(TheNewswire)



Edmonton – TheNewswire - July 14, 2020.  Innovotech (TSXV:IOT), reports the signing of a 5-year Material Transfer and Collaboration Agreement with a global medical device company for its InnovoSIL™-1 silver periodate (Ag5IO6) antimicrobial compound.

 “We have worked with our partner for over two years to develop this application for InnovoSIL™-1  and it is good to see that the project has advanced to a new stage,” said Dr. Amin Omar, Chief Operating Officer.

Under the Agreement, Innovotech will receive annual payments plus costs for new, divisional, and continuing patent applications related to the collaboration with our partner. Innovotech will supply materials and its expertise to assist in the commercial development of medical devices within the scope of the Agreement.

The Agreement grants our collaborator an exclusive right to obtain a license or acquire the rights to existing Innovotech technology in new applications and patents that may be filed for the purposes contemplated.

The Agreement calls for a negotiated Commercialization Agreement at any time during its term. Meanwhile, Innovotech is free to pursue applications of InnovoSIL™-1 outside of those areas that are precluded by the Agreement’s focus.  As is customary in such agreements, our collaborator has the right to terminate the Agreement at any time during its term.

About InnovoSIL™-1

InnovoSIL™-1 possesses exceptional properties for efficacy against microbial biofilms as well as simplicity for coating onto or incorporating into medical devices, with favorable release characteristics. The unique structure around the anionic silver slows its inactivation by bodily fluids. Combining silver and iodine increases antimicrobial mechanisms of action, reducing the likelihood of a target developing resistance to it. InnovoSIL™-1 has demonstrated excellent stability under a wide variety of challenges and can be easily synthesised with high purity in a form that is simple to deposit onto metals or incorporate into wound dressings, gels or polymers. 

The first stage in the process of the development of chronic infections associated with medical devices is the adherence and colonization of microorganisms which, if not eliminated, will form a biofilm.  Microbial biofilms demonstrate resistance towards a wide range of antimicrobial treatments and have been reported to be 100–1000 times more resistant than their planktonic counterparts [Mah T-F. Biofilm-specific antibiotic resistance. Future Microbiol. 2012;7:1061–72].

About Innovotech

Innovotech is a Canadian biotechnology company conducting contract research and having and providing proprietary devices for testing in multiple applications in microbiology.

James G Timourian

Director & President

Innovotech Inc.

 

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of materials in this news release.

 

Copyright (c) 2020 TheNewswire - All rights reserved.