BioSyent Inc.
TSX VENTURE : RX

BioSyent Inc.

August 28, 2007 16:05 ET

BioSyent Sales Increase 8% for First Six Months of 2007

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 28, 2007) - BioSyent Inc. ("BioSyent", the "Company")(TSX VENTURE:RX) today released its second quarter 2007 financial results. Sales for the six months ended June 30, 2007 were $447,946, an increase of 8% versus $413,364 in the same period in 2006. The increase in sales was mainly due to an increase in Canadian orders for Protect-It®. While FeraMAX™ shipments to wholesale customers commenced in Q2, these were primarily initial stocking orders as one strength of FeraMAX™ was not available until late in the quarter. The first six month sales increase coupled with a 2.6% improvement in product margin, increased gross profit by 13%, from $260,863 in the first six months of 2006 to $294,110 in the first six months of 2007.

During the first six months of 2007 promotion of FeraMAX™ was escalated. Increased investments made in sales force and other product promotion increased operating expenses for the six months ended June 30, 2007 to $489,594 (2006 - $282,080). In addition to FeraMAX™ promotion, the first six months of 2007 operating expenses also included $37,205 of non-cash expenses for stock-based (share options) compensation and foreign exchange adjustments.

The net loss for the first six months of 2007 was $177,374, compared to a net loss of $7,099 in the same period in 2006. This translates to a loss per share of $0.014 (1.4 cents per share) for the six months ended June 30, 2007. As at June 30, 2007 the Company had working capital of $1,043,930 (including cash and cash equivalents of $985,103).

BioSyent 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.

Contact Information