QUÉBEC – October 26, 2005 - Advitech Inc. (TSX-V: AVI) today announced its financial results and operating highlights for the third quarter ended September 30, 2005.
For the nine-month period ended September 30, 2005, net loss stood at $1,735,545, or $0.03 per share, compared to a net loss of $921,094, or $0.02 per share for the same period in 2004, an increase of $814,451. Gross research and development expenses were $977,175 during the nine-month period ended September 30, 2005, compared to $565,112 for the same period last year. This increase is due mainly to expenses incurred for the XP-828L development program. As at September 30, 2005, cash and cash equivalents totalled $1,219,714, compared to $1,273,360 as at June 30, 2005, or a decrease of $53,646 during this quarter, which is in line with the Company’s expectations.