MISSISSAUGA, ONTARIO--(Marketwire - Aug. 24, 2011) - 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.
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