BioSyent Inc.
TSX VENTURE : RX

BioSyent Inc.

May 29, 2009 16:01 ET

BioSyent Releases 2009 First Quarter Financial Results

MISSISSAUGA, ONTARIO--(Marketwire - May 29, 2009) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a summary of its 2009 first quarter financial results.

Total Sales in the three months ending March 31, 2009 were $107,052, down from $287,997 in the first quarter of 2008. The first quarter was impacted by general recessionary conditions in the economy, higher than normal customer inventories of Protect-It® and cold weather in the Canadian prairie region which is a natural deterrent to stored grain infestation.

Gross Margins decreased from 60.2% in the first quarter of 2008, to 39.6% in the first quarter of 2009 primarily due to the selling mix of lower margin products. Management expects that greater sales of higher margin products in the second quarter will see margins improve to more historic levels.

The Company incurred a loss of ($168,197) in the first quarter of 2009 compared to a loss of ($74,067) in the first quarter of 2008.

Total negative cash flow for the first quarter 2009 was ($185,625) versus a negative cash flow of ($247,203) in the prior year period.

Full details of 2009 quarter one results and Financial Statements and Management's Discussion & Analysis have been posted on sedar.com.

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)
    www.biosyent.com