Edmonton, August 16, 2022. Innovotech Inc. (IOT – TSX-V), a pioneer in the field of biofilm product development, reports sharply reduced 2022 first half revenues of $536,232 vs. $788,792 in the first half of 2021 leading to a loss for the period of $94,794. Lower revenues combined with general and administrative expenses that reflected a 2021 increase in staffing and laboratory footprint, drove the negative result together with R&D expenses of $45,796 compared with $9,117 in the prior period.
Innovotech does not believe that the financial results for the first six-months of 2022 are indicative of the next six months of 2022 based on a considerable increase in the level of signed contract research protocols as of the date of this news release.
