Innovotech Inc.

Innovotech Inc.

November 26, 2007 13:17 ET

Innovotech Inc. Announces Unaudited Financial Statements for the Third Quarter Ended September, 30 2007

EDMONTON, ALBERTA--(Marketwire - Nov. 26, 2007) - Innovotech Inc (TSX VENTURE:IOT) today announced its unaudited financial and operational results as at November 23, 2007.


- Regulatory filing of Innovotech's Agress™ seed treatment product in October 2007

- Continued strong revenue generation from contract research activities

"Agress™ is a new product for one of the fastest growing areas in agriculture. It brings true innovation to the seed treatment market by addressing both bacterial and fungal biofilms in a cost effective and environmentally safe way. Depending on the regulatory pathway decided by the authorities, Innovotech could see first product sales in 12 to 18 months..." said Dr. James Timourian, CFO of Innovotech. "Internal cash flow from strong contract research activity continues to support the company's increasing R&D and product development efforts"

Financial Summary

Three Month Three Month Nine Month Nine Month
period period period period
ended ended ended ended
September September September September
30, 2007 30, 2006 30, 2007 30, 2006
Revenues 302,147 136,828 903,830 420,497
G&A 182,854 133,713 528,929 522,800
R&D expense 134,357 97,322 289,213 278,512
Net loss and
comprehensive loss (53,145) (95,338) (45,286) (389,539)

Innovotech stock trades on the TSX Venture Exchange as IOT. Trading closed on September 28, 2007 at 0.52 cents per share.

About Innovotech:

Innovotech is a product development company focusing on the development of solutions to medical, agricultural and industrial problems caused by biofilms. Microbial biofilms are protected communities of microorganisms which have been demonstrated to cause numerous problems in human medicine, agriculture and other industries. No diagnostics or antibiotics are currently approved for use in infections involving biofilms. The same deficiency exists in agriculture and industrial applications, but receives less attention as biofilms are even less well understood in these fields.

Certain information contained in this document is forward-looking and is subject to unknown risks or uncertainties. The actual results, performance or achievements of Innovotech Inc. may differ materially from the results, performance or achievements expressed or implied by such forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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