Advitech

Press releases

ADVITECH REPORTS THIRD QUARTER 2008 FINANCIAL RESULTS

28 November 2008

TSX VENTURE EXCHANGE: AVI                                                                                     FOR IMMEDIATE RELEASE

QUEBEC CITY, QUEBEC - November 28, 2008 - Advitech Inc. ("Advitech" or the "Company") (TSX Venture Exchange: AVI) today announced the financial results for the third quarter ended September 30 2008.

THIRD QUARTER 2008 HIGHLIGHTS AND SUBSEQUENT EVENTS

• Execution of a collaboration agreement with Laboratoires Urgo, a leading French company in the wound healing market with European and American operations. This agreement, which relates to both IM and XP?828L platforms, will upgrade the Company's current R&D program on wound healing, and should result in 2009 in the execution of a development or a co-development agreement;

• Conclusion of a distribution agreement with P.L. Thomas & Co., a leading U.S. distributor in the nutraceutical and cosmaceutical markets. This agreement generated a $88,000 sale in November 2008;

• Along with the P.L. Thomas agreement, the finalization of a commercial project with Healthy Directions, a Washington, D.C. leader in direct marketing and health products sales. Healthy Directions, formerly Phillips Health, will market a product for the treatment of psoriasis in the first months of 2009;

• Regulatory approval of Dermylex® by the Mexican authorities. This approval will allow the Company's Mexican partner, Darier Dermatology S.A. de C.V., to launch Dermylex® on the Mexican market within the first months of 2009.

FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2008 AND CASH POSITION

Three-month period ended September 30 2008

• Revenues amounted to $133,443 compared to $377,463 for the same quarter in 2007, a decrease of $244,020;
• The net loss amounted to $424,633 compared to $302,048 for the quarter ended September 30 2007, an increase of $122,585.

Nine-month period ended September 30 2008

• Revenues reached $392,219 compared to $704,581 for the nine-month period ended September 30 2007, a decrease of $312,362;
• The net loss amounted to $1,402,073 compared to a net loss of $1,209,372 for the corresponding period in 2007, an increase of $192,701.

As at September 30, 2008, the Company had a cash position of $398,001.

"For the third quarter of 2008, revenues were lower than expected. However, we have in hand a $560,000 sales backlog for the last quarter of 2008 which, when added to the 2008 year-to-date sales of $506,841, and to the ongoing discussions with potential clients, should result in an equivalent or better overall sales figure for fiscal 2008 compared to fiscal 2007" commented Mr. Renaud Beauchesne, President and Chief Executive Officer at Advitech.

"The forecasted revenues for fiscal 2008 however fall short of our expectations. The revenues forecast for the American market has not materialized, which has a direct impact on our 2008 results. Our American partner's sales have been strongly hampered by the economic crisis that occurred during the second part of this year. We are currently discussing with this partner the implementation of a 2009 plan aligned with our needs and expectations" added Mr. Beauchesne.

ABOUT ADVITECH INC. www.advitech.com:

Advitech is a health sciences and technology company with a mission to discover and commercialize proprietary and evidence-based natural health products.  Effective and safe, these products play a role in the prevention of immune-mediated inflammatory disorders, such as psoriasis and inflammatory bowel disease. Advitech produces Dermylex^® for the treatment of mild-to-moderate psoriasis.

Advitech has drawn up a research program to develop new applications related to wound healing.  This development is derived from both its XP-828L and IM technological platforms.

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This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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Advitech Inc.