CV Technologies reports first profitable year

The Edmonton developers of an herbal remedy for colds and flu reported its first profitable year since the biotech company was founded in 1992. CV Technologies’ COLD-fX product accounted for more than 80% of sales, boosting the start-up’s net profit to $150,918 for the year ending September 30. Total sales for FY04 were $6.41 million, an increase of 316% from $1.54 million a year earlier. Q1/05 registered a spectacular $11.3 million in sales, up 542% over Q1/04. In November, CV Technologies announced the Industrial Research Assistance Program would fund a pre-clinical study, in collaboration with McGill Univ, to investigate the effects of CVT-E002 (the active ingredient in COLD-fX) in treating immune deficiency related to cancer....