November 21, 2008
Innovotech Inc.
(TSX VENTURE:IOT) today announced its unaudited
financial and operational results for the three and
nine-month periods ended September 30, 2008.
The Company reported a net loss of $339,258 for the
third quarter of 2008 compared to a net loss of
$53,145 for the same period last year. The increase
in net loss is primarily a result of a planned
increased in R&D spending on the Company's lead
development products.
The Company has maintained a strong Balance Sheet
through the current economic turmoil and ended the
quarter with cash reserves of over $2 million, which
is sufficient to support operations until bioFILM PATM
and AgressTM produce sales revenue.
"Increased R&D spending continued in the third
quarter as the Company prepared its two lead
products, bioFILM PATM and AgressTM,
for the final phases of development" stated Dr.
James Timourian, CFO, Innovotech.
"Our novel seed treatment product AgressTM
attracted interest from major global agricultural
seed companies, and evaluation agreements to test
AgressTM in combination with their
proprietary products have been signed or are under
negotiation. Based on feedback from the regulatory
agencies, we expect regulatory approval for AgressTM
mid to late 2009. An introductory offer to test
bioFILM PATM has been accepted by
Canadian Cystic Fibrosis (CF) clinics, representing
greater than 50% of patients with CF" continues Dr.
Timourian. "This market acceptance step is a normal
precursor to product sales in healthcare."
"The exercise of options and continued revenue from
contract research meant that the Company was able to
maintain cash reserves despite the increase in
development spending" concludes Dr. Timourian.
Financial Summary
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Three-month
Three-month
Nine-month Nine-month
period ended period ended
period ended period ended
Sep 30, 2008 Sep 30, 2007
Sep 30, 2008 Sep 30, 2007
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Revenues
$ 247,890
$ 302,147
$ 966,165
$903,830
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G&A
$ 232,514
$ 180,335
$ 678,330
$522,078
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R&D
$ 235,731
$ 134,357
$ 503,512
$289,213
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Net loss
$(339,258) $
(53,145)
$(652,869) $(45,286)
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