(TheNewswire)
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Edmonton, AB - TheNewswire - 28 November 2023 - Innovotech Inc. (TSXV:IOT) (“the Company”) recorded a third quarter loss of $117,546 on revenue of $174,811. Contract research revenues were $121,091, a decline from $293,508 in Q3, 2022. Product sales remained relatively stable for the current quarter at $53,720.
General and administrative (G&A) expenses rose by 7.7% over Q2 to $250,629 driven substantially by hiring of Craig Milne as CEO during the quarter. R&D expenditures of $33,239 were incurred to complete the previously agreed program in advance of acquiring NouLife Sciences Inc on 18 August 2023. The company also attended the Surfaces in BioMaterials conference, increasing the sales and marketing efforts in order to further expand key contacts and exposure among leading medical device companies as well as new industry entrants.
The Company has previously stated renewed commitments to R&D efforts in its proprietary Innovosil-1(TM) antimicrobial silver, Nou Life antioxidant linker chemistry and expansion of contract research services. These investments, along with the addition of Dr. Milne, are made with the view to improve the Company’s longer-term value.
REVENUE & GROSS PROFIT
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OPERATING EXPENSES & NET INCOME
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About Innovotech
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. Innovotech can be found online at www.innovotech.ca.
Craig Milne
Director & CEO
Innovotech Inc.
604-239-1819
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 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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