BioSyntech Inc.
TSX : BSY

BioSyntech Inc.

November 29, 2006 07:01 ET

Biosyntech Reports Second Quarter Results

LAVAL, QUEBEC--(CCNMatthews - Nov. 29, 2006) - BioSyntech, Inc. ("BioSyntech" or "the Company") (TSX:BSY) today reported its results for the second quarter and six-month period ended September 30, 2006.

BioSyntech recorded revenues of $3,393 for the second quarter ended September 30, 2006, compared to $821 in the previous year. Research and development (R&D) expenses amounted to $1,099,643 compared to $760,566 in the previous year. The increase in R&D expenses was mainly due to the hiring of new employees related to clinical development activities and to the increase in expenses incurred for the BST-CarGel® multi-center clinical trial. The loss for the second quarter was $2,034,109 ($0.02 per share) compared to $1,604,908 ($0.04 per share) in the previous year.

For the six-month period ended September 30, 2006, the Company had revenues of $14,199, compared to revenues of $8,602 a year ago. The loss amounted to $3,462,217 ($0.04 per share) in 2006, compared to $3,002,003 ($0.08 per share) in 2005.

As of September 30, 2006, cash, cash equivalents and short-term investments totaled $17,318,689 compared to $10,888,964 at March 31, 2006. This increase reflects the proceeds of the financings realized in the first quarter, less the funds used for the Company's operating and investing activities.

"Our focus remains on the completion of our BST-CarGel® trial as well as the initiation of the BST-DermOn® pivotal clinical trial that was recently approved by Health Canada," said Claude LeDuc, President and CEO of BioSyntech. "I am very pleased to see that the decisions and actions taken over the last few months were fruitful ones. We recently graduated to the TSX, and we expect 2007 to be an excellent year for the Company."

About BioSyntech

BioSyntech is a biotechnology company specializing in the discovery, development and manufacturing of innovative, cost-effective, and physician-friendly biotherapeutic thermogels for regenerative medicine and therapeutic delivery. BioSyntech's Quality Management System is registered to ISO 9001:2000 standard. For additional information, visit www.biosyntech.com.

An expanded Management's Discussion and Analysis for the quarter, and previous periods, is accessible on the Company's website at www.biosyntech.com and with the Company's regulatory filings in Canada at www.sedar.com.

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