BioSyent Releases 2009 First Quarter Financial Results
May 29 2009 - 4:01PM
Marketwired
BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today released a
summary of its 2009 first quarter financial results.
Total Sales in the three months ending March 31, 2009 were
$107,052, down from $287,997 in the first quarter of 2008. The
first quarter was impacted by general recessionary conditions in
the economy, higher than normal customer inventories of Protect-It�
and cold weather in the Canadian prairie region which is a natural
deterrent to stored grain infestation.
Gross Margins decreased from 60.2% in the first quarter of 2008,
to 39.6% in the first quarter of 2009 primarily due to the selling
mix of lower margin products. Management expects that greater sales
of higher margin products in the second quarter will see margins
improve to more historic levels.
The Company incurred a loss of ($168,197) in the first quarter
of 2009 compared to a loss of ($74,067) in the first quarter of
2008.
Total negative cash flow for the first quarter 2009 was
($185,625) versus a negative cash flow of ($247,203) in the prior
year period.
Full details of 2009 quarter one 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) www.biosyent.com
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