BioSyent Releases Financial Results-First Quarter 2008 & Re-Filing of Annual Certification-2007
May 30 2008 - 4:00PM
Marketwired
MISSISSAUGA, ONTARIO (TSX VENTURE: RX) today released a summary
of its financial results for the first quarter 2008. For the three
months ending March 31, 2008, sales decreased by 4.9% from $302,840
in quarter one 2007 to $287,997 in quarter one 2008. The company
incurred a loss of ($74,067) in quarter one 2008 compared to a loss
of ($29,416) in quarter one 2007. This loss is predominantly due to
higher operating expenses leading up to the launch of Ciprofloxacin
Injection which was first shipped in May 2008 and lower sales of
Protect-It� in quarter one 2008 as compared to quarter one
2007.
Total working capital has decreased by approximately 9% from
$1,097,489 on December 31, 2007 to $1,002,858 on March 31, 2008.
Cash and cash equivalents account for 83% of working capital as of
March 31, 2008.
Full details of 2008 quarter one results and Financial
Statements and Management's Discussion & Analysis will be
posted on sedar.com on May 30, 2008.
At the request of the Ontario Securities Commission, BioSyent is
also re-filing the Certificates of the President and Chief
Executive Officer and of the Chief Financial Officer of the Company
in respect of its annual filings for the year ended December 31,
2007, which certificates were previously filed. The refiling of
these Certificates is necessary due to the use of outdated forms in
the previously filed Certificates. The Company is also refiling its
annual MD&A to reflect such revised annual certification and
reference to the new certification is contained in Section 11 of
the annual MD&A, which is the only section of the MD&A that
has been changed.
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.
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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