BioSyent Releases 2008 Financial Results
April 24 2009 - 4:19PM
Marketwired
BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today released a
summary of its 2008 financial results. Total sales were virtually
flat at $1,101,991 in 2008 compared to $1,104,325 in 2007. The
pharmaceutical business sales for 2008, grew by 185% off a small
base, from $60,239 in 2007 to $171,948 in 2008. The bio-friendly
insecticide business sales decreased by 10.9% from $1,044,086 in
2007 to $930,043 in 2008.
Gross margins decreased from 68.9% in 2007, to 58.8% in 2008
primarily because of a sales mix in favour of lower margin
products.
The Company incurred a loss of ($287,892) in 2008 compared to a
loss of ($125,991) in 2007. This loss is predominantly due to
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 negative cash flow for 2008 was ($295,260) versus a
positive cash flow of $27,566 in the prior year period. This was
due to the cash loss during the year and investment in new computer
systems to support future business growth.
Full details of 2008 results including December 31, 2008
Financial Statements and Management's Discussion & Analysis
will be published in the company's 2008 Annual Report and will be
posted on sedar.com on April 24, 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) www.biosyent.com
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