RX Biosyent Inc

BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a summary of its
First Quarter (Q1) 2012 financial results.




--  Operating Net Income sets all-time record for any quarter 
--  Net Income increased from a loss of $886 in Q1 2011 to a profit of
    $272,851 in Q1 2012 
--  Q1 diluted earnings per share of $0.02 
--  Q1 2012 Pharmaceutical Sales grow 136% vs. Q1 2011 



Sales for Q1 2012 were 89% higher at $ 904,488 compared to $ 478,295 in the
corresponding prior year period. The strong growth was driven by the
pharmaceuticals business which grew by 136% from $322,648 in Q1 2011 to $
761,372 in Q1 2012.


The Company earned total comprehensive (net) income of $272,851 in Q1 2012
compared to a total comprehensive loss of ($886) in Q1 2011. The Company has
utilized losses carried forward from prior years and therefore has no tax
provision for Q1 2012.


During the quarter Working Capital increased by 24% from $1,128,065 as at
December 31, 2011 to $1,394,641 on March 31, 2012. Cash and cash equivalents as
at March 31, 2012 were $1,059,036. The Company continues to be free of long term
debt, and has not utilized any of its bank facilities to fund the continued
strong increase in sales. During the First Quarter the Company channelled most
of the incremental cash flow resulting from Net Income into investments in
non-cash working capital, primarily inventory.


Shares issued and outstanding as of quarter end March 31, 2012 were 12,791,195.

The Financial Statements and Management's Discussion & Analysis will be posted
on sedar.com on May 22, 2012. 


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.

Biosyent (TSXV:RX)
Historical Stock Chart
From May 2024 to Jun 2024

Biosyent (TSXV:RX)
Historical Stock Chart
From Jun 2023 to Jun 2024