MISSISSAUGA, ONTARIO--(Marketwire - November 24, 2010) - BioSyent Inc. (“BioSyent”) (TSX VENTURE: RX) today released a summary of its 2010 third quarter (Q3) financial results.
Total Sales were 33% higher at $1,216,019 in the first nine months of 2010 compared to $911,543 in the corresponding previous year period. The sales in Q3 2010 were also 14% higher at $616,964 compared to $540,870 in Q3 2009. Gross Margins increased from 64.7% in the first nine months of 2009, to 72.8% in the first nine months of 2010.
The Company incurred a loss of ($31,987) in the first nine months of 2010, 64% lower than a loss of ($90,146) in the first nine months of 2009. During the quarter, the Company incurred one time costs of $57,354 on account of a June 2010 product recall of one of its products.
Full details of 2010 third quarter results including September 30, 2010 Financial Statements and Management’s Discussion & Analysis will be posted on sedar.com on November 23, 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.
Contacts:
BioSyent Inc.
Rene C. Goehrum
President and CEO
(905) 206-0013
(905) 206-1413 (FAX)
www.biosyent.com
