Edmonton, Alberta, December 15, 2010 – Innovotech Inc. (TSX-V: IOT), a pioneer in the field of biofilm product development, has secured additional funding of $154,000 for Agress®, its unique, environmentally friendly seed treatment and plant spray designed to protect crops against both bacterial and fungal infections.
The two year, non-repayable funding from Agriculture and Agri-Food Canada’s Growing Canadian Agri-Innovations Program, under the Canadian Agri-Science Clusters Initiative, will be governed by the Pulse Crops (Canada) Association and will focus on the improvement of dry bean yield, disease resistance and seed quality.
“Canada has emerged as a world leader in the production and export of pulse crops, including peas, chickpeas, lentils and beans. Canada now accounts for approximately 35% of global pulse trade each year and is one of the top five exporters of dry beans,” said Ken Boutilier, President and CEO of Innovotech. “Projects such as Innovotech’s have the potential to contribute significantly to the promotion of Canada’s global status in the pulse export market.”
Syngenta Crop Protection Canada will work with Innovotech on the commercial development of Agress®.
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 responsible for a host of diseases both in human health and agriculture due to their inherent resistance to existing antibiotics and disinfectants. There are currently no antibiotics, disinfectants, diagnostics or regulatory standards designed specifically for biofilm-forming organisms.
Innovotech currently has one commercial product, bioFILM PA™, and one product, Agress®, in advanced stages of development. bioFILM PA™ is the first diagnostic kit to assist physicians in the selection of the most effective combination antibiotic treatment of patients with biofilm-based chronic lung infections and Agress® is a unique, environmentally friendly seed treatment and plant spray designed to protect crops against both bacterial and fungal infections.
For more information contact:
Ken Boutilier, President and CEO Amanda Stadel, Communications Officer Innovotech Inc. Innovotech Inc. Phone: (780) 448-0585 ext. 221 Phone: (780) 448-0585 ext. 224 Fax: (780) 424-0941 Fax: (780) 424-0941 Email: ken.boutilier@innovotech.ca Email: amanda.stadel@innovotech.ca Website: www.innovotech.ca Website: www.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.
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