Edmonton, Alberta, Canada
March 16, 2011
Innovotech Inc. (TSX VENTURE:IOT), a pioneer in the field of biofilm product development, today announced its audited financial and operational results for the year ended December 31, 2010.
Highlights:
- Innovotech increases revenue and decreases loss in 2010, while meeting development goals and expanding its position as the leader in providing biofilm solutions
- Innovotech's biofilm diagnostic test, bioFILM PA™, achieves commercial and clinical milestones
- Innovotech's Sani-Lux™ submitted for Canadian Food Inspection Agency approval
- Innovotech's seed treatment and plant spray, Agress®, attracts additional development funding
"Innovotech's proprietary platform technology and unique focus results in effective and versatile solutions to problems caused by biofilms," stated Ken Boutilier, President and Chief Executive Officer of Innovotech. "Biofilms cause devastation in human, animal and plant health as well as in industrial settings, ranging from meat plants to paper mills. Old technology is often either ineffective or harmful to the environment. The impact on human health, for example, is huge. In the U.S. alone, over 17 million patients suffer from difficult to treat biofilm infections, and of this group, 550,000 people die annually. This is equal to the number of patients who die from cancer. Aside from the disaster this represents for human lives, the health care system is forced to respond by diverting time, people, and over 90 billion dollars in extra costs."
In the fourth quarter of 2010, The Hospital for Sick Children in Toronto, Canada, reported in their ongoing clinical trial, that in 71% of cases Innovotech's bioFILM PA(TM) suggested different antibiotic treatment choices for lung infections in Cystic Fibrosis (CF) patients compared to conventional testing. Using the right antibiotic early in the treatment of a patient can result in quicker and better recovery, lower cost, and less opportunity for bacteria to develop resistance.
Innovotech has filed with the Canadian Food Inspection Agency (CFIA), a hard surface sanitizer, Sani-Lux(TM), that reacts with light to kill bacteria and fungi for approval for use in the food industry. The next step will be to work with potential food industry customers to field test the product. Innovotech has already signed Material Transfer Agreements with interested companies.
During the fourth quarter 2010, Innovotech secured funding of $154,000 for Agress(R), from Pulse Crops (Canada) Association. This funding was in addition to the more than $900,000 Innovotech secured from the Agriculture and Food Council of Alberta in the second quarter of 2010, which will be used to expand the potential applications of Agress(TM) from pulse crops (dry beans, dry peas, lentils, chickpeas) and soybeans to high value horticultural crops such as tomatoes, peppers, and potatoes, and to support regulatory approval for Agress(R).
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