BioSyent Inc. Updates Sales Progress: Product Sales Year-to-Date Increase 84%
Posted on: Thursday, 7 September 2006, 18:00 CDT
BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today updated shareholders on sales progress for the first eight months of the fiscal year. Product sales for the eight months ending August 31, 2006 were $850,289, an increase of $388,034 over the same eight month period in 2005. The 84% increase in sales for the first eight months of 2006 has been driven primarily by strong demand for Protect-It(R) in Canada.
"We are obviously pleased with such a large sales increase. We have been able to deliver this increase while maintaining margins and holding operating costs in line with what was reported in our June 30, 2006 results. This will further strengthen our healthy working capital position as we look forward to incremental revenue from the launch of our first pharmaceutical product this fall" said Rene Goehrum, President and CEO of BioSyent. "Based upon our order book position for the balance of the year, we expect the trend established for the first eight months to continue".
Full financial details will be disclosed when BioSyent reports its nine month results in November, 2006.
BioSyent 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 same.
Contacts: BioSyent Inc. Rene C. Goehrum Chairman, President and CEO (905) 206-0013 (905) 206-1413 (FAX) rgoehrum@biosyent.comwww.biosyent.com
SOURCE: BioSyent Inc.
Source: MARKET WIRE
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