Hong Kong scientist behind artificial ‘mini-hearts’ takes Novoheart closer to China with facilities to quicken drug discovery process
- Company behind ‘mini-hearts’ innovation sets up laboratory in Hong Kong to get closer to talents and access to markets
- Hong Kong scientist is taking Canada-listed Novoheart private, does not rule out tapping local capital market for funds
The Canada-listed firm sees Hong Kong as part of its global efforts to access a deep pool of talents and markets, co-founder and chief executive officer Ronald Li said. Including new facilities in Wuxi in mainland China’s southern Jiangsu province, and in eastern US, its spending will exceed HK$200 million (US$25.8 million), he added.
“It is not uncommon for early- to mid-stage biotechnology firms to have multiple sites, to recruit the right people,” Li said in an interview. “We are expanding despite the global economic uncertainties, because our technology is ready for commercialisation.”
A presence in Hong Kong could be a springboard for the firm to get nearer to the world’s largest market. China’s pharmaceutical market increased from US$194.3 billion in 2015 to US$236.3 billion in 2019, according to Frost & Sullivan. The size is forecast to reach US$322.6 billion in 2024, it said.
Novoheart opened a 16,000-sq ft laboratory and office in Kwun Tong last week, which will focus on heart tissues engineering. It plans to expand its facilities at the Hong Kong Science and Technology Park in Pak Shek Kok to be able to produce “clinical-grade” materials that can be used on patients.
“A major advantage of Hong Kong is that if we want to focus on certain diseases prevalent among Asians, we can access Chinese patient materials easily here,” said Li, who co-founded the venture in 2015.