Business
Covalon Announces Year End Financial Results and Resignation of Director
MISSISSAUGA, ON, Jan. 28, 2013 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon...
About this update from Covalon Technologies Ltd.
[{"type":"text","content":"\n\n\n\n\n\nMISSISSAUGA, ON, Jan. 28, 2013 /CNW/ - Covalon Technologies Ltd. (the\n \"Company\" or \"Covalon\") (TSXV: COV), an advanced medical technologies\n company, today announced financial results for its year ended September\n 30, 2012. Revenue for the year was $3,793,451. Revenue was up 47% year\n over year as a result of the changeover from the old exclusive wound\n care distribution arrangement to the new path the Company has chosen\n which is resulting in new agreements.\n\n\nAnnual operating expenses were $5,132,582 compared to $4,743,770 in the\n previous year. During the year, the Company had two new products\n cleared by the United States FDA - IV Clear™ and SurgiClear™ - which\n resulted in a significant investment in sales and marketing expenses to\n launch the products.  In the previous fiscal year, the Company invested\n in research and development for outside testing to provide data for FDA\n and other regulatory filings for the two new products.\n\n\nNet loss was $3,991,382 or $0.05 per share compared to $3,561,941 or\n $0.05 per share in the previous year. Covalon consumed significant cash\n reserves during the year in funding the development and launch of IV\n Clear and SurgiClear. The Company anticipates reduced operating\n expenses going forward.\n\n\nThe Company also announced today the resignation of Mr. William Jackson\n as a Director of the Company.  \"On behalf of Management and the Board\n of Directors, I would like to thank William for his contributions to\n Covalon over the past many years,\" stated Mr. Abe Schwartz, Chairman of\n the Board of Directors.\n\n\nAbout Covalon\n\n\nCovalon Technologies Ltd. researches, develops and commercializes new\n healthcare technologies that help save lives around the world.\n Covalon's patented technologies, products and services address the\n advanced healthcare needs of medical device companies, healthcare\n providers and individual consumers. Covalon's technologies are used to\n prevent, detect and manage medical conditions in specialty areas such\n as wound care, tissue repair, infection control, disease management,\n medical device coatings and biocompatibility. To learn more about\n Covalon, visit our website at www.covalon.com\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the...