BioSyntech responds to TSX listing review



    /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
    INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
    DISSEMINATION IN THE UNITED STATES./

    LAVAL, QC, June 18 /CNW/ - On June 17, 2008, the Toronto Stock Exchange
(the "TSX") announced that it is reviewing the common shares of BioSyntech,
Inc. ("BioSyntech" or the "Corporation") (TSX : BSY) with respect to the
Corporation meeting the continued listing requirements of the TSX. In
connection with its bought deal offering announced on June 16, 2008, the
Corporation has applied to the TSX for and expects to obtain an exemption from
the requirement to seek shareholder approval of the offering pursuant to
Section 604(e) of the TSX Company Manual on the basis of its financial
hardship. The Corporation understands that the TSX review was initiated based
on its application for such financial hardship exemption and is a matter of
course in such circumstances. The Corporation strongly believes that when its
bought deal is completed, the Corporation will continue to meet the TSX
continued listing requirements.
    Pursuant to a bought deal agreement between the Corporation and Dundee
Securities Corporation as lead underwriter, Dundee has agreed to purchase
10,000 Units, each comprised of $1,000 principal amount of convertible
debentures and 2,500 warrants, representing gross aggregate proceeds of
$10,000,000 to the Company.
    A preliminary short form prospectus will be filed with the securities
regulatory authorities in the provinces of Alberta, British Columbia,
Manitoba, Ontario and Québec by June 20, 2008. The offering is expected to
close on or about July 4, 2008 and is subject to certain conditions, including
the receipt of the acceptance of the Toronto Stock Exchange and any other
required regulatory approvals.
    The Corporation is confident that upon the closing of this financing, the
Corporation will regain compliance with the TSX requirements, pursuant to the
Remedial Review Process.

    THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY THE SECURITIES, NOR SHALL THERE BE ANY SALE OF
THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
UNLAWFUL.

    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. There is no guarantee that the proposed
financing will be completed and that the Company will be in a position to meet
its obligations as they become due.
    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: Yvonne Kramer, Ph.D., Sr. Director Corporate &
Business Development, Tel: (450) 686-2437, ext. 315,
Yvonne.Kramer@biosyntech.com; The Equicom Group, Arianna Vanin, Investor
Relations, Tel: (514) 844-4680, avanin@equicomgroup.com

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BIOSYNTECH, INC.

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