Nova Pharma secures contract from National Institute of Biotechnology

KUALA LUMPUR (July 1): Nova Pharma Solutions Bhd (KL:NPS) has secured a contract from the National Institute of Biotechnology Malaysia (NIBM) to undertake equipment procurement and facility upgrade for NBIM’s national vaccine production development and enhancement programme.

Nova Pharma, an engineering company specialising in pharmaceutical and biotechnology industries, said the project will take place at the Malaysia Genome & Vaccine Institute, located within NIBM's premises in Kajang. 

The company did not state the value of the contract in its exchange filing, but said it intends to carry out the project via internally generated funds and bank borrowings.

“The project will not have any effect on the share capital and shareholding structure of the company. The project is expected to contribute positively to earnings and net assets per share of Nova Pharma from the financial year ending Dec 31, 2024, until the completion of the project,” it added. 

Nova Pharma' shares last traded at 22.5 sen on March 25, giving the company a market capitalisation of RM33.53 million.