BioSyntech Inc.
TSX VENTURE : BSY

BioSyntech Inc.
Nicholas Piramal India Limited

Nicholas Piramal India Limited

August 24, 2005 10:18 ET

Nicholas Piramal India Limited And Biosyntech, Inc. Announce Signing Of Formal Agreements

LAVAL, QUEBEC AND MUMBAI, INDIA--(CCNMatthews - Aug. 24, 2005) - Further to its press release of July 7, 2005, BioSyntech, Inc. (TSX VENTURE:BSY) is pleased to announce that the final agreements with respect to the private placement of 7,500,000 common shares of the company at a price of CDN$0.80 per share by Nicholas Piramal India Limited ("NPIL") have been signed today. Closing will occur as soon as regulatory approvals has been obtained in Canada and India.

In addition, BioSyntech is pleased to announce that its annual meeting of shareholders will be held on September 21, 2005 at the Montreal Marriott Chateau Champlain, 1050 de la Gauchetiere Street West, Montreal, Quebec, Canada, Cartier Room. All shareholders are welcome. A copy of BioSyntech's annual report including audited financial statements for its year ended March 31, 2005 can be obtained on BioSyntech's Web Site www.biosyntech.com.

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.

About NPIL - Nicholas Piramal India Limited is one of India's largest pharmaceutical companies, with strong brand management and sales capabilities, a FDA site-approved plant for on-and-off patent APIs and Intermediates. It has R&D capabilities in Basic Research, Process Innovation, Custom Chemical Synthesis, Formulations R&D, NDDS, and also has a world-class accredited Clinical Research Organisation.

With growth fuelled through a strategy of partnerships, quality acquisitions, brand building, focused selling and manufacturing, NPIL's consolidated net sales were US$ 300 million in 2004-05. NPIL has emerged among the leaders in Indian pharma with one of the widest product portfolios in India, spanning nine key therapeutic areas, including the Cardio-vascular, Neuro-psychiatry, Oncology, Diabetes Management, Respiratory, Anti-infectives, Gastro-intestinals, Dermatology and NSAIDS. NPIL's exports initiative is focused on Custom Manufacturing for global innovator companies. NPIL does not participate in the early-to-market Generics market. NPIL is listed in India on the Bombay Stock Exchange, National Stock Exchange and Ahmedabad Stock Exchange. For further information, visit www.nicholaspiramal.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 (233)
    or
    Nicholas Piramal India Limited
    Vijay Sathye
    Vice President - Investor Relations and M&A
    +91-22-56637899
    Mobile: +91-9821879774