BioSyent (TSX:V.RX, Stock Forum) announced today that its subsidiary, BioSyent Pharma, had entered into an exclusive licensing and distribution agreement with an existing European partner for a new product to be marketed by its Hospital Products Division.


According to the news release, the new product uses a patented delivery system which possesses technical advantages over current alternatives available in hospital and acute care settings.


The release went on to note that the product will be released after it has gained Health Canada approval.


Company president and CEO, René Goehrum, commented on the deal, “This is the third product that we have in-licensed from the same partner that uses the same underlying patented technology.”


He went on to illustrate, “The first of the three is already approved and being prepared for launch later this year or early next, and the second is in the latter stages of the Health Canada approval process.”


Then he added, “We have already started discussions and due diligence with our European partner on the fourth product that utilizes this technology and we are aware that they are developing more such products.”


And finally summed up, “This new product deal brings the combined number of products that BioSyent Pharma has either in-market, Health Canada approved, or in-licensed to eight.”


BioSyent was in the news recently when the Toronto-based company announced it was the subject of a Stock Potentials Report issued by eResearch at the beginning of July.


Shares climbed 9.61% on the news to $7.30 per share.


Currently there are 13.8m outstanding shares with a market cap of $98.0 million.