Innovotech Inc.
TSX VENTURE : IOT

Innovotech Inc.

March 17, 2010 06:00 ET

Innovotech Announces Audited Financial Statements for the Year Ended December 31, 2009

EDMONTON, ALBERTA--(Marketwire - March 17, 2010) - Innovotech Inc. (TSX VENTURE:IOT) today announced its audited financial and operational results for the year ended December 31, 2009.

Highlights:

  • Highest revenue year in Company's history.
  • First commercial sale of bioFILM PA™ kit.
  • Commercial Agreement for Agress™ signed with Syngenta, the world's largest seed treatment company.
  • Field trials of Agress™ demonstrate expanded scope of use.

"Strong growth in contract research propelled the Company to its best revenue year ever. Combined with the first commercial sale of bioFILM PA™ kit in early 2010, we are optimistic that revenues will continue to grow," says Dr. James Timourian, Chief Financial Officer. "While delays in regulatory approval with both the Environmental Protection Agency (US) and the Pest Management Regulatory Agency (Canada) have slowed market entry of its lead agricultural product, Agress™, the Company, with support from its commercial partner, is working to overcome these barriers in the quickest possible time frame. In addition, results from field and greenhouse trials conducted during 2009 show broad potential for Agress™ in a variety of high value-added crops such as potatoes, vegetables and fruits. A plan for obtaining regulatory approval for these new uses is being developed. This will greatly expand the already encouraging revenue potential of Agress™."

The importance of biofilms in human health, agriculture and industry continues to be recognized. The Company recently signed Material Transfer Agreements with several multinational medical device companies to incorporate a patented Innovotech antimicrobial material into catheters and other medical devices. The companies intend to pursue commercial agreements once initial validation work is complete.

Financial Summary

($) Year-ended  December 31, 2009   Year-ended  December 31, 2008  
         
Revenues 1,453,924   1,164,035  
         
G&A 984,178   909,588  
         
R&D 809,326   708,007  
         
Net Loss (1,127,203 ) (942,141 )
         
Share Price (TSX-V symbol – IOT) 0.65   0.84  
         
Cash Position at Year-end 1,375,560   2,120,859  
         

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. They have been implicated in a host of devastating infections in agriculture, human health and industry. No diagnostics or antibiotics are currently approved for use in infections involving biofilms.

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