VANCOUVER, British Columbia, Nov. 29, 2019 (GLOBE NEWSWIRE) -- Novoheart Holdings Inc. (“Novoheart” or the “Company”) (TSXV: NVH; FWB: 3NH) announced that it is changing its fiscal year-end to December 31, from its current fiscal year-end of June 30. The notice for the year-end change required under National Instrument 51-102 – Continuous Disclosure Obligations has been filed under the Company’s profile at www.sedar.com.
Novoheart believes this change of year-end will better align the Company’s financial reporting with industry peer groups in the biotech sector, which will allow investors to more easily compare quarterly and annual financial results.
As a result, the Company will report audited financial results for a six-month transitional fiscal year from July 1, 2019 to December 31, 2019 with a comparative of twelve-month audited financial statements from July 1, 2018 to June 30, 2019. Afterwards, Novoheart will revert to a customary quarterly reporting calendar based on December 31 financial year-end, with fiscal quarters ending on the last day in March, June, September, and December each year.
The Company has granted incentive stock options to purchase an aggregate of 1,707,000 common shares of the Company (the “Options”) to directors and employees of the Company.
The Options have an exercise price of $0.39 per common share. The Options expire on November 29, 2024 and vest 40% on the first anniversary of the grant date and 30% on each of the second and third anniversaries of the grant date. 806,200 of the Options were granted to Directors.
The Option grants are subject to the acceptance of the TSX Venture Exchange.
ABOUT NOVOHEART HOLDINGS INC.
Novoheart is a global stem cell biotechnology company that pioneers 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 while minimizing costs and harm caused to patients. With the recent acquisition of Xellera Therapeutics Limited for manufacturing Good Manufacturing Product (GMP)-grade clinical materials, Novoheart is now developing gene- and cell-based therapies as well as other next-generation therapeutics for cardiac repair or regeneration.
Common shares of Novoheart is traded on the TSX Venture Exchange under the symbol “NVH”.
For further information please contact:
Novoheart Holdings Inc.
Suite 2600, 595 Burrard Street
Vancouver, British Columbia
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the Company’s future plans, its goals and expectations, the potential applications of its MyHeartTM platform and the grants of stock options are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the management discussion and analysis section of Novoheart Holdings Inc.’s interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.