BioSyent Releases 2010 Second Quarter Financial Results
August 17 2010 - 5:22PM
Marketwired
BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today released a
summary of its 2010 second quarter (Q2) financial results.
Total Sales were 62% higher at $599,055 in the first half of
2010 compared to $370,673 in the first half of 2009. The sales in
Q2 2010 were 9% higher at $288,099 compared to $263,622 in Q2
2009.
Gross Margins increased from 58.5% in the first half of 2009, to
70.5% in the first half of 2010 primarily because of lower sales of
lower margin products and proportionately higher sales of FeraMAX®
and Protect-It®.
The Company incurred a loss of ($159,376) in the first half of
2010, 31% lower than a loss of ($232,108) in the first half of
2009.
Full details of 2010 second quarter results including June 30,
2010 Financial Statements and Management's Discussion &
Analysis will be posted on sedar.com on August 17, 2010.
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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