LAVAL, QC, Jan. 7 /CNW/ - BioSyntech, Inc. ("BioSyntech" or "the Company") (TSX: BSY), a biotechnology company developing novel products in regenerative medicine, today announced that it has exercised its option to issue 8,265,921 common shares to its holders of 2008 Debentures in payment of the $739,800.00 interest payable on December 31, 2009 on the $12,330,000 principal amount of outstanding 12% subordinated secured convertible debentures (the "2008 Debentures"). The 2008 Debentures were issued on July 15, 2008 and July 18, 2008 as part of an offering of units totalling $12,550,000, each comprised of $1,000 principal amount of 2008 Debentures and 2,500 common share purchase warrants of BioSyntech. The 2008 Debentures mature on March 31, 2010 and bear interest to an annual rate of 12.0% payable semi-annually, not in advance, on June 30 and December 31 of each year.
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.
SOURCE BIOSYNTECH, INC.
For further information: For further information: Casey Gurfinkel, The Equicom Group, (416) 815-0700 x283, email@example.com