BioSyent Inc.
TSX VENTURE : RX

BioSyent Inc.

March 08, 2007 16:13 ET

BioSyent Inc. Reports Record 2006 Sales and Operating Profit

MISSISSAUGA, ONTARIO--(CCNMatthews - March 8, 2007) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a summary of its 2006 financial results. Sales for the year ended December 31, 2006 were $1,514,491 an increase of 107% compared to the same period in 2005 ($729,707). Operating income (defined as income from operations which excludes interest income and income from extraordinary or one-time events) for the 2006 fiscal year was $356,815, an increase of $476,027 from a fiscal 2005 operating loss of $119,212.

Net Income for the year ended December 31, 2006 was $383,145 ($.03 per share), less than that reported for the previous year period ($505,257, $.04 per share), which included a one time gain of $ 605,656 on account of the return of INSTI® distribution rights in 2005.

During the twelve months ending December 31, 2006, Gross Margins increased by 17.5%, from 50.3% in the prior year period to 67.8%, while a similar comparison of operating expenses showed an increase of 37.6% ($669,522 2006, vs. $486,517, 2005).

Cash and liquid bank deposits represented 87% of Working Capital of $1,201,720 as on December 31, 2006. The Working Capital represents an increase of $410,426 from $791,294 on December 31, 2005.

"These results were driven by the strength of our legacy business, particularly Protect-It® sales in Canada", said Rene Goehrum, BioSyent President and CEO. "This provides a strong base on which to build with our pharmaceutical business."

Full details of 2006 results including December 31, 2006 Financial Statements and Management's Discussion & Analysis will be posted on sedar.com on or before April 15, 2007.

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 same.

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