TORONTO, ONTARIO--(Marketwire - June 19, 2012) - BioSyent Inc. ("BioSyent") (RX.V) today announced that its subsidiary BioSyent Pharma Inc. has secured two long-term hospital supply contracts for its recently launched Cathejell(TM) Jelly 2%.
One supply agreement is for a three year period, ending in June 2015 and the second agreement is for a four year period ending in June 2016. Shipments to supply both contracts have commenced. Total volumes under the two contracts are open ended and give Cathejell(TM) Jelly 2% access to hospitals and healthcare facilties representing approximately 2/3 of the Canadian market.
"We are pleased with the initial feedback from urologists and other health care professionals to the Cathejell(TM) Jelly 2% launch. They clearly see the benefits of our product relating to patient safety and ease of use", commented Rene Goehrum, President and CEO of BioSyent. "These contracts will provide a platform for us to build this brand in Canada for years to come".
Cathejell(TM) Jelly 2% is an innovative pharmaceutical product that combines a sterile gel and lidocaine in a unique collapsible applicator syringe which provides a safe and effective solution for healthcare professionals and patients to ease the discomfort of a range of medical procedures.
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.
The TSX Venture Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same.
President and CEO