BioSyent Announces Renewal of Normal Course Issuer Bid
December 13 2022 - 8:00AM
BioSyent Inc. (“BioSyent”, “the Company”, TSX Venture: RX) is
pleased to announce that the TSX Venture Exchange (“TSX-V”) has
accepted the Company’s Notice of Intention to Make a Normal Course
Issuer Bid (the “NCIB”). Pursuant to the NCIB, BioSyent may
purchase up to 690,000 of its common shares (“Shares”) over a
12-month period, representing approximately 5.70% of the Shares
outstanding as of December 13, 2022.
The NCIB will commence on December 19, 2022 and
terminate on December 18, 2023, or such earlier date on which
purchases under the NCIB have been completed. Purchases of Shares
under the NCIB will be made through the facilities of the TSX-V or
alternative Canadian trading systems at the market price of the
Shares at the time of acquisition. The number of Shares the Company
is permitted to purchase during any 30-day period is limited to
241,957 Shares, representing 2% of the total outstanding
Shares.
BioSyent has entered into an automatic share
purchase plan with a broker, Raymond James Ltd., in connection with
the NCIB to allow for the purchase of Shares during certain
pre-determined blackout periods. Outside of these pre-determined
blackout periods, Shares will be purchased at the discretion of
senior management of BioSyent.
BioSyent believes that the Shares may from time
to time trade in a price range that does not adequately reflect the
value of the Shares in relation to its activities and future
prospects. As a result, BioSyent believes that the purchase of
Shares, from time to time, would be an appropriate use of corporate
funds in light of potential benefits to remaining shareholders.
BioSyent has repurchased and cancelled a total
of 2,200,625 Shares under NCIBs between December 10, 2018 and
December 12, 2022.
About BioSyent Inc.
Listed on the TSX Venture Exchange under the
trading symbol “RX”, BioSyent is a profitable growth-oriented
specialty pharmaceutical company focused on in-licensing or
acquiring innovative pharmaceutical and other healthcare products
that have been successfully developed, are safe and effective, and
have a proven track record of improving the lives of patients.
BioSyent supports the healthcare professionals that treat these
patients by marketing its products through its community, specialty
and international business units.
As of the date of this press release, the
Company has 12,097,861 common shares outstanding.
For a direct market quote for the TSX Venture
Exchange and other Company financial information please visit
www.tmxmoney.com.
Forward-Looking Statements
All statements in this press release that do not
directly and exclusively relate to historical facts constitute
forward-looking statements as of the date of this press release.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "anticipate", "seek", "plan", "believe" or "continue" or
the negatives of these terms or variations of them or similar
terminology. Such statements relate to, among other things, the
Company’s intention to purchase Shares pursuant to the NCIB, the
Company’s belief that the Shares may from time to time be
undervalued and that purchases of Shares under the NCIB will
provide benefits to shareholders. Although the Company believes
that the expectations and assumptions reflected in these
forward-looking statements are reasonable, undue reliance should
not be placed on these forward-looking statements, which are not
guarantees and are subject to certain risks, uncertainties and
assumptions, which may cause actual performance and financial
results to differ materially from such forward-looking statements.
The forward-looking statements included in this press release are
made only at the date of this press release and, except as required
by applicable securities laws, the Company does not undertake to
publicly update such forward-looking statements to reflect new
information, future events or otherwise.
For further information please
contact:
Mr. René C. GoehrumPresident and CEOBioSyent
Inc.Tel: (905) 206-0013E-Mail: investors@biosyent.comWeb:
www.biosyent.com
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.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
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