Business
Innovotech Reports Improved Three and Nine-Month Results to September 30th, 2020
(TheNewswire) Edmonton - TheNewswire - November 12, 2020. ...
About this update from Innovotech Inc.
[{"type":"text","content":"Innovotech Reports Improved Three and Nine-Month Results to September 30th, 2020\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Edmonton -\n \n \n TheNewswire -\n \n \n November 12, 2020.\n \n \n Innovotech Inc. (the \"Company\") (TSXV:IOT) is pleased to\nreport a productive and profitable third quarter to September\n30\n \n \n th\n \n \n , 2020.\n \n \n \n \n Financial Highlights:\n \n \n \n \n \n \n -\n \n \n \n \n Third quarter revenues of $351,476 were 41% higher than the\nprior year third quarter revenues of $248,884. Net income grew to\n$93,218 versus $15,200 in the prior year third quarter.\n \n \n \n \n \n \n \n \n - Working capital increased to $642,046 as of September\n30\n \n \n th\n \n \n versus a working capital of $148,030 on December 31, 2019. The\nincrease is due to consecutive quarterly profits combined with the\nfinancing outlined below.\n \n \n \n \n \n \n \n \n - Nine-month revenues were $811,767 versus $757,519 in\nthe 2019 period. Net income for the nine-months ended September\n30\n \n \n th\n \n \n was $99,894 versus a loss of $4,349 in the prior year.\n \n \n \n \n \n \n Corporate Development:\n \n \n \n \n Collaboration Agreement\n \n \n \n \n On July 14\n \n \n th\n \n \n , Innovotech announced a collaboration\nagreement (the \"Agreement\") with a global medical device\ncompany on InnovoSIL(TM)-1, which management believes is a\nsignificant agreement for the Company as it improves the potential of\nour complex silver periodate molecule advancing toward commercial\ndevelopment. This Agreement will see InnovoSIL(TM) -1 receive\nresearch targeted at advancing it toward applications in various\nmedical devices. Quarterly payments receivable under the Agreement\nwill contribute to our net income. Patent costs will now largely be\npaid for by our partner in the Agreement. We look forward to the\nresults of continuing R&D on InnovoSIL(TM)-1.\n \n \n \n \n Right to Acquire 60% of Nou Life\n \n \n \n \n On August 17\n \n \n th\n \n \n , the Company acquired the right (but not\nthe obligation) to earn a 60% interest in Nou Life Sciences Inc. whose\nonly asset is a patent on the linking of alpha lipoic acid and\nL-carnitine into one molecule for improved penetration through human\nskin to obtain deeper subdermal delivery of the two anti-oxidants. \nThis earn-in acquisition is in our biotech ...