Innovotech Reports Third Quarter 2012 Financial Results
21 Novembre 2012 - 1:00PM
Marketwired Canada
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
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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
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Revenues 342,031 393,971 644,860 825,428
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G&A 270,165 335,876 816,862 890,200
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R&D 264,037 253,415 817,731 760,674
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Net loss (235,302) (189,198) (1,075,354) (843,049)
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Share Price - - .35 .70
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Cash position - - 242,633 544,062
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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(R) 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(R) 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Innovotech Inc.
Ken Boutilier
President and CEO
(780) 448-0585 ext. 221
(780) 424-0941 (FAX)
ken.boutilier@innovotech.ca
www.innovotech.ca
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