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Synovics Pharmaceuticals Files Its Second Quarter, 2008 Form 10Q with the SEC
Date:6/17/2008

FORT LAUDERDALE, Fla., June 17 /PRNewswire-FirstCall/ -- Synovics Pharmaceuticals, Inc. (OTC Bulletin Board: SYVC), a specialty pharmaceutical company, filed its second quarter, 2008 Quarterly Report with the Securities and Exchange Commission. Consolidated gross revenues reported for the quarter that ended April 30, 2008 were $6,121,632 compared to $5,713,761 for the same quarter in 2007. The increased revenue results from continued strong growth of the over-the-counter (OTC) product line as well as increases in sales of prescription products. Cost of revenues for the three-month period ended April 30, 2008 was $3,825,125 compared to $4,121,421 for the three-month period ended April 30, 2007. Overall gross profit percentage increased from 27.9% to 37.5%. Selling, general, and administrative expenses for the three- month period ended April 30, 2008 was $2,921,861 as compared to $6,460,217 for the three-month period ended April 30, 2007. The net loss for the three-month period ended April 30, 2008 was $2,941,124 or $.14 per share, as compared to $6,772,301 or $.23 per share for the three-month period ended April 30, 2007.

Consolidated revenues for the six months ended April 30, 2008 were $10,376,752 compared to $11,257,660 for the same quarter in 2007. The primary reason for the decline in those sales relates to the temporary disruption in the availability of the Company's OTC private label version of the brand Primatene(R) sold by Wyeth ephedrine guaifenesin products in the soft gel form. The Company is actively working on developing an alternate means for making this product available. The shortfall in these products was partially offset by significant growth in the balance of the OTC product line and in the prescription business.

The gross profit percentage for the Company increased to 31.7% for the period (from 27.3% for the prior year). Selling, general, and administrative expenses for the six-month period ended April 30, 2008 was $4,615,070
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SOURCE Synovics Pharmaceuticals, Inc.
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