MISSISSAUGA, ONTARIO--(Marketwire - May 28, 2010) - BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today released a summary of its 2010 first quarter financial results.
Total Sales were 190% higher at $310,956 in the first quarter of 2010 compared to $107,052 in the first quarter of 2009.
Gross Margins increased from 39.6% in Q1 of 2009, to 65.0% in 2010 primarily because of lower sales of lower margin products and proportionately higher sales of higher margin products.
The Company incurred a loss of ($50,907) in the first quarter of 2010, 70% lower than a loss of ($168,197) in the first quarter of 2009.
Full details of 2010 first quarter results including March 31, 2010 Financial Statements and Management's Discussion & Analysis will be posted on sedar.com on April 28, 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.