(TheNewswire)
Edmonton, AB - TheNewswire - 28 November 2023 - Innovotech Inc. (TSXV:IOT) (“ the Company ”) recorded a third quarter loss of $117,546 onrevenue of $174,811. Contract research revenues were $121,091, adecline from $293,508 in Q3, 2022. Product sales remained relativelystable for the current quarter at $53,720.
General and administrative (G&A) expenses rose by7.7% over Q2 to $250,629 driven substantially by hiring of Craig Milneas CEO during the quarter. R&D expenditures of $33,239 wereincurred to complete the previously agreed program in advance ofacquiring NouLife Sciences Inc on 18 August2023. The company also attended the Surfaces in BioMaterialsconference, increasing the sales and marketing efforts in order to further expand key contacts and exposureamong leading medical device companies as well as new industryentrants.
The Company has previously stated renewedcomm itments to R&D efforts in itsproprietary Innovosil-1 (TM) antimicrobial silver, Nou Lifeantioxidant linker chemistry and expansion of contract researchservices. 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
OPERATING EXPENSES & NET INCOME
About Innovotech
Innovotech is a Canadian biotechnology company owningproprietary intellectual property, conducting contract research, andowning and providing proprietary devices for testing in multipleapplications in microbiology. Innovotech can be found online at www.innovotech.ca .
Craig Milne
Director & CEO
Innovotech Inc.
604-239-1819
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 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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