Welcome!

Microsoft Cloud Authors: Lori MacVittie, Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV

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
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessio...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
No hype cycles or predictions of zillions of things here. IoT is big. 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, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
Announcing Poland #DigitalTransformation Pavilion
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
CloudEXPO | DXWorldEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, added the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor analytic...