(TheNewswire)
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Edmonton, Alberta - TheNewswire - 28 November, 2023 - Innovotech Inc. (TSX-V:IOT) has been awarded $300,000 in grant funding through Alberta Innovates to develop InnovoSIL™-1, the first in a family of revolutionary new antimicrobial silver compounds developed and patented by Innovotech. InnovoSIL™-1 silver has uniquely effective properties for eliminating preformed biofilms and preventing microbial adherence to surfaces. It has long lasting efficacy against a broad spectrum of microbes and does not suffer from rapid inactivation in bodily fluids, unlike many commercially available silver compounds.
The non-refundable contributions were awarded by Alberta Innovates under the “Accelerating Innovations into CarE” program, also knowns as AICE. Alberta Innovates will contribute $300,000 with Innovotech supporting a minimum of $100,000 from cash and in-kind resources.
Innovotech plans to use the funding for antiviral testing, scale-up of manufacturing methods, and further coating process development.
“We are excited for the opportunity provided to us through this grant. It will allow us to further develop knowledge of, and applications for, InnovoSIL™-1 silver, so that we can better support collaborators interested in including it as an antimicrobial in their product line,” says Dr. Patricia Nadworny, Chief Scientific Officer at Innovotech.
Innovotech is working with collaborators to commercialize InnovoSIL™-1 silver across different applications and is actively seeking additional opportunities for development or licensing.
About Innovotech Inc:
Innovotech is a Canadian biotechnology company owning proprietary intellectual property, conducting contract research, and owning and providing proprietary devices for testing in multiple applications in microbiology and can be found online at www.innovotech.ca.
Craig Milne, CEO, Innovotech Inc.
+1-604 220-4935, craig.milne@innovotech.ca
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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