Superior Court authorizes the sale of BioSyntech's Assets
LAVAL, QC, June 4 /CNW Telbec/ - BioSyntech, Inc. ("BioSyntech" or the "Company") (TSX: BSY), a biotechnology company developing biotherapeutic thermogels for regenerative medicine, today announced that the Superior Court authorized PriceWaterhouseCoopers Inc. ("PWC"), in its capacity as interim receiver, to accept the offer submitted by Piramal Healthcare Limited.
Following the Company's announcement on May 12, 2010 that it would be seeking protection under the Bankruptcy and Insolvency Act, PWC was appointed interim receiver on May 13, 2010. PWC sought offers for the purchase of the Company's assets. Pursuant to Piramal's offer, BioSyntech will sell substantially all of its assets for consideration of CAN$3,900,000.00 plus the assumption of certain of the Company's liabilities up to a maximum amount of CAN$558,080. The sale proceeds will be distributed in accordance with the Court Order. The closing of the asset sale is expected to take place within fifteen business days of the date hereof.
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. The Company's lead, late-stage product, BST-CarGel(R) is currently undergoing an international pivotal trial. For additional information, visit www.biosyntech.com.
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 BioSyntech's products, the availability of government and insurance reimbursements for BioSyntech's products, the strength of our intellectual property, the success of our 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 BioSyntech'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.For further information: Casey Gurfinkel, The Equicom Group, (416) 815-0700 x283, email@example.com