LAVAL, QC, March 30 /CNW/ - BioSyntech, Inc. (TSX: BSY), a biotechnology
company developing biotherapeutic thermogels for regenerative medicine, today
announced that its Board of Directors has formed a Special Committee to review
the strategic alternatives of the Company, including partnering activities
with the orthopaedic industry, and recommend appropriate actions to the Board.
The members of the Special Committee are Dr. Joyce Tsang (chair of the
committee), Mr. Jean Pierre Desmarais and Mr. Rudy Huber. The Board intends to
engage external advisors to assist the Company in such tasks.
"We continue to attract and maintain genuine interest from a number of
key players in the orthopaedic industry for our cartilage repair device,
BST-CarGel(R). Recently, we announced that we intend to conduct an interim
analysis of the pivotal trial for this product in the second quarter of 2009
and that the results should be of significant interest to potential partners
and further support our discussions," said Michel Lagueux, Chairman of the
Board of Directors. "BioSyntech is in the process of completing a substantial
restructuring and as a result we anticipate we have sufficient resources to
continue operations until September 2009. To further extend our runway, we
have also initiated discussions to restructure our debt obligations and we are
reviewing options to access additional funding. The creation of the Special
Committee and the retention of external expertise should benefit the Company
in a number of ways including allowing us to advance our partnering efforts in
a manner that is most efficient and that should lead to maximized value for
shareholders."
About BioSyntech
BioSyntech is a medical device company specialized in the development,
manufacturing and commercialization of advanced biotherapeutic thermogels for
regenerative medicine (tissue repair) and therapeutic delivery. BioSyntech's
platform technology is a family of hydrogels called BST-Gel(R), some of which
are liquid at low temperature and solid at human body temperature. These gels
can be injected or applied to a specific local site and offer beneficial
properties for the local repair of damaged tissue such as cartilage, bone and
chronic wounds and provide the benefit of avoiding invasive surgery. For
additional information, visit www.biosyntech.com.
Forward-Looking Statements
This press release contains forward-looking statements and information
which are subject to material risks and uncertainties. Such statements are not
historical facts and are based on the current expectations of management. You
are cautioned that such statements are subject to a multitude of risks and
uncertainties that could cause actual results, future circumstances, or events
to differ materially from those projected in the forward-looking information.
These risks include, but are not limited to, those associated with our
capacity to finance our activities, the adequacy, timing, and results of our
clinical trials, the regulatory approval process, competition, securing and
maintaining corporate alliances, market acceptance of the Company's products,
the availability of government and insurance reimbursements for the Company's
products, the strength of intellectual property, the success of research and
development programs, reliance on subcontractors and key personnel, and other
risks and uncertainties detailed from time-to-time in our filings with the
Canadian securities commissions.
Readers should not place undue reliance on the forward-looking
information, given that (i) our actual results could differ materially from a
conclusion, forecast or projection in the forward-looking information, and
(ii) certain material factors or assumptions which were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking information, could prove to be inaccurate. Additional
information about (i) the material factors that could cause actual results to
differ materially from the conclusion, forecast or projection in the
forward-looking information, and (ii) the material factors or assumptions that
were applied in drawing a conclusion or making a forecast or projection as
reflected in the forward-looking information, is contained in the Company's
annual report and other documents filed from time to time with the Canadian
securities commissions which are available at www.sedar.com. These statements
speak only as of the date they are made, and we assume no obligation to revise
such statements as a result of any event, circumstance or otherwise, except in
accordance with law.
%SEDAR: 00020217E
For further information: James Smith, The Equicom Group, (416) 815-0700
x229, Jsmith@equicomgroup.com
