Welcome!

Microsoft Cloud Authors: Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV, John Katrick

News Feed Item

Innovotech Reports Third Quarter 2012 Financial Results

EDMONTON, ALBERTA -- (Marketwire) -- 11/21/12 -- Innovotech Inc. (TSX VENTURE:IOT) announced its unaudited financial and operational results for the quarter ended September 30, 2012.

Highlights:

--  Strongest quarter in 2012 for contract research revenue. 
--  Advanced antimicrobial coating and wound dressing attracts industry
    leaders because of unique properties 
--  Overcame supply problems with InnovoSCEPT susceptibility tests and
    joined full scale efforts of marketing partner to introduce the new
    technology to the veterinary market

"The Company showed the strongest revenues of the year in contract research during the quarter" said Ken Boutilier, President of Innovotech. "We attribute this to our marketing efforts including the Biofilm Workshop held for the U.S. FDA and clients earlier this year."

"In addition, we have seen strong interest from medical device companies for our first antimicrobial coating from the AgreGuard family. Response to this unique product has been good, as rates of hospital-acquired infections are increasing and hospitals are seeking better antimicrobial products from medical device companies" says Boutilier.

Company has helped resolve previously disclosed problems with the manufacturing of InnovoSCEPT biofilm susceptibility tests and is working with its distribution partner to introduce the new technology to the veterinary market.

Financial Summary

----------------------------------------------------------------------------
                      Three-month   Three-month    Nine-month    Nine-month 
($)                  period ended  period ended  period ended  period ended 
                    September 30, September 30, September 30, September 30, 
                             2012          2011          2012          2011 
----------------------------------------------------------------------------
Revenues                  342,031       393,971       644,860       825,428 
----------------------------------------------------------------------------
G&A                       270,165       335,876       816,862       890,200 
----------------------------------------------------------------------------
R&D                       264,037       253,415       817,731       760,674 
----------------------------------------------------------------------------
Net loss                 (235,302)     (189,198)   (1,075,354)     (843,049)
----------------------------------------------------------------------------
Share Price                     -             -           .35           .70 
----------------------------------------------------------------------------
Cash position                   -             -       242,633       544,062 
----------------------------------------------------------------------------

Revenues

In the three-month period ended September 30, 2012, total revenues were $342,031 (2011 - $393,970; 2010 - $425,051). This included contract research revenue of $285,834 (2011 - $327,614; 2010 - $395,332) and product sales of $56,197 (2011 - $66,356; 2010 - $29,719). Contract research revenue has improved over the course of the year but did not reach the Q3 2011 level. Low product sales were due to delays in manufacturing of InnovoSCEPT(TM) veterinary tests. In the nine-month period ended September 30, 2012, total revenues were $644,860 (2011 - $825,428; 2010 - $1,287,709).

General and Administrative Expense

In the three-month period ended September 30, 2012, general and administrative expense, including stock based compensation expense and allocated amortization expense, was $270,165 (2011 - $335,876). In the nine-month period ended September 30, 2012, general and administrative expenses were $816,862 (2011 - $890,200). The reduction of G&A expenses is a result of selective staff reduction measures taken during the year.

Research and Development

In the three-month period ended September 30, 2012, research and development expense was $264,037 (2011 - $253,415). The cost was partially offset by various grants of $129,056 (2011 - $118,374). In the nine-month period ended September 30, 2012, research and development expense was $817,731 (2011 - $760,674). Increased research and development costs are largely due to costs associated with the regulatory package being developed for Agress® for the EPA submission and development of improved manufacturing methods; and for costs incurred in the development of the AgreGuard family of products.

Liquidity and Capital Resources

At September 30 2012, the Company had $242,633 in cash compared to $459,275 at December 31, 2011. Slower than anticipated recovery of contract research revenue combined with manufacturing delays of InnovoSCEPT(TM) veterinary tests have contributed to a decrease in cash reserves. The company has taken active measures to increase contract research and to accelerate product sales revenue.

Innovotech's third quarter 2012 Financial Statements and Management's Discussion and Analysis will be filed on The System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com

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(TM), bioFILM PA(TM), InnovoSCEPT-Human and InnovoSCEPT-Veterinary tests. The MBEC Assay(TM) is a high throughput biofilm growth device that was recently approved as an ASTM International standard. bioFILM PA(TM) and InnovoSCEPT-Human are the first diagnostic tests to assist physicians in the selection of the most effective antibiotic treatment for patients with biofilm-based chronic infections, while the InnovoSCEPT veterinary tests are designed to determine the most effective antibiotic treatment for chronic infections in both large and small animals.

Innovotech also has two products in advanced stages of development; Agress® is a unique, environmentally friendly seed treatment and plant spray designed to protect crops against both bacterial and fungal infections and AgreGuard(TM) is a unique antimicrobial for coating medical devices such as catheters.

Blog: www.cf-test.ca

Twitter: www.twitter.com/innovotech

Facebook: www.facebook.com/innovotech

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.

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

Contacts:
Innovotech Inc.
Ken Boutilier
President and CEO
(780) 448-0585 ext. 221
(780) 424-0941 (FAX)
[email protected]
www.innovotech.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
BnkToTheFuture.com is the largest online investment platform for investing in FinTech, Bitcoin and Blockchain companies. We believe the future of finance looks very different from the past and we aim to invest and provide trading opportunities for qualifying investors that want to build a portfolio in the sector in compliance with international financial regulations.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
We are given a desktop platform with Java 8 or Java 9 installed and seek to find a way to deploy high-performance Java applications that use Java 3D and/or Jogl without having to run an installer. We are subject to the constraint that the applications be signed and deployed so that they can be run in a trusted environment (i.e., outside of the sandbox). Further, we seek to do this in a way that does not depend on bundling a JRE with our applications, as this makes downloads and installations rat...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...