6-K 1 doc1.txt FILE NO. 0-25322 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For September 3, 2003 GENSCI REGENERATION SCIENCES INC. --------------------------------------------------- (Translation of the registrant's name into English) Suite 1000 - 1235 Bay Street ---------------------------------------- (Address of principal executive offices) Toronto, Ontario M5R 3K4 CANADA ------------------------------- [Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F] Form 20-F |X| Form 40-F |_| [Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.] Yes |X| No |_| Rule 12g-3-2(b) #: 82-2803 GENSCI ANNOUNCES SECOND QUARTER FINANCIAL RESULTS IRVINE, CALIFORNIA AND TORONTO, ONTARIO, SEPTEMBER 3, 2003 - GenSci Regeneration Sciences Inc. (TSX: GNS), The Orthobiologics Technology Company(TM), today announced a net loss for the quarter ended June 30, 2003 of $209,725 ($0.00 per share loss) compared with a net loss for the quarter ended June 30, 2002 of $477,877 ($0.01 per share loss). The decrease in net loss from the prior year's quarter was primarily due to the decrease in litigation verdict costs and related legal fees that was partially offset by the increase in the Company's research and development investment. Both three-month periods generated positive income from operations. The Company reported a net loss for the six months ended June 30, 2003 of $294,135 ($0.01 per share loss) compared with a net loss for the six months ended June 30, 2002 of $1,080,979 or ($0.02 per share loss). The decrease in net loss for the six month period ended June 30, 2003 from the prior year's six month period was primarily due to decreased litigation verdict costs and related legal fees. Both six-month periods generated positive income from operations. "We are proud to announce another quarter with positive income from operations," said Douglass Watson, President and CEO. "The increase in the U.S. dollar second quarter revenue compared to 2002 demonstrates the market place's acceptance of our second generation products." Revenues for the quarter ended June 30, 2003 in U.S. dollars were $5.9 million compared to $5.6 million for the same quarter in 2002, for an increase of 6% in total U.S. dollar revenue. In Canadian dollars revenues for the quarter ended June 30, 2003 were $8.3 million compared to $8.8 million for the same quarter in 2002. The 5% decrease in revenues, based on Canadian dollars, mainly reflects the impact in exchange rates for the U.S. dollar as compared to the same period in 2002. Revenues for the six months ended June 30, 2003 in U.S. dollars were $11.5 million compared to $11.7 million for the same six-month period in 2002, for a decrease of 2% in total revenue. In Canadian dollars revenues for the six months ended June 30, 2003 were $16.7 million compared to $18.5 million for the same six-month period in 2002. The 10% decrease in revenues, based on Canadian dollars, mainly reflects the change in exchange rates for the U.S. dollar as compared to the same period in 2002. The main event of the second quarter was the June 3, 2003 announcement of the intended merger of IsoTis SA (SWX/Euronext Amsterdam: ISON) with GenSci OrthoBiologics, a wholly owned subsidiary of GenSci Regeneration Sciences Inc. The companies expect to issue a joint press release later this week to announce the publication of the Information Circular in connection to the merger, and the next steps until the conclusion of the transaction. In addition, on August 26, 2003 the U.S. Bankruptcy Court approved the GenSci OrthoBiologics Disclosure Statement and set the confirmation hearing for the Plan of Reorganization for October 14, 2003. If the Plan is confirmed on this date, GenSci OrthoBiologics should effectively exit Chapter 11 by the end of October 2003. Financial statements will be available on www.sedar.com and the Company's web site www.gensciinc.com. GenSci Regeneration Sciences Inc. has established itself as a leader in the rapidly growing orthobiologics market, providing surgeons with biologically based products for bone repair and regeneration. Its products can either replace or augment traditional autograft surgical procedures. This permits less invasive procedures, reduces hospital stays, and improves patient recovery. Through its subsidiaries, the Company designs, manufactures, and markets biotechnology-based surgical products for orthopedics, neurosurgery, and oral maxillofacial surgery. Certain statements contained herein are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include the Company's ability to continue operations as a going concern, finalize a legal settlement agreement, emerge from Chapter 11, and successfully launch new products. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including, but not limited to, such risks as are described in the Company's annual report. # # # ----- For additional information please visit GenSci's web site: www.gensciinc.com Peter Ludlum Louis G. Plourde Chief Financial Officer Investor Relations GenSci Regeneration Sciences Inc. GenSci Regeneration Sciences Inc. (949) 855-7154 (800) 561-2955 E-mail: peterl@gensciinc.com E-mail: lplourde@gensci-regen.com GenSci Regeneration Sciences Inc. CONSOLIDATED STATEMENTS OF LOSS AND DEFICIT [in Canadian dollars] [Unaudited]

GenSci Regeneration Sciences Inc. CONSOLIDATED BALANCE SHEETS [in Canadian dollars]

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized. GENSCI REGENERATION SCIENCES INC. --------------------------------- (REGISTRANT) Date: 09-03-03 /s/ Peter B. Ludlum ----------------------- Peter B. Ludlum Chief Financial Officer

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