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Company Data
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| Address: | 525 University Avenue, Suite 777 |
| Tel No.: (416) | 340-8818 |
| Fax No.: | (416) 340-0415 |
| Toll Free No.: | 1-800-898-6261 |
| Web Site: | www.innovatechcorp.com |
| Email: | mikek@innovatechcorp.com |
| Contact Person: | Michael A. Kehoe |
| Position: | President & CEO |
| Traded Market: | Toronto Stock Exchange |
| Traded Symbol: | IVO |
| Outstanding Shares: | 27,400,537 |
| Public Float: | 14,137,000 |
| 52 Week High: | $ 1.20 |
| 52 Week Low: | $ 0.30 |
| Present Price: | $ 0.80 ( 08/03/2000 ) |
Innova Technologies Corporation (TSE:IVO) is a manufacturer of proprietary medical devices for the oral and maxillofacial surgical community. After only four years of commercial sales activity the Company is rapidly capturing the imagination of dental professionals around the world.
Built initially upon a single innovative technology for dental implants transferred from the University of Toronto, Innova has generated a customer following that is serving as the springboard for substantial sales expansion. Innova is committed to continued growth through the addition of innovative technologies. Important new products for oral maxillofacial surgeons and other specialties are being introduced amid much anticipation from the marketplace.
The Company currently manufactures and markets a dental implant system known as the Endopore implant system. The Endopore implant system is used to anchor dental prostheses such as
dentures, partial plates, bridgework and single teeth. Offering a number of key advantages over traditional threaded dental implants, the Endopore implant is characterized by a unique
beaded surface and smaller size. These features allow the Endopore implant to be installed by a wider spectrum of dental professionals and used where other implants would prove inappropriate.
The Endopore system was developed by researchers at the University of Toronto's Faculty of Dentistry. Commercial activity in Canada began following sales approval by the Health Protection Branch of Health and Welfare Canada. Since then, regulatory requirements have been met exceeded in all of the Company's target markets.
Supported by an international network of distributors, sales of the Endopore implant and its components continue to grow. The system is now available in Argentina, Australia, Canada, the
C.I.S., Hong Kong, Japan, Korea, India, New Zealand, Pakistan, Saudi Arabia, Singapore, Taiwan, the United Kingdom and the other countries of European Economic Community and the United
States. Innova sponsors a range of educational programs for dentists and oral surgeons, and offers comprehensive customer support in all its markets.
Innova's newly-developed Bi-Directional Telescopic Distractor, utilizes proprietary technology to lengthen pre-existing bone. The telescopic distractor won FDA approval during 1999 after an exhaustive research and development process. It joins the ranks of the Company?'s other entries in the expanding oral-maxillofacial and plastic surgical markets.
Based on technology originally developed by a multi-disciplinary team from the University of Toronto, Innova's telescopic distractor is on the cutting edge of oral-maxillofacial surgery. It offers a new alternative in the correction of serious facial abnormalities, including those that are congenital or the result of a defect or injury. As well, this device will provide more favourable options to people who have had a piece of jawbone removed due to cancer or injury.
The distractor works by maintaining proper bone placement while encouraging growth of bone. Significant lengthening of bone can be achieved using this method, which is far less traumatic than existing approaches using synthetic materials or bone grafts.
Several new product opportunities are in development. Each complements the Endopore system, and has met stringent tests of clinical and commercial feasibility. As well, Innova holds marketing rights to important strategic products lines for the oral and maxillofacial surgical community. These include a resorbable biomaterial (Cytoplast) capable of promoting bone and cartilage growth and a bio-implant for grafting (DynaGraft) in oral reconstruction. These and other products in Innova's development bank undergo rigorous evaluation at each stage of testing, with continued sponsorship contingent on the promise of regulatory approval and commercial application.
The management of Innova is rich with experience in all areas of medical device product development, regulatory affairs, marketing and sales. Management team includes Michael A. Kehoe, President & CEO, Michael Nealon, Chief Financial Officer, Keith L. Carter, Senior Vice President of Operations, Edward J. Kenney, Director, Donald J. Sestrich, Director and Jay A. Lefton, Director.
Innova Technologies Corporation has been recognized as being among the fastest growing technology companies in Canada. The Company achieved a sixth-place ranking in the 1999 "Canadian Technology Fast 50" program, an annual ranking by Deloitte & Touche. In addition, Innova was recognized as one of Canada's most accomplished exporting companies, being a winner of the 1997 Canada Export Award, the only Life Sciences Company to achieve this honour.
During the 4th quarter of 1999 Innova's sales were $3.2 million, surpassing sales from the 4th quarter of 1998 by $0.7 million, or 29.3%. Fourth quarter sales for the Endopore dental implant system, the Company's original entry into the international marketplace, were 38.9% higher than those of the same period in 1998. When compared to the 3rd quarter of 1999, 4th quarter sales represented an increase of 22.6%. Annual sales for 1999 were $11.4 million, an improvement of 24.5% over 1998 sales of $9.2 million.