BioSyent Inc.

BioSyent Inc.

April 24, 2009 16:19 ET

BioSyent Releases 2008 Financial Results

MISSISSAUGA, ONTARIO--(Marketwire - April 24, 2009) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a summary of its 2008 financial results. Total sales were virtually flat at $1,101,991 in 2008 compared to $1,104,325 in 2007. The pharmaceutical business sales for 2008, grew by 185% off a small base, from $60,239 in 2007 to $171,948 in 2008. The bio-friendly insecticide business sales decreased by 10.9% from $1,044,086 in 2007 to $930,043 in 2008.

Gross margins decreased from 68.9% in 2007, to 58.8% in 2008 primarily because of a sales mix in favour of lower margin products.

The Company incurred a loss of ($287,892) in 2008 compared to a loss of ($125,991) in 2007. This loss is predominantly due to higher pharmaceutical operating expenses for the establishment of the hospital division and the launch of Ciprofloxacin Injection, which was first shipped in May 2008.

Total negative cash flow for 2008 was ($295,260) versus a positive cash flow of $27,566 in the prior year period. This was due to the cash loss during the year and investment in new computer systems to support future business growth.

Full details of 2008 results including December 31, 2008 Financial Statements and Management's Discussion & Analysis will be published in the company's 2008 Annual Report and will be posted on on April 24, 2008.

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)