Innovotech Announces Private Placement
APR 26, 2012 - 16:28 ET
FOR: INNOVOTECH INC.
EDMONTON, ALBERTA--(Marketwire - April 26, 2012) - Innovotech Inc. (TSX VENTURE:IOT) is pleased to announce that, subject to regulatory approval, it intends to complete an offering of up to 2,343,750 units ("Units") at a price of $0.32 per Unit for gross proceeds of up to $750,000 by way of a private placement (the "Offering"). Each Unit is comprised of one (1) common share ("Common Share") and one (1) Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.40 per Common Share for a period of three (3) years following the date of closing.
Innovotech intends to use the proceeds from the Offering to support marketing of its veterinary and human test kits and to support efforts to gain regulatory approval of its agricultural industry products.
About Innovotech Inc.:
Innovotech Inc. is a pioneer in the field of biofilm product development, focused on providing innovative and practical solutions to medical, agricultural and industrial problems caused by microbial biofilms. Biofilms are organized communities of microorganisms that exist in virtually every natural environment and are responsible for a host of diseases in human health, animal health and agriculture. There are few products or regulatory standards, aside from those of Innovotech, designed specifically for biofilm-forming organisms.
Innovotech has a broad range of products that address the issue of biofilms within a number of different industries, including commercially available products in three market segments; the MBEC Assay™, bioFILM PA™, InnovoSCEPT-Human and InnovoSCEPT-Veterinary tests. The MBEC Assay™ is a high throughput biofilm growth device that was recently approved as an ASTM International standard. bioFILM PA™ and InnovoSCEPT-Human are the first diagnostic tests to assist physicians in the selection of the most effective antibiotic treatment for patients with biofilm-based chronic infections, while the InnovoSCEPT veterinary tests are designed to determine the most effective antibiotic treatment for infections in both large and small animals.
Innovotech also has three products in advanced stages of development; Agress® is a unique, environmentally friendly seed treatment and plant spray designed to protect crops against both bacterial and fungal infections, AgreGuard™ is a unique antimicrobial for coating medical devices such as catheters, and Sani-Lux™ is a light-activated, natural hard surface sanitizer.
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