Innovotech Reports Second Quarter 2012 Financial Results
15 8월 2012 - 9:00PM
Marketwired Canada
Innovotech Inc. (TSX VENTURE:IOT) announced its audited financial and
operational results for the quarter ended June 30, 2012.
Highlights:
-- Health Canada approval of InnovoSCEPT products
-- Hospital for Sick Children clinical trial funding extended
-- Advances in Agress and AgreGuard
-- Private placement closed
In April 2012 Health Canada approved Innovotech's two (2) InnovoSCEPT
antimicrobial susceptibility tests for sale in Canada, an important step in the
improved treatment of chronic bacterial infections in humans. With these two
tests and bioFILM PA, Innovotech now is able to offer doctors better guidance
for the selection of antibiotics in treating all chronic human bacterial
infections, a substantial advancement in improving patient lives and reducing
costs to healthcare systems says Ken Boutilier, President of Innovotech.
"Furthermore the Company secured continued funding from the Industrial Research
Assistance Program (IRAP) of the National Research Council until January 2013,
for the 5-site clinical trial in cystic fibrosis biofilm lung infections led by
the Hospital for Sick Children."
Development work during the period has made advancements for Innovotech's Agress
silver based agricultural seed treatment product as well as within the silver
based AgreGuard family of products.
In the case of Agress key studies required for regulatory approval have been
performed that will hasten the outcome of the regulatory process and subsequent
entry of this effective, environmentally friendly and economic seed treatment
into the market. Within the AgreGuard family one potential product has been
identified that demonstrates many advantages as an antimicrobial wound dressing
component or device coating, compared to existing products. This opens new,
potentially significant market segments for Innovotech's technology and has
sparked interest from several industry participants.
During the second quarter, Innovotech received final acceptance from the TSX
Venture Exchange for a non-brokered private placement. The transaction provided
the Company with over $520,000 to improve its cash reserves.
Financial Summary
----------------------------------------------------------------------------
Three-month Three-month Six-month Six-month
period ended period ended period ended period ended
($) June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011
----------------------------------------------------------------------------
Revenues 129,834 138,612 302,829 431,457
----------------------------------------------------------------------------
G&A 248,712 272,787 546,698 554,323
----------------------------------------------------------------------------
R&D 315,975 227,566 553,694 507,259
----------------------------------------------------------------------------
Net loss (445,059) (345,287) (840,053) (653,850)
----------------------------------------------------------------------------
Share Price - - .37 .72
----------------------------------------------------------------------------
Cash position - - 409,185 671,905
----------------------------------------------------------------------------
Revenues
In the three-month period ended June 30, 2012, total revenues were $129,834
(2011 - $138,612; 2010 - $408,288). This included contract research revenue of
$111,989 (2011 - $115,287; 2010 - $383,023) and product sales of $17,845 (2011 -
$23,325; 2010 - $25,265). Product development of former significant clients has
continued the slow pace established in 2011 and has resulted in a continuation
of reduced contract research revenue in the period. Increased marketing efforts
to recruit new clients are in full progress. Indications are that activities
such as the Biofilm Workshop that Innovotech hosted in the spring for FDA
personnel and potential clients will bear fruit. Slowed growth of product sales
was due to delays in manufacturing of InnovoSCEPT veterinary tests during the
period. The company anticipates revenue to follow later in the fiscal year. In
the six-month period ended June 30, 2012, total revenues were $302,829 (2011 -
$431,457; 2010 - $862,658).
General and Administrative Expense
In the three-month period ended June 30, 2012, general and administrative
expense, including stock based compensation expense and allocated amortization
expense, was $248,712 (2011 - $272,787). In the six-month period ended June 30,
2012, general and administrative expenses were $546,698 (2011 - $554,323).
Salary inflation was balanced by a limited reduction in staffing to account for
reduced Contract Research activity. The net result was a small reduction in G&A
expenses.
Research and Development
In the three-month period ended June 30, 2012, research and development expense
was $315,975 (2011 - $227,566). The cost was partially offset by various grants
of $32,850 (2011 - $134,564). In the six-month period ended June 30, 2012,
research and development expense was $553,694 (2011 - $507,259). Increased
research and development costs are largely due to costs associated with the
regulatory package and manufacturing processes being developed for Agress for
the EPA submission; and for cost incurred in the development of the AgreGuard
product for medical devices.
Liquidity and Capital Resources
At June 30 2012, the Company had $409,185 in cash compared to $459,275 at
December 31, 2011. Slower than anticipated recovery of contract research revenue
combined with manufacturing delays of InnovoSCEPT veterinary tests have
contributed to a decrease in cash reserves. The company has taken active
measures to increase contract research revenue and is in the final stages of
approving the custom InnovoSCEPT tests for the veterinary market.
Innovotech's first quarter 2011 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, bioFILM PA, InnovoSCEPT-Human
and InnovoSCEPT-Veterinary tests. The MBEC Assay is a high throughput biofilm
growth device that was recently approved as an ASTM International standard.
bioFILM PA 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 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.
Innovotech (TSXV:IOT)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Innovotech (TSXV:IOT)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
