Innovotech Announces Unaudited Financial Statements for the Quarter Ended March 31, 2010
May 19 2010 - 9:05AM
Marketwired Canada
Innovotech Inc. (TSX VENTURE:IOT) today announced its unaudited financial and
operational results for the quarter ended March 31, 2010.
Highlights:
-- Revenues more than double from previous year
-- Development plan for Agress(TM) continues
-- Innovotech receives Business Innovation Award
"The Company's revenue increased by 110% in the first quarter compared with the
corresponding quarter last year" says Dr. James Timourian, Chief Financial
Officer. "In addition, the Company was awarded two repayable agricultural grants
totaling $952,000 to be dispersed over two years from Agriculture and Agri-Foods
Canada. This financial position strengthens the Company's ability to develop its
lead agricultural product Agress(TM), as well as market its breakthrough bioFILM
PA(TM) test in human health. The Company expects demand for its products and
services to continue to grow because of increasing awareness of the role
biofilms play in the world and Innovotech's unique expertise and experience as
an innovator in this area."
"The agricultural grants are significant as they will help finance the
development of Agress(TM) for use in additional high value crops" explains Dr.
Merle Olson, Research Director. "Concerns are mounting about the use of
streptomycin in agriculture because of bacterial resistance that develops that
could have consequences for human health. The agriculture industry had no safe,
effective, and cost competitive substitute for streptomycin until the advent of
Agress(TM), and the market is eagerly waiting for its regulatory approval."
Innovotech was honoured with the Edmonton Economic Development Corporation
Business Innovation Award for 2009. The award recognized Innovotech's
breakthrough diagnostic device bioFILM PA(TM) that improves the quality of life,
reduces drug costs and shortens hospital stays for people suffering from chronic
infections, specifically those associated with cystic fibrosis lung disease.
"The most important benefit for me," states Ken Boutilier, President and CEO,
"is that the publicity generated by the award has given more people with serious
chronic infections hope as they learned that our technology has saved lives."
The bioFILM PA(TM) test is for sale now in Canada.
Financial Summary
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($) Three month period Three month period
ended March 31, ended March 31,
2010 2009
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Revenues 454,370 216,000
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G&A 331,464 246,036
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R&D 150,418 192,150
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Net Loss (230,078) (367,269)
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Share Price $.78 $.84
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Cash 1,299,207 2,210,484
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About Innovotech Inc.:
Innovotech is a product development company focusing on the development of
solutions to medical, agricultural and industrial problems caused by microbial
biofilms. Biofilms are protected communities of microorganisms which are very
common and very difficult to treat due to their inherent resistance. They have
been implicated in a host of devastating infections in agriculture, human health
and industry. No diagnostics or antibiotics are currently approved for use in
infections involving biofilms.
This document may contain forward-looking statements that are predictive in
nature and subject to risks and uncertainties that cannot be predicted or
quantified; consequently, actual results may differ materially from past results
and those expressed or implied by any forward-looking statements. Factors that
could cause or contribute to such risks or uncertainties include, but are not
limited to: the regulatory environment including the difficulty of predicting
regulatory outcomes; changes in the value of the Canadian dollar; the Company's
reliance on a small number of customers including government organizations;
fluctuations in operating results; government policies or actions; progress and
cost of clinical trials; reliance on key strategic relationships; uncertainty
related to intellectual property protection and potential costs associated with
its defense; the Company's exposure to lawsuits and other matters beyond the
control of management. Should known or unknown risks or uncertainties
materialize, or should management's assumptions prove inaccurate, actual results
could vary materially from those anticipated. The Company undertakes no
obligation to publicly make or update any forward-looking statements, except as
required by applicable law.
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