BioSyent Announces Third Quarter Results
November 19 2007 - 6:13PM
Marketwired
MISSISSAUGA, ONTARIO (TSX VENTURE: RX) today released its third
quarter 2007 financial results for the period ending September 30,
2007. Sales increased from $1,040,608 in the first nine months of
2006 to $1,050,013 in the first nine months of 2007, an increase of
1%. Gross margin of the company for the first nine months of 2007
was 68.8% compared to 68.1% in the corresponding prior year period.
The company earned a profit of $31,410 in the first nine months of
2007 compared to a profit of $296,491 in the corresponding period
in the previous year. This translates to basic earnings per share
of $0.003 for Year-To-Date (YTD) September, 2007 (0.024 cents per
share YTD September, 2006). This lower profit is predominantly due
to selling and marketing expenses to promote FeraMAX(TM) which was
first shipped in April 2007. FeraMAX is now nationally distributed
and is being detailed and promoted across Canada.
As at September 30, 2007 the Company had working capital of
$1,236,080 (including cash and cash equivalents of $1,229,647).
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.
Contacts: BioSyent Inc. Rene C. Goehrum President and CEO (905)
206-0013 (905) 206-1413 (FAX) Email: rgoehrum@biosyent.com Website:
www.biosyent.com
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