Edmonton, Alberta, Canada
March 14, 2012
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, 2011.
Highlights:
- LevPharm receives regulatory approval to market and distribute Innovotech's bioFILM PA(TM) test in Israel
- Innovotech's MBEC Assay(TM) approved as an ASTM International biofilm standard
- Innovotech's Sani-Lux(TM) approved by the Canadian Food Inspection Agency
- Exclusive worldwide rights granted to Spectrum Labs to market Innovotech's veterinary biofilm tests
- Innovotech's crop protection product, Agress(R), shown to be effective replacement for Streptomycin in Fire Blight trials
- Significant advances in Agress(R) chemistry which will be used to support its registration
- Completion of private placement
"2011 was a significant year for Innovotech as we achieved a number of key milestones related to product validation and market expansion, including receipt of regulatory approvals, designation as a standard, and the signing of a distribution agreement for the Company's veterinary tests which included preliminary sales," said Ken Boutilier, President and Chief Executive Officer of Innovotech. "While contract research revenue for the year decreased, we anticipate the trend for increased product sales, seen in 2011, to continue. Innovotech remains focused on the progression of products that are closer to generating revenue."
During the fourth quarter of 2011, Innovotech released results of a recent field trial demonstrating that its environmentally friendly crop protection product, Agress(R), is an effective replacement for standard antibiotic treatments for the control of Fire Blight, a devastating bacterial disease of fruit trees.
Other 2011 Agress(R) field trials confirmed positive internal field and greenhouse trial results that had been seen in previous years for high-value added crops such as fruits, vegetables and pulses. During 2011, Innovotech also made significant progress in the area of Agress(R) chemistry, which will become an integral part of the Company's Environmental Protection Agency (EPA) submission.
Subsequent to the end of fiscal 2011, Innovotech announced that Syngenta decided not to pursue its Right of First Refusal for Innovotech's seed treatment product, Agress(R).
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