Innovotech Signs Agreement for Distribution of Its bioFILM PA(TM) Test in Israel
July 27 2010 - 9:00AM
Marketwired
Innovotech Inc. (TSX VENTURE: IOT), a pioneer in the field of
biofilm product development, has signed an exclusive distribution
agreement with LevPharm Ltd of Israel to market and distribute its
bioFILM PA™ test to hospitals and clinics within Israel.
"We are very excited to enter into this agreement with LevPharm,
who recognize the significant impact the bioFILM PA™ test can have
on improving patient care while reducing the cost burden to health
care systems," said Ken Boutilier, President and CEO of Innovotech
Inc. "The partnership with LevPharm illustrates their understanding
of the importance of technologies for biofilm management, and
further demonstrates Israel's leadership in embracing innovative
products and solutions to enhance their health care system."
The current market capacity in Israel for acute infection
treatment alone is estimated to be over 3,000 bioFILM PA™ tests per
year.
bioFILM PA™ is the first diagnostic test to assist physicians in
the selection of the most effective combination antibiotic
treatment of patients with biofilm-based Pseudomonas aeruginosa
infections.
Pseudomonas aeruginosa is a common bacterium responsible for
many hospital acquired infections including ventilator-associated
pneumonia and those found in patients with burns and wounds. It is
also one of the major causes of lung infections in individuals with
Cystic Fibrosis.
Over eighty percent of microbial infections in the body are
caused by organisms in a biofilm state. Biofilm infections are
known to be up to 4,000 times more resistant to antibiotics than
the same organism in a free-floating state, which demonstrates why
it is so critical to identify effective treatments early, such as
through the bioFILM PA™ test.
About Innovotech Inc.:
Innovotech Inc. is a pioneer in the field of biofilm product
development, focused on providing innovative and practical
solutions to medical, agricultural and industrial problems caused
by microbial biofilms. Biofilms are responsible for a host of
diseases both in agriculture and human health due to their inherent
resistance to existing antibiotics and disinfectants. There are
currently no antibiotics, disinfectants, diagnostics or regulatory
standards designed specifically for biofilm-forming organisms.
Innovotech currently has two products in advanced stages of
development: Agress™ a unique, environmentally friendly seed
treatment and plant spray designed to protect crops against both
bacterial and fungal infections, and bioFILM PA™, the first
diagnostic kit to assist physicians in the selection of the most
effective combination antibiotic treatment of patients with
biofilm-based chronic lung infections.
About LevPharm Ltd.
LevPharm Ltd. is a privately owned Israeli pharmaceutical
company focusing on marketing and distribution of pharmaceuticals
and medical devices primarily in the area of pulmonary diseases.
Through their long experience in this market, the professionals at
LevPharm focus on building relationships with clinicians and
institutions nation-wide. LevPharm currently represents
international pharmaceutical and medical device firms in Israel and
is actively seeking to expand this portfolio.
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Innovotech Inc. Ken Boutilier President and CEO (780)
448-0585 ext. 221 (780) 424-0941 (FAX) ken.boutilier@innovotech.ca
www.innovotech.ca
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