling and pre-clinical drug discovery, and 2) to develop novel therapeutics for clinical cardiac therapies and precision medicine. Since its public listing in 2017, the Company has been focusing on launching its pre-clinical programs. The Acquisition will accelerate progression of the Company’s current business scope to include the development of clinical assets with the availability of unique expertise and professional networks in clinical trials and related regulatory requirements in the US, EU and HK/China, and a state-of-the-art GMP facility currently being established, with a target completion date in the first half of 2020, to be compliant with international standards for manufacturing clinical-grade advanced therapeutic products (ATP) for clinical trials and other applications, thereby leading to new revenue streams. Furthermore, Novoheart’s liquidity will be expected to become significantly enhanced through an access to approximately C$22,500,000 cash on XT’s balance sheet.


For detailed press release, please click here.

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