BioSyent Releases Financial Results-Second Quarter 2008
August 29 2008 - 4:00PM
Marketwired
BioSyent Inc. ("BioSyent")(TSX VENTURE: RX) today released a
summary of its financial results for the second quarter 2008. For
the six months ending June 30, 2008, sales increased by 17% from
$447,946 in first half of 2007 to $524,573 in first half of 2008.
Both Pharmaceutical and Bio-friendly Insecticide divisions
experienced growth. The company incurred a loss of ($167,845) in
the first half 2008 compared to a loss of ($177,374) in first half
of 2007. This loss is predominantly due to the 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 working capital has decreased by approximately 9% from
$1,097,491 in December 2007 to $918,615 in June 2008. Cash and cash
equivalents account for 74% of working capital as of June 30,
2008.
Full details of 2008 quarter two results and Financial
Statements and Management's Discussion & Analysis will be
posted on sedar.com on August 29, 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.
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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