Innovotech Inc.

Innovotech Inc.

February 01, 2012 08:00 ET

Syngenta Releases Innovotech from Right of First Refusal Obligation

EDMONTON, ALBERTA--(Marketwire - Feb. 1, 2012) - Innovotech Inc. (TSX VENTURE:IOT), a pioneer in the field of biofilm product development, today announced that Syngenta AG has decided not to pursue its Right of First Refusal for Innovotech's seed treatment product, Agress®.

"Agress® continues to show excellent results in recently completed field trials that expand its potential uses to high-value added crops such as fruits, vegetables and pulses," said Ken Boutilier, President and CEO of Innovotech. "While we are disappointed with this decision, the fact remains that Agress® has consistently shown that it is highly effective as a treatment for controlling seed-borne pathogens and as a plant spray. As such, we look forward to working with other industry participants who have expressed interest, as we continue to seek regulatory approval from the US Environmental Protection Agency."

Agress® addresses some major problems in agricultural crop protection related to the use of the important antibiotic Streptomycin for the treatment of crop diseases. Firstly, Streptomycin is used in human health and its use in agriculture has been banned in many countries, including Canada. Furthermore, in many regions where Streptomycin is used to manage crop diseases, microbial resistance to the antibiotic is becoming increasingly prevalent, making it an ineffective disease management option in those regions. Agress® has shown to be at least as effective as Streptomycin in preventing a number of bacterial diseases, without the environmental consequences.

About Innovotech Inc.

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 organized communities of microorganisms that exist in virtually every natural environment and are responsible for a host of diseases in human health, animal health and agriculture. There are few products or regulatory standards, aside from those of Innovotech, designed specifically for biofilm-forming organisms.

Innovotech has a broad range of products that address the issue of biofilms within a number of different industries, including commercially available products in three market segments; the MBEC Assay™, bioFILM PA™ and InnovoSCEPT veterinary kits. The MBEC Assay™ is a high throughput biofilm growth device that was recently approved as an ASTM International standard. bioFILM PA™ is the first diagnostic test to assist physicians in the selection of the most effective combination antibiotic treatment of patients with biofilm-based chronic lung infections, while the InnovoSCEPT veterinary tests are designed to determine the most effective antibiotic treatment for infections in both large and small animals.

Innovotech also has three products in advanced stages of development; InnovoSCEPT human tests have been designed specifically to address antibiotic treatment for human infections, Agress® is a unique, environmentally friendly seed treatment and plant spray designed to protect crops against both bacterial and fungal infections and Sani-Lux™ is a light-activated, natural hard surface sanitizer.

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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.

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