LAVAL, QC, April 2 /CNW/ - BioSyntech, Inc. ("BioSyntech" or the
"Company") (TSX: BSY) today announced that it has entered into a formal
agreement with the Business Development Bank of Canada (the "BDC"), to
refinance part of their loan of $2,500,000 by way of conventional mortgage.
All outstanding interest due on the initial loan has been paid, together with
an amount of $500,000 in principal. The new balance of $2,000,000 will be
repaid in 180 monthly installments starting in September 2007.
As consideration for renewing the loan, the BDC has been issued at
closing 79,365 Common Shares of the Company, together with warrants to
subscribe for up to 300,000 common shares of the Company within five years at
a price of $0.80 per share.
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.
For further information:
For further information: BioSyntech, Inc., Yvonne Kramer Ph.D., Sr.
Director Corporate & Business Development, (450) 686-2437, ext. 315,
Yvonne.Kramer@biosyntech.com; François Michaud, Chief Financial Officer, (450)
686-2437, ext. 260, Francois.Michaud@biosyntech.com; The Equicom Group Inc.,
Eric Bouchard, (514) 844-7997, email@example.com