Edmonton, Alberta, Canada
August 18, 2010
Innovotech Inc. (TSX VENTURE:IOT), a pioneer in the field of biofilm product development, today announced its unaudited financial and operational results for the three and six-month periods ended June 30, 2010.
Highlights:
- Revenue for first half of 2010 up 46% over 2009
- Innovotech receives funding from
- Extensive 2010 field trial season for Agress(TM)
"Innovotech continues to see a demand for its expertise and technology as demonstrated by the increase in revenue for the first half of the year compared with the same period for 2009" said Dr. James Timourian, Chief Financial Officer. "The increase was largely due to significant growth in contract research revenue and is indicative of the increasing awareness of the role biofilms play in the world. We expect the revenue growth in contract research to continue.
"The Company has been awarded funding in excess of $900,000 from Agriculture and Agri-Food Canada to facilitate the commercialization of Agress(TM), its unique, environmentally friendly seed treatment and plant spray designed to protect crops against both bacterial and fungal infections. The two-year, repayable funding will focus on field trials to expand the potential applications of Agress(TM) from pulse crops (dry beans, dry peas, lentils, chickpeas) and soybeans to high value horticultural crops such as tomatoes, peppers, and potatoes. The funding will also be used to support regulatory approval submissions for Agress(TM).
The Agress (TM) 2010 crop season marks the most aggressive and diverse field trial season to date for both Innovotech and its partner, Syngenta. Field testing is occurring in both bacterial and fungal diseases, and in foliar sprays and seed treatments. So far, Agress(TM) has met or exceeded expectations. Innovotech test crops include potatoes, tomatoes, brassica (broccoli, cauliflower) vegetables, dry beans, and chickpeas. In addition, Syngenta has extensive field trials occurring in Canada, United States and Europe.
There is growing international recognition that the Company's test kit bioFILM PA(TM) can save lives and reduce health care costs. Subsequent to the second quarter, the Company has signed a distribution agreement for bioFILM PA(TM) with LevPharm Ltd. to serve the Israeli market and is looking to expand its availability to counter cystic fibrosis, pneumonia, burn and other stubborn bacterial infections at home in Canada as well as elsewhere in the world. There are 35 million susceptibility tests performed each year worldwide, and bioFILM PA(TM) can replace many of them with more effective results.
Financial Summary
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Three-month Three-month Six-month Six-month
period ended period ended period ended period ended
($) 30 June 2010 30 June 2009 30 June 2010 30 June 2009
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Revenues 408,288 373,697 862,658 589,698
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G&A 279,268 251,096 610,732 497,132
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R&D 195,140 208,857 345,558 401,007
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Net loss (261,831) (287,551) (491,910) (654,821)
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Share Price - - $.66 $.80
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Cash - - 1,203,433 1,773,452
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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 or a host of diseases in both 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(TM) a unique, environmentally friendly seed treatment and plant spray designed to protect crops against both bacterial and fungal infections, and bioFILM PA(TM), the first diagnostic kit to assist physicians in the selection of the most effective combination of antibiotic treatment of patients with biofilm-based chronic lung infections.
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