TORONTO, ONTARIO--(Marketwire -07/25/12)- BioSyent Inc. ("BioSyent") (RX.V) today announced that its subsidiary BioSyent Pharma Inc. has received marketing approval from Health Canada for its unique new oral iron supplement FeraMAX® Powder.
FeraMAX® Powder joins fast growing FeraMAX® 150 (first six months 2012 sales up 116% over same period 2011) in providing healthcare professionals and their patients with a safe, effective and well tolerated oral iron supplement. FeraMAX® Powder 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 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.
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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Rene C. Goehrum
President and CEO