(TheNewswire)
Edmonton, Alberta - TheNewswire - 28 November,2023 - Innovotech Inc. (TSX-V:IOT) has beenawarded $300,000 in grant funding through Alberta Innovates to developInnovoSIL™-1, the first in a family ofrevolutionary new antimicrobial silver compounds developed andpatented by Innovotech. InnovoSIL™-1 silver has uniquely effectiveproperties for eliminating preformed biofilms and preventing microbialadherence to surfaces. It has long lasting efficacy against a broadspectrum of microbes and does not suffer from rapid inactivation inbodily fluids, unlike many commercially available silvercompounds.
The non-refundable contributionswere awarded by Alberta Innovates under the “AcceleratingInnovations into CarE” program, also knowns as AICE. AlbertaInnovates will contribute $300,000 with Innovotech supporting aminimum of $100,000 from cash and in-kind resources.
Innovotech plans to use the funding for antiviraltesting, scale-up of manufacturing methods, and further coatingprocess development.
“We are excited for the opportunity provided to usthrough this grant. It will allow us to further develop knowledgeof, and applications for, InnovoSIL™-1 silver, so that we can bettersupport collaborators interested in including it as an antimicrobialin their product line,” says Dr. Patricia Nadworny, Chief ScientificOfficer at Innovotech.
Innovotech is working with collaborators tocommercialize InnovoSIL™-1 silver across different applications andis actively seeking additional opportunities for development orlicensing.
About Innovotech Inc:
Innovotech is a Canadian biotechnology company owningproprietary intellectual property, conducting contract research, andowning and providing proprietary devices for testing in multipleapplications 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 containforward-looking statements that are predictive in nature and subjectto risks and uncertainties that cannot be predicted or quantified;consequently, actual results may differ materially from past resultsand those expressed or implied by any forward-looking statements.Factors that could cause or contribute to such risks or uncertaintiesinclude, but are not limited to: the regulatory environment includingthe difficulty of predicting regulatory outcomes; changes in the valueof the Canadian dollar; the Company’s reliance on a small number ofcustomers including government organizations; fluctuations inoperating results; government policies or actions; progress and costof clinical trials; reliance on key strategic relationships;uncertainty related to intellectual property protection and potentialcosts associated with its defense; the Company’s exposure tolawsuits and other matters beyond the control of management. Shouldknown or unknown risks or uncertainties materialize, or shouldmanagement’s assumptions prove inaccurate, actual results could varymaterially from those anticipated. The Company undertakes noobligation to publicly make or update any forward- looking statements,except as required by applicable law.
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
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