BioSyent Releases Financial Results-Third Quarter 2008
November 28 2008 - 4:00PM
Marketwired
BioSyent Inc. ("BioSyent")(TSX VENTURE: RX) today released a
summary of its financial results for the third quarter 2008. Sales
decreased by 8.9% from $1,050,013 in first nine months of 2007 to
$956,414 in first nine months of 2008. The company incurred a loss
of ($118,363) in the first nine months of 2008 compared to a gain
of $31,410 in first nine months 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 increased by 5.5% from $918,615 on
June 30, 2008 to $969,168 on September 30, 2008. Cash and cash
equivalents have also increased as a percentage to total working
capital from 74% in June 2008 to 77% in September 2008.
Full details of 2008 quarter three 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.
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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