Edmonton, Alberta, 20 August 2024 – TheNewswire – 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 H1-2023 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.  

About Innovotech Inc:

Innovotech is a Canadian biotechnology company owning proprietary intellectual property, conducting contract research, and owning and providing proprietary devices for testing in multiple applications in microbiology and can be found online at www.innovotech.ca.

Craig Milne, CEO           Innovotech Inc.

+1-604-239-1819        craig.milne@innovotech.ca

This document may contain forward-looking statements that are predictive in nature and subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company’s reliance on a small number of customers including government organizations; fluctuations in operating results; government policies or actions; progress and cost of clinical trials; reliance on key strategic relationships; uncertainty related to intellectual property protection and potential costs associated with its defense; the Company’s exposure to lawsuits and other matters beyond the control of management. Should known or unknown risks or uncertainties materialize, or should management’s assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly make or update any forward- looking statements, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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