(MENAFN- Baystreet.ca)
A global stem cell biotech concern is catching the eye of officialdom, particularly that area which helps finances businesses and watches them grow.
Vancouver-based Novoheart (TSX-Venture: NVH) told investors Tuesday that its wholly-owned subsidiary has won 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, NVH is expected to receive a total of over HK$10 million (or $1.67 million) over the next two years.
It's becoming a way of life; 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).
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').
Shares in NVH galloped six cents, or 12%, to 56 cents, on volume of 82,000 shares.
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