Edmonton, Alberta, 20 August 2024 – Innovotech Inc. (“the Company”, TSX-V: IOT) has increased revenues in the half-year ended 30 June 2024 by 6.88%, achieving a total of $712,563 compared to H12023 with $666,715. Contract research revenues of $268,277 were down 24.89% from Q2-2023, however $81,449 in revenues were attributed to on-going collaborations to commercialize InnovoSIL™-1. The company recorded a second quarter loss of $114,817.
G&A expenses are up $188,603 in the first half of the year over last year and R&D expenses have nearly doubled to $100,444 versus $50,805. The Company is continuing to invest in capacity in anticipation of higher work volumes, albeit creating current quarter losses.
