MISSISSAUGA, ONTARIO--(Marketwire - Nov. 15, 2011) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a summary of its Third Quarter (Q3) 2011 financial results.
Total Sales for Q3 2011, hit a new record and were 60% higher at $983,857 compared to $616,964 in the corresponding prior year period. The pharmaceutical business sales grew 215% from $191,716 in Q3 2010 to $604,523 in Q3 2011.
Total Sales for the nine months ending September 30, 2011 were 73% higher at $2,105,329 compared to $1,216,019 in the prior year period. In the nine months ending September 30, 2011, sales in the pharmaceutical business were $1,392,334, demonstrating growth of 225% over the prior year period sales at $427,977. Over the last 6 quarters the compounded quarterly growth in the company's pharmaceutical business has averaged 40%.
The Company earned total comprehensive income of $235,998 in Q3 2011, which was 85% higher than the total comprehensive income for Q3 2010 of $127,389. In the nine months ending September 30, 2011, the Company earned comprehensive income of $349,452 compared to a comprehensive loss of ($31,987) in the nine months ending September 30, 2010.
Total cash flow for the nine months ending September 30, 2011, was $355,830 versus a negative cash flow of ($3,646) in the prior year period.
Full details of Q3 2011 results including Sept 30, 2011 Financial Statements and Management's Discussion & Analysis will be posted on sedar.com on November 15, 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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