BioSyent Releases Second Quarter 2011 Financial Results-Pharma Sales Triple; Total Sales Growth 123%
August 24 2011 - 4:00PM
Marketwired
BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today released a
summary of its Second Quarter (Q2) 2011 financial results.
Total Sales were 123% higher at $643,177 in Q2 2011, compared to
$288,099 in Q2 2010. Sales of the pharmaceutical business tripled
and were $465,163 in Q2 2011 compared to $155,024 in Q2 2010. The
compound quarterly growth rate for the company's pharmaceutical
business over the past five quarters has averaged 42%.
Total Sales in the six months ending June 30, 2011 (H1) were up
87% from $599,055 in H1 2010 to $1,121,472 in H1 2011, while
pharmaceutical sales for H1 2011 grew 233% over the prior year
period from $236,261 in H1 2010, to $787,811 in H1 2011.
The Company improved its total comprehensive income from a loss
of ($159,376) in H1 2010, to a profit of $113,454 in H1 2011.
During the second quarter the Company earned a comprehensive income
of $114,340 compared to a loss of ($108,469) in the prior year
period.
Full details of Q2 2011 results including June 30, 2011
Financial Statements and Management's Discussion & Analysis
will be posted on sedar.com on August 24, 2011.
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. The Company is
focused on medications that occupy a niche in the market, that are
unique either due to complexity of manufacture or provide novel
technological or therapeutic advantages, or that are backed by
strong partners holding intellectual property rights that are
defendable. This strategy allows the Company to market these
medications as brands owned by, or licensed to, it.
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
www.biosyent.com
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