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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