BioSyntech Inc.
TSX VENTURE : BSY

BioSyntech Inc.

September 21, 2005 16:50 ET

BioSyntech Updates Shareholders at the Annual General Meeting

LAVAL, QUEBEC--(CCNMatthews - Sept. 21, 2005) - BioSyntech, Inc. ("BioSyntech" or "the Company") (TSX VENTURE:BSY) was pleased to greet and update its shareholders at the Company's Annual General Meeting, held in Montreal today.

"This year has been marked with formidable progress, both at the corporate and at the scientific level," said Mr. Claude LeDuc, President & CEO of BioSyntech. "This successful progress can be summarized in the following four key initiatives:

1. Improving the Company's financial structure

On September 6, 2005, BioSyntech closed a $6 million equity investment with one of the leading pharmaceutical companies in India, Nicholas Piramal India Limited (NPIL). The Company was able to price the transaction above the trading price at the time. This transaction reflects the attraction of our innovative technology portfolio to leading players in the global BioPharma industry, and is a good indication of the long-term view of our new partner, distributor and shareholder.

2. Continuing product development

BioSyntech is well underway in the clinical development of its three lead products. On May 10, 2005, the Company announced that it was seeking approval from Health Canada to begin a pivotal clinical trial on BST-CarGel® and will initiate this trial shortly. We will also be filing Investigational Testing Authorization (ITA) submissions for BST-DermOn™ with Health Canada in the coming weeks, and for BST-InPod™ shortly after.

Furthermore, the Company successfully obtained classification of BST-CarGel® as a medical device from the U.S. FDA. This classification represents a significant advantage since regulatory requirements for approval of medical devices can usually be met much faster than for drugs.

Also, during the course of the year, we filed 75 patents and obtained 25 of them. As of today, our BST technology platform and pipeline of products is protected by 40 patents.

3. Enhanced management team

In the last few months, BioSyntech has been able to recruit top specialists to help develop our pipeline of products and to bring them towards commercialization. During the meeting, the Company announced the appointment of two new members to its management team. Ms. Suzanne Boisvert, PhD, has been appointed Director of Clinical Affairs. Ms. Boisvert will manage all existing clinical programs and develop new programs for future products. The Company has also appointed Dr. Alberto Restrepo, MD, as Director of Medical Affairs. Dr. Restrepo will participate in the development of the orthopaedic portfolio, manage our scientific advisory boards, and will be closely involved in the medical education of the orthopaedic community with regards to our product applications.

We are very pleased to welcome these highly regarded and respected specialists. Their knowledge and expertise will contribute greatly to our team's efforts to drive the commercialization of our regenerative medicine product pipeline, with a principal focus on orthopaedic indications. Our ability to recruit top people underscores the increasing recognition of our unique technology platform.

Ms. Suzanne Boisvert holds a PhD in Bio-organic Chemistry from McGill University. She has eleven years of management experience with contract research organizations. Her most recent post was Director of Clinical Operations with Quintiles Canada, where she worked for eight years. Prior to that, she held the position of Clinical Research Manager at Coromed Canada. Ms. Boisvert possesses a solid knowledge of financial project management, GCPs and Canadian regulatory requirements.

Dr. Alberto Restrepo, MD, is an Orthopaedic Surgeon. He graduated from the University Clinic, Universidad de Navarra, Pamplona (Spain) in 1987. Dr. Restrepo's professional career has been dedicated to the study of knee and arthroscopic surgery. His expertise comes from private and public practice, as well as from his dedication to academic medicine. During the course of his career, he has held several teaching assignments, given numerous lectures and published a number of medical papers and studies. He has held the position of Vice Dean at the Universidad de la Sabana School of Medicine since July 1999. Dr. Restrepo has also been an International Affiliate Member of the American Academy of Orthopaedic Surgeons (AAOS) since 1997.

4. Strategic distribution agreements

The financing agreement with Nicholas Piramal India Limited has enabled BioSyntech to strengthen its balance sheet, thereby increasing our leverage during other strategic negotiations with leading orthopaedic players. Discussions are ongoing for the distribution of our products in several countries, including the U.S."

Outlook

"Our three primary priorities for 2006 will include: advancing our three lead products through clinical trials, completing our new GMP manufacturing facility, and securing additional licensing agreements with strategic partners around the globe. I believe that we possess a strong team of researchers and developers, a unique technology platform, and the means to commercialize our products," concluded Mr. LeDuc.

About BioSyntech

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

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • BioSyntech, Inc.
    Claude LeDuc
    President & CEO
    (450) 686-2437, ext. 233
    or
    The Equicom Group Inc.
    Francois Kalos
    (514) 844-6054
    fkalos@equicomgroup.com