ProQuest Investments acquires debentures and warrants of BioSyntech, Inc.

MONTREAL, Oct. 20 /CNW Telbec/ - ProQuest Investments III, L.P., a U.S.-based private venture capital fund, announces that, it has acquired ownership of $956,310 principal amount of 12% Subordinated Secured Convertible Debentures Series 2009-2 maturing March 31, 2010, convertible (at a price of $0.11 per share) into 8,693,727 common shares in the share capital of BioSyntech, and common share purchase warrants expiring August 19, 2016, exercisable (at a price of $0.14 per share) into 8,702,421 common shares. In the event that the debentures held are fully converted and that all of the warrants held are fully exercised by ProQuest and that no other convertible securities are converted or exercised, these holdings would represent approximately 14.16% of the total issued and outstanding common shares of BioSyntech as at October 16, 2009.

As a result of this subscription and as of the date hereof, ProQuest holds an equivalent of 16,418,999 common shares representing approximately 15.57% of the total issued and outstanding common shares of BioSyntech on a non-diluted basis, 18,750,421 common share purchase warrants, $3,000,000 principal amount of Subordinated Secured Convertible Debenture Series issued in 2008, convertible (at a price of $0.20 per share) into 15,000,000 common shares, $280,000 principal amount of a Subordinated Secured Convertible Debenture Series 2009-1, convertible (at a price of $0.11 per share) into 2,545,455 common shares, and $956,310 principal amount of a Subordinated Secured Convertible Debenture Series 2009-2, convertible (at a price of $0.11 per share) into 8,693,727 common shares. In the event that the debentures held are fully converted and that all of the warrants held are fully exercised by ProQuest and that no other convertible securities are converted or exercised, these holdings would represent approximately 40.82% of the total issued and outstanding common shares of BioSyntech as at October 16, 2009.

The debentures and warrants were acquired pursuant to a public rights offering and a stand-by purchase agreement entered into between ProQuest and BioSyntech dated August 21, 2009 for total consideration of $956,310. The short form prospectus describing the rights offering and the stand-by purchase agreement are available electronically at www.sedar.com.

The debentures and warrants were acquired for investment purposes only. ProQuest may from time to time acquire additional securities of BioSyntech, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its positions.

For more details about ProQuest and its investments, please visit our website at www.proquestvc.com.

SOURCE PROQUEST INVESTMENTS

For further information: For further information: Joyce Tsang, Ph.D., ProQuest Investments, (514) 842-1625, fax: (514) 842-1379

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PROQUEST INVESTMENTS

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