Novoheart Limited has been awarded a further grant from the Innovation and Technology Commission (ITC) of Hong Kong SAR Government. Combined with a cash rebate scheme and funding for hiring R&D talent, the Company is expected to receive a total of over HK$10 million ($1.67 million CAD) in grant awards from the ITC over the next 2 years. This is the third major R&D matching grant that the ITC has awarded Novoheart in recognition of the company’s pioneering work involving its award-winning MyHeart™ Platform of bioengineered human heart tissues, making the total awarded grant to over $22 million HKD ($3.7 million CAD).
The new grant will fund research to further enhance the drug screening capabilities of its proprietary human ventricular Cardiac Organoid Chamber (also known as ‘human heart-in-a-jar’) and human ventricular Cardiac Anisotropic Sheet (hvCAS). Novoheart aims to revolutionize drug discovery with its proprietary MyHeartTM Platform and is the only company in the world offering the unique hvCAS and ‘human heart-in-a-jar’ assays that can model the human heart in the laboratory and provide high-accuracy drug screening platforms for drug developers worldwide. The new ITC grant will support the development of the automated next generation of these human heart assays, with further enhanced throughput, accuracy and sensitivity in screening drugs for toxic or therapeutic effects on the heart.
For more detailed press release, please press here.