Edmonton, Alberta, Canada
May 20, 2009
Innovotech Inc. (TSX
VENTURE:IOT) today announced its unaudited financial and
operational results for the three month period ended March 31,
2009.
Highlights:
- 87% conversion of warrants further
strengthens cash reserves to support product development
- Reduced revenue due to delays and postponement of research
contracts
- Company business model proves its value during the current
economic and financial crisis
"The improvement in cash reserves strengthens a product
development effort that should result in product sales revenue
in 2009 " said James Timourian, Chief Financial Officer of
Innovotech. "While contract research revenue continues to be
affected by the reduction in activity of small biotechnology
companies, a broadened sales effort has led to an improved order
book with larger clients in the second quarter. The company's
focus on cash flow through contract research and developing
innovative products with short regulatory pathways, such as the
bioFILM PA™ kit and Agress™ seed treatment, is proving its value
during the current financial crisis."
Financial Summary
Three month period ended Three month period ended
March 31, 2009 March 31, 2008
Revenues 216,000 428,286
G&A 246,036 241,777
R&D 192,150 103,406
Net Income (Loss) (367,269) (96,725)
Share Price $ .84 $ .90
Cash Reserves 2,210,484 2,139,507
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. Agress™ 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. |
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