Edmonton, Alberta, 21 May 2024 – Innovotech Inc. (“the Company”, TSX-V: IOT) has recorded a first quarter loss of $102,201. Revenues of $313,976 were up 22.79% over Q1-2023 with strong growth in contract research fees from new and existing clients. Innovotech is carrying increased G&A expenses of $315,516, versus $220,381 in Q1-2023, contributing to the Q1-2024 loss. Innovotech’s higher G&A expenses reflect the addition of technical staff and expanded laboratory capacity to meet anticipated demand for laboratory services.
R&D costs are partially offset by a new, non-repayable contribution awarded from NRC-IRAP. The grant funds $75,000, paid as a reimbursement for technical personnel salaries with distributions beginning in January 2024 and lasting until 31 March 2025 for dedicated projects.
“We are investing in growth to support our industry-leading antimicrobial testing services and products.”, says Craig Milne, CEO. “We are a trusted partner for several global medical device companies, and we continue capitalizing on our 20-year history and deep industry expertise as we grow our service and product sales.”
