LAVAL, QC, Nov. 12 /CNW/ - BioSyntech, Inc. ("BioSyntech" or "the
Company") (TSX: BSY), a biotechnology company developing biotherapeutic
thermogels for regenerative medicine, today announced its financial results
for the three and six-month periods ended September 30, 2007.
Second Quarter Highlights:
- Completed 40% of patient enrollment for BST-CarGel(R) Canadian-
European multi-center pivotal trial.
- Obtained Institutional Review Board (IRB) approval for two additional
Spanish investigational centers, increasing the number of active
centers recruiting into the BST-CarGel(R) Canadian-European pivotal
trial to 15.
- Received approval from Health Canada and investigational center IRBs
for a modified protocol for the BST-DermOn(TM) Canadian multi-center
trial, which now includes the treatment of diabetic ulcers of the toe.
- Presented recent scientific findings regarding BST-CarGel(R) and their
arthroscopic probe, the Arthro-BST(TM), at the 7th World Congress of
the International Cartilage Repair Society in Warsaw, Poland.
"The commercialization of BST-CarGel(R) and BST-DermOn(TM) remains our
key focus. To this end, we continued to steadily advance enrollment in both
clinical programs this quarter and we have made significant progress towards
securing a strategic partner for BST-CarGel," said Claude Leduc, President and
CEO of BioSyntech. "BST-CarGel(R) addresses the enormous problem of cartilage
damage, one of the most common causes of joint pain. We believe that
BST-CarGel(R) represents a solution for repairing this damage in a
minimally-invasive, time-efficient and cost-sensitive manner."
For the three-month period ended September 30, 2007, revenues totalled
$94,368, compared to revenues of $3,393 for the same period in the previous
year. For the six-month period ended September 30, 2007, revenues totalled
$104,164, compared to revenues of $14,199 for the same period a year ago. The
increase in revenues for the three and six-month periods ended September 30,
2007, is mainly the result of the sale of instrumentation products and
Research and development ("R&D") expenses totalled $1,415,775 for the
second quarter of fiscal year 2008, compared to R&D expenses of $1,099,643 for
the second quarter of fiscal year 2007. R&D expenses amounted to $2,835,340
for the six-month period ended September 30, 2007, compared to $1,955,198 for
the same period last year. The increase in R&D expenses for the three and
six-month periods ended September 30, 2007, is primarily attributable to an
increase in expenses incurred for BST-CarGel(R) and BST-DermOn(TM)
multi-center clinical trials, the hiring of new employees related to clinical
development activities and an increase in compensation expenses related to
options granted to consultants and employees.
Net loss for the second quarter of fiscal year 2008, was $2,243,669 or
$0.02 per share, compared to a net loss of $2,034,109 or $0.02 per share for
the same period last year. Net loss for the first half of fiscal year 2008 was
$4,482,460 or $0.05 per share, compared to a net loss of $3,462,217 or $0.04
per share in the first half of fiscal year 2007.
As of September 30, 2007, the Company had cash, cash equivalents and
short-term investments of $7,238,268, compared to $11,925,979 as at March 31,
2007. This decrease reflects the use of funds for operating and investment
The Company's Management's Discussion and Analysis is available on the
BioSyntech website at www.biosyntech.com and with the Company's regulatory
filings at www.sedar.com.
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.
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 or 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.
For further information:
For further information: BioSyntech, Inc., Yvonne Kramer Ph.D., Sr.
Director Corporate & Business Development, Tel: (450) 686-2437, ext. 315,
Yvonne.Kramer@biosyntech.com; BioSyntech, Inc., François Michaud, Chief
Financial Officer, Tel: (450) 686-2437, ext. 260,
Francois.Michaud@biosyntech.com; The Equicom Group, Eric Bouchard, Investor
Relations, Tel: (514) 844-7997, Ebouchard@equicomgroup.com