EDMONTON, ALBERTA--(Marketwire - June 15, 2011) - Innovotech Inc. (TSX VENTURE:IOT), a pioneer in the field of biofilm product development, is pleased to announce that, subject to regulatory approval, it intends to complete an offering of units ("Units") at a price of $0.72 per Unit by way of a private placement (the "Offering"). The Offering is subject to minimum gross proceeds of $500,000 and maximum gross proceeds of $1,500,000. Each Unit is comprised of one (1) common share ("Common Share") and one-half (½) Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.90 per Common Share for a period of three (3) years following the date of closing, provided that if after four months and one day following the closing date the closing price of the common shares is equal to or exceeds $1.35 for thirty (30) consecutive days, then the warrants shall automatically accelerate to expire on the date which is thirty (30) days after the thirty (30) day period.
Innovotech intends to use the proceeds from the Offering for general working capital purposes, 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 responsible for a host of diseases both in human health and agriculture due to their inherent resistance to existing antibiotics and disinfectants. Aside from Innovotech's products there are no antibiotics, disinfectants, diagnostics or regulatory standards 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 three commercial products, the MBEC Assay™, bioFILM PA™ and InnovoSCEPT veterinary kits. The MBEC Assay™ is a high throughput biofilm growth device that was recently approved as an ASTM International standard. bioFILM PA™ is the first diagnostic kit to assist physicians in the selection of the most effective combination antibiotic treatment of patients with biofilm-based chronic lung infections, while the InnovoSCEPT veterinary kits are designed to determine the most effective antibiotic treatment for infections in both large and small animals.
Innovotech also has two 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 and Sani-Lux™ is a light-activated, natural hard surface sanitizer.
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