MikeDDKing
11 years ago
BioSyent Pharma Signs Exclusive Licence and Distribution Agreement for a New Women's Health Product Already Approved by Health Canada-2014 Launch Planned
TORONTO, ONTARIO--(Marketwired - Oct. 1, 2013) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) is pleased to announce that its subsidiary BioSyent Pharma Inc. has signed an exclusive Canadian Licence and Distribution Agreement with its third European partner for a women's health product that has prior approval from Health Canada.
The product has been widely approved in Europe and is successfully marketed in countries such as Germany, France, Italy, Spain, Sweden, Poland, Austria, and Belgium. "Pre-launch preparations have commenced and we are planning for a first half 2014 launch of this new product," said René Goehrum, BioSyent CEO. "It will be a good complement to both our promotion activities for FeraMAX® 150 and our Hospital Products Division."
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
About BioSyent Inc.
Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them.
Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.
At the date of this press release the Company had 13,571,195 shares issued and outstanding.
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.
Contact:
BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
investors@biosyent.com
www.biosyent.com
MikeDDKing
11 years ago
BioSyent is in with another great quarter. They continue to grow like clockwork. Diluted EPS was $0.029/share. Their pipeline indicates continued long term growth.
BioSyent Releases Q2 and Six Month Results: Six Month Sales Increase 57% and Profit Before Tax Up 68%
TORONTO, ONTARIO--(Marketwired - Aug. 22, 2013) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its second quarter (Q2) and first half (H1) 2013 financial results for the three and six months ending June 30, 2013.
- Q2 2013 Sales of $1,786,685 increased by 47% versus Q2 2012
- First six months (H1) 2013 Sales of $3,328,528 increased by 57% versus H1 2012
- Q2 2013 Pharmaceutical Sales of $1,683,793 were up by 60% versus Q2 2012, and 29% versus Q1 2013
- H1 Pharmaceutical Sales of $2,991,303 increased by 65% versus H1 2012
- Fifteen consecutive quarters of continued pharmaceutical sales growth
- Q2 2013 Income Before Tax of $542,964 increased by 61% versus Q2 2012
- Q2 2013 Tax Expense was $124,639 versus nil in Q2 2012
- Q2 Net Income After Tax of $418,325 increased by 24% versus Q2 2012
- H1 2013 Income Before Tax of $1,024,927 increased by 68% versus H1 2012
- H1 2013 Tax was $262,192 versus nil in H1 2012 (H1 2013 Tax equivalent to $0.02/share)
- H1 2013 Net Income After Tax of $762,735 increased by 25% compared to H1 2012
- H1 2013 basic earnings per share of $0.06 versus $0.05 in H1 2012
- H1 2013 Cash Generation of $313,595 represents a 396% increase over the prior year period
- FeraMAX® Powder, an innovative new product, was launched in June 2013
- Selected as a TSX Venture 50 Top Performer for two consecutive years - 2012 and 2013
- Named as one of Canada's fastest growing companies in the Profit 500 rankings for 2013
- 2 New Products submitted to Health Canada for marketing approval
Total sales for Q2 2013 of $1,786,685, were 47% higher compared to $1,216,115 in the corresponding prior year period. Total sales for H1 2013 of $3,328,528, were 57% higher than H1 2012.
Income Before Tax for Q2 2013 was $542,964, which is 61% higher than $337,437 in Q2 2012. Income Before Tax for H1 2013 was 1,024,927, an increase of 68% over the corresponding prior year period.
H1 2013 has a tax provision of $262,192 whereas there was no tax provision in H1 2012 due to available carry forward losses from previous years. In spite of this difference in tax expense, Net Income After Tax increased by 25% from $610,620 in H1 2012 to $762,735 in H1 2013.
Working capital, which is the difference between current assets and current liabilities, has increased by 33% from $2,509,278 as at December 31, 2012 to $3,336,433 as at June 30, 2013. Cash accounted for 79% of working capital as at June 30, 2013. Total Cash on June 30 2013 was $2,629,650. Total Shareholder's Equity increased by 29% from $2,839,409 at December 31, 2012 to $3,663,185 at June 30, 2013. This is mainly due to an increase in retained earnings for H1 2013.
The Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on August 22, 2013.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
BioSyent will also release a CEO presentation on the Second Quarter Financial Results at the following link: www.biosyent.com/q2/.
About BioSyent Inc.
Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them.
Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.
At the date of this press release the Company had 13,571,195 shares issued and outstanding.
BioSyent Inc.
Interim Consolidated Statement of Comprehensive Income
(Unaudited - Abbreviated)
In Canadian Dollars Q2
2013 Q2
2012 %
Change H1
2013 H1
2012 %
Change
Revenues 1,786,685 1,216,115 47 % 3,328,528 2,120,603 57 %
Cost Of Goods Sold 387,337 250,065 55 % 695,806 438,661 59 %
Gross Profit 1,399,348 966,050 45 % 2,632,722 1,681,942 57 %
Total Operating Expense 856,384 628,613 36 % 1,607,795 1,071,322 50 %
Profit Before Tax 542,964 337,437 61 % 1,024,927 610,620 68 %
Tax (including Deferred Tax) 124,639 - NA 262,192 - NA
Profit After Tax 418,325 337,437 24 % 762,735 610,620 25 %
Profit After Tax % to Sales 23 % 28 % 23 % 29 %
BIOSYENT INC.
INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT
(Unaudited - Abbreviated)
AS AT June 30,
2013 December 31,
2012 %
Change
ASSETS
Receivables 1,074,972 589,697 82 %
Inventory 796,908 345,630 131 %
Prepaid expenses & deposits 162,463 71,257 128 %
Cash & Cash Equivalents 2,629,650 2,316,055 14 %
Current Assets 4,663,993 3,322,639 40 %
Equipment 122,379 97,932 25 %
Deferred Tax 204,373 232,199 -12 %
TOTAL ASSETS 4,990,745 3,652,770 37 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities 1,327,560 813,361 63 %
Total Equity 3,663,185 2,839,409 29 %
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,990,745 3,652,770 37 %
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.
Contact:
BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
investors@biosyent.com
www.biosyent.com
MikeDDKing
12 years ago
BioSyent Pharma Launches New FeraMAX(R) Powder-Water Soluble Polysaccharide-Iron Complex Iron Supplement
TORONTO, ONTARIO--(Marketwired - June 6, 2013) - BioSyent Inc. ("BioSyent")(TSX VENTURE:RX) today announced that its subsidiary BioSyent Pharma Inc. has commenced the Canadian launch of its unique new oral iron supplement - FeraMAX® Powder.
FeraMAX® Powder is the first innovation in the pediatric oral iron market in Canada in almost 50 years. The Canadian market launch will be the global introduction of this new product and provides BioSyent Pharma with a unique offering for international marketing partners.
FeraMAX® Powder joins FeraMAX® 150 in providing healthcare professionals and their patients with a safe, effective, and well tolerated oral iron supplement. It is indicated for the prevention of iron deficiency and iron deficiency anaemia in newborns, infants, children and adults.
FeraMAX® Powder is the only oral iron product available in a dissolvable powder and comes in pleasant tasting grape/raspberry flavoured gluten and alcohol-free crystals which can be conveniently dosed by diluting in water or mixing with soft foods. This innovative new product is based upon the same doctor recommended, proprietary, non-ionic polysaccharide-iron complex technology found in FeraMAX® 150.
Other oral iron products intended for infants and children either have an unpleasant heavy metallic taste which deter patient compliance or they come in formulations containing alcohol which healthcare professionals and caregivers prefer to avoid. In addition to its clear advantages in the pediatric market, FeraMAX® Powder is also well suited for adult patients that have difficulty swallowing pills.
FeraMAX® Powder was exhibited at the recent Primary Care Today medical conference attended by over 3,000 healthcare professionals. Listings have been secured at major wholesalers and shipments of FeraMAX® Powder, to over 30 wholesale distribution centres supplying pharmacies across Canada, will commence over the next week.
"The launch of FeraMAX® Powder further strenghtens BioSyent Pharma's leadership position in providing innovative iron supplement solutions for healthcare professionals and their patients" said René Goehrum, President and CEO of BioSyent. "We now have a full range of solutions and dosing options available for all iron deficient and iron deficient anaemia patients".
For more information regarding FeraMAX® Powder and FeraMAX® 150, visit www.feramax.com
About BioSyent Inc.
Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them.
Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.
At the date of this press release the Company had 13,571,195 shares issued and outstanding.
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.
Contact:
BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
investors@biosyent.com
www.biosyent.com
MikeDDKing
12 years ago
BioSyent Releases First Quarter Results-Sales Increase 70%, Profit Before Tax Up 76%
TORONTO, ONTARIO--(Marketwired - May 22, 2013) - BioSyent Inc. (TSX VENTURE:RX) ("BioSyent") released today a summary of its First Quarter (Q1) 2013 financial results.
- Q1 2013 Sales of $1,541,843 increased by 70% versus Q1 2012
- Q1 2013 Pharmaceutical Sales were up by 72% versus Q1 2012
- Net Income Before Tax increased by 76% in Q1 2013 versus Q1 2012
- Q1 2013 Tax was $137,553 compared to $0 in Q1 2012
- Q1 2013 Net Income After Tax of $344,410 increased by 26% compared to Q1 2012
- Q1 2013 basic earnings per share of $0.03 versus $0.02 in Q1 2012
- Selected as a TSX Venture 50 Top Performer for two consecutive years - 2012 and 2013
Total sales for Q1 2013 of $1,541,843, were 70% higher compared to $904,488 in the corresponding prior year period.
Net Income Before Tax for the first quarter of 2013 was $481,963, which is 76% higher than $273,184 in the first quarter of 2012.
The first quarter of 2013 has a tax provision of $137,553 whereas there was no tax provision in Q1 2012 due to available carry forward losses from previous years. In spite of this, Net Income After Tax increased by 26% from $273,184 in Q1 2012 to $344,410 in Q1 2013. The Total Comprehensive Income of $348,354 for Q1 2013 was 28% higher than that of $272,852 in Q1 2012.
Working capital, which is the difference between current assets and current liabilities, has increased by 16% from $2,509,278 as at December 31, 2012 to $ 2,913,609 as at March 31, 2013.Total Shareholder's Equity increased by 14% from $2,839,409 at December 31, 2012 to $3,232,464 at March 31, 2013. This is mainly due to increase in retained earnings for Q1 2013.
The Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on May 22, 2013.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
About BioSyent Inc.
Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them.
Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.
At the date of this press release the Company had 13,571,195 shares issued and outstanding.
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.
BioSyent Inc. Interim Consolidated Statement of Comprehensive Income
(Unaudited - Abbreviated)
3 months ended March 31
In Canadian Dollars 2013 2012 % Change
Revenues 1,541,843 904,488 70%
Cost of Goods Sold 308,469 188,596 64%
Gross Profit 1,233,374 715,892 72%
Total Operating Expenses 751,411 442,708 70%
Profit Before Tax 481,963 273,184 76%
Tax (including Deferred Tax) 137,553 -
Profit After Tax 344,410 273,184 26%
Profit After Tax % to Sales 22.3% 30.2%
BioSyent Inc. Interim Consolidated Statement of Financial Position
(Unaudited - Abbreviated)
AS AT March 2013 December 2012 % Change
ASSETS
Receivables 1,109,951 589,697 88%
Inventory 327,137 345,630 -5%
Prepaids 86,651 71,257 22%
Cash and Cash Equivalents 2,123,348 2,316,055 -8%
Current Assets 3,647,087 3,322,639 10%
Equipment 100,568 97,932 3%
Deferred Tax 218,287 232,199 -6%
TOTAL ASSETS 3,965,942 3,652,770 9%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities 733,478 813,361 -10%
Total Equity 3,232,464 2,839,409 14%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,965,942 3,652,770 9%
Contact:
BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
investors@biosyent.com
www.biosyent.com
gold80302
12 years ago
B: BioSyent Releases Full Year 2012 Results-Sales Increase 79%, N
et Income Up 267%; 3 Year CAGR 70%; Q4 Sales Increase
B: BioSyent Releases Full Year 2012 Results-Sales Increase 79%, Net Income Up 26
7%; 3 Year CAGR 70%; Q4 Sales Increase 89% ( Marketwire )
TORONTO, ONTARIO, Mar 21, 2013 (MARKETWIRE via COMTEX) --
BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) released today a
summary of its Fiscal 2012 and Fourth Quarter (Q4) 2012 financial
results. Key highlights include:
-- Full year 2012 Sales of $5,024,154 increased 79% versus 2011
-- Revenue has grown at a compound annual growth rate of 70% over the last
three years
-- Net Income before Tax margin increased to 28% in 2012 from 15% in 2011
-- Full year 2012 Net Income after Tax of $1,541,317 increased 267%
compared to 2011
-- 2012 represented the 3rd consecutive year of profitability for the
Company
-- 2012 was the first year the Company paid income tax
-- EPS (Basic) was $0.12
-- The Company ended 2012 with $2,509,278 of working capital including
$2,316,055 of cash
-- The Company remains debt-free and has an unutilized operating line of
credit with Royal Bank of Canada
-- Selected as a TSX Venture 50 Top Performer for two consecutive years -
2012 and 2013
Total sales for Q4 2012 of $1,327,953, were 89% higher compared to
$703,337 in the corresponding prior year period. On a full year
basis, sales in 2012 of $5,024,154 were 79% higher than the previous
year sales of $2,808,666.
Net Income Before Tax for the fourth quarter of 2012 was $361,237
which is 454% higher than $65,220 in the fourth quarter of 2011. Net
Income Before Tax for full year 2012 was $1,399,122 or 233% higher
than $420,392 in corresponding prior year 2011. The Net Income before
Tax margin increased to 28% in 2012 from 15% in 2011. The Company has
chosen to use Net Income Before Tax as a key measure of performance
as it is independent of tax fluctuations that might occur due to the
utilization of carried forward loses from previous years or changes
in tax rates.
The Company has provided for an income tax liability of $90,004 for
the fourth quarter of 2012, for the first time. The Company has also
recognized a deferred tax credit for the first time - $232,199,
arising mainly from accumulated losses carried forward from previous
years while correspondingly recognizing a deferred tax asset of like
value on its consolidated statements of financial position. The full
year 2012 Net Income after Tax (NIAT) of $1,541,317 increased 267%
compared to $420,392 in 2011. Without the one-time recognition of the
deferred tax credit, Net Income after Tax for full year 2012 would
have been $1,309,118. The Total Comprehensive Income of $1,539,317
for 2012 was 268% higher than that of $417,950 in 2011. Earnings per
share (EPS) for full year 2012 were $0.12 Basic and $0.11 Diluted
compared to $0.03 Basic and $0.03 Diluted in 2011.
Working capital, which is the difference between current assets and
current liabilities, has increased by 122% from $1,128,065 as at
December 31, 2011 to $ 2,509,278 as at December 31, 2012. Cash and
cash equivalents on December 31, 2012 of $2,316,055 were 92% of
working capital compared to 94% as at December 31, 2011. Cash
Generation, or the increase in Cash and Cash Equivalents, of
$1,258,009 in 2012, represents a 114% increase over $586,951 in the
prior year period.
The Financial Statements and Management's Discussion & Analysis will
be posted on www.sedar.com on March 21, 2012. The launch of
FeraMAX(R) Powder has been delayed due to scale-up of production.
For a direct market quote (15 minutes delay) for the TSX Venture
Exchange and other Company financial information please visit
www.tmxmoney.com.
About BioSyent Inc.
Listed on the Toronto Venture Exchange under the trading symbol "RX",
BioSyent is a profitable growth oriented specialty pharmaceutical
company which searches the globe to in-license or acquire innovative
pharmaceutical products that have been successfully developed, are
safe and effective, and have a proven track record of improving the
lives of patients and supporting the healthcare professionals that
treat them.
Once a product of interest has been found, BioSyent then acquires the
exclusive rights to the product and manages it through the Canadian
governmental regulatory approval process. Once approved, BioSyent
markets the product throughout Canada.
At the date of this press release the Company had 13,271,195 shares
issued and outstanding.
MikeDDKing
12 years ago
BioSyent Presents at MicroCapClub Invitational
TORONTO, ONTARIO--(Marketwire - Feb. 12, 2013) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) announced today that it has been selected to present at the first ever MicroCapClub Invitational.
The presentation can be accessed at the following link: http://microcapclub.com/2013/02/microcapclub-invitational-biosyent-rx-v/.
"At MicroCapClub we have over 170 experienced microcap investors discussing over 90 microcap companies in our members forum, and we thought as a group it would be great to showcase a few companies we believe are highly unique," said Ian Cassel, founder of MicroCapClub. "We have been following BioSyent for about a year and have been impressed with the company's profitable growth trajectory. BioSyent's strategy to in-license certain niche pharmaceutical products and distribute them in Canada has proven to be very successful. We look forward to following the company's progress in 2013 and beyond as they market and distribute additional products."
"At BioSyent we are excited about our business," said René Goehrum, President and CEO of BioSyent Inc. "We are pleased with our results over the last 2 1/2 years, the foundation that we have built, and our prospects for continued growth. We look forward to sharing our continuing progress with investors as 2013 unfolds."
About MicroCapClub: The MicroCapClub (mc2) is an exclusive microcap forum focused on microcap companies (sub $300m market cap). The MicroCapClub was created and founded by Ian Cassel as a way to share ideas and to learn from other seasoned like-minded microcap investors. Our goal at MicroCapClub is quality membership and quality stock ideas. If you are an experienced microcap investor, feel free to Apply Today. Go to www.microcapclub.com for additional information.
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.
Contact:
BioSyent Inc.
Rene C. Goehrum
President and CEO
www.biosyent.com
MikeDDKing
12 years ago
BioSyent Releases Third Quarter Results; Record Quarterly Sales and Profit: Sales Up 60%, Profit Up 79%
TORONTO, ONTARIO--(Marketwire - Nov 15, 2012) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a summary of its Third Quarter (Q3) 2012 financial results.
- Q3 2012 Sales of $1,575,598 sets an all time quarterly record and grew by 60% over Q3 2011
- Q3 2012 Pharmaceutical Sales of $1,180,718 grew by 95% vs. $604,523 in Q3 2011
- Sales for the nine months ended September 30, 2012 of $3,696,201 grew by 76% over the prior year period
- Total Comprehensive Income for Q3, 2012 of $423,015 hit an all time quarterly record and was higher than that of 2011 by 79%
- Total Comprehensive Income for the nine months ended September 30, 2012 of $1,034,828 grew by 196% over the corresponding prior year period
- Cash generation of $878,751 for the nine months ended September 30, 2012 increased by 147% over the corresponding period in 2011
- Q3 2012 basic earnings per share (EPS) were $0.03
- Cumulative Basic EPS over the last 4 consecutive quarters is $0.09
Total Sales for Q3 2012 hit a new quarter record and were $1,575,598 or 60% higher compared to $983,857 in the corresponding prior year period and 30% higher than the immediately preceding quarter (Q2 2012) which had sales of $1,216,115. For the nine months ended September 30, 2012, the Total Sales of $3,696,201 were 76% higher than the corresponding prior year period.
Pharmaceutical Sales were $1,180,718 in Q3 2012, or 95% higher than the corresponding prior year period sales which were $604,523. For the nine months ended September 30, 2012, Pharmaceutical Sales of $2,996,115 were 115% higher than $1,392,334 in the corresponding prior year period.
The Company earned Total Comprehensive Income of $423,015 in Q3 2012, which was 79% higher than the Total Comprehensive Income of $235,999 in Q3 2011. For the nine months ended September 30, 2012, the Total Comprehensive Income of $1,034,828 was 196% higher than $349,452 in the corresponding prior year period.
Working capital has increased by 94% from $1,128,065 as at December 31, 2011 to $2,184,891 as at September 30, 2012. Cash and cash equivalents on September 30, 2012 were 89% of working capital compared to 94% as at December 31, 2011. Total Cash generation for the nine months ended September 30, 2012 of $878,751 increased by 147% over the corresponding prior year period.
The Company''s subsidiary BioSyent Pharma Inc. is completing preparations for a Q1 2013 launch of FeraMAX® Powder which was approved by Health Canada earlier this year.
The Financial Statements and Management''s Discussion & Analysis will be posted on www.sedar.com on November 15, 2012.
As at the date of this press release the Company had 12,921,195 shares issued and outstanding.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
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.
Contact:
BioSyent Inc.
Rene C. Goehrum
President and CEO
www.biosyent.com
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