Synovics revenues not enough to meet operating capital needs

By Lisa Kerner

Charlotte, N.C., Sept. 19 - Synovics Pharmaceuticals Inc.'s operations failed to generate sufficient revenues to meet its operating capital needs, according to the company's form 10-Q for the three months ending July 31.

As a result, Synovics has financed its operations primarily through the sale of its common stock, warrants and debt by means of private placements.

The Phoenix-based generic drug company had working capital of $610,366 at July 31 compared with a working capital deficit of $3.9 million at Oct. 31, 2005.

Cash and cash equivalents were $4.2 million at July 31, up more than $4 million from $128,819 at Oct. 31, 2005.

Synovics used net cash of approximately $3.2 million in operating activities during the nine month period ended July 31.

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