Innovotech Inc.

Innovotech Inc.

August 18, 2009 16:55 ET

Innovotech Reports Second Quarter 2009 Financial Results

EDMONTON, ALBERTA--(Marketwire - Aug. 18, 2009) - Innovotech Inc. (TSX VENTURE:IOT) today announced its unaudited financial and operational results for the three and six month periods ended June 30, 2009.


- Company shows revenue increase over second quarter 2008.

- Positive clinical outcomes demonstrated for bioFILM PA

- Company maintains healthy cash reserve

"The Company has maintained its product development momentum through an increase in contract revenue in the second quarter and continuing strong cash reserves" say Dr. James Timourian, Chief Financial Officer of Innovotech. "bioFILM PA has achieved another milestone with the demonstration of positive clinical outcomes in use in cystic fibrosis patients (see for more detail). Agress continues to show promise in an expanding portfolio of crop and disease uses while awaiting regulatory approval. Evaluation and licensing discussion have continued with several multinational agriculture companies."

Financial Summary

Three-month Three-month Six- month Six- month
period ended period ended period ended period ended
June 30, June 30, June 30, June 30,
2009 2008 2009 2008

Revenues 373,697 289,989 589,698 718,275

G&A 251,096 204,040 497,132 445,816

R&D 208,857 164,374 401,007 267,780

Net income (loss) (287,551) (216,886) (654,820) (313,611)

Cash Reserves 1,773,452 1,998,776

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. The company currently has two products in advanced stages of development: bioFILM PA is a diagnostic kit which assists physicians in the selection of the most effective antibiotic treatment of patients with chronic lung infections. AgressTM is a novel seed treatment product which protects seeds during the critical germination and emergence stage from bacterial and fungal infection. Both products were developed against the corresponding organisms present as biofilms as opposed to the free-floating, planktonic form.

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.

Contact Information