BioSyent Inc.

BioSyent Inc.

August 17, 2010 17:22 ET

BioSyent Releases 2010 Second Quarter Financial Results

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 17, 2010) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a summary of its 2010 second quarter (Q2) financial results.

Total Sales were 62% higher at $599,055 in the first half of 2010 compared to $370,673 in the first half of 2009. The sales in Q2 2010 were 9% higher at $288,099 compared to $263,622 in Q2 2009.

Gross Margins increased from 58.5% in the first half of 2009, to 70.5% in the first half of 2010 primarily because of lower sales of lower margin products and proportionately higher sales of FeraMAX® and Protect-It®.

The Company incurred a loss of ($159,376) in the first half of 2010, 31% lower than a loss of ($232,108) in the first half of 2009.

Full details of 2010 second quarter results including June 30, 2010 Financial Statements and Management's Discussion & Analysis will be posted on on August 17, 2010.

BioSyent Inc. continues to concentrate on its pharmaceutical strategy to source products that have been successfully developed and proven to be safe and effective; manage these products through the regulatory process and product registration (approval); and once approved, market these products in Canada. These pharmaceuticals will compete in both the branded and generic market segments and will not require further product development investment other than regulatory costs. 

BioSyent Inc. is a publicly traded specialty pharmaceutical company whose wholly owned subsidiary, BioSyent Pharma Inc., sources, acquires or in-licences pharmaceutical products and markets these products in Canada. Wholly owned BioSyent subsidiary Hedley Technologies Ltd. operates the company's legacy business marketing bio and health friendly non-chemical insecticides. BioSyent common shares are listed for trading on the TSX Venture Exchange (TSXV) under the symbol RX.

This press release may contain information or statements that are forward-looking.  The contents herein represent our judgment, as at the release date, and are subject to risks and uncertainties that may cause actual results or outcomes to be materially different from the forward-looking information or statements.  Potential risks may include, but are not limited to, those associated with clinical trials, product development, future revenue, operations, profitability and obtaining regulatory approvals.

The TSX Venture Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same.

Contact Information

  • BioSyent Inc.
    Rene C. Goehrum
    President and CEO
    (905) 206-0013
    (905) 206-1413 (FAX)