BioSyent Releases 2009 Third Quarter Financial Results
November 26 2009 - 4:06PM
Marketwired
BioSyent Inc. ("BioSyent")(TSX VENTURE: RX) today released a
summary of its 2009 third quarter financial results.
During the third quarter ended September 30, 2009 sales
increased by 17%, from $431,841 in the third quarter of 2008 to
$540,870 in the third quarter of 2009. Total Sales fell by 5% from
$956,414 in the first nine months of 2008 to $911,543 in the first
nine months of 2009. The first nine months were impacted by general
recessionary conditions in the economy.
Gross Margins decreased from 65.7% in the first nine months of
2008, to 64.7% in the first nine months of 2009 primarily due to
the selling mix of lower margin products.
The Company incurred a loss of ($90,146) in the first nine
months of 2009 compared to a loss of ($118,363) in the first nine
months of 2008.
Full details of 2009 third quarter 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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