BioSyntech, Inc. and Nicholas Piramal India Limited Announce Letter of Intent.LAVAL, Quebec & MUMBAI, India -- BioSyntech, Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BSY BSY Busy BSY British School of Yoga BSY Bit Sync BSY Busy Line ) has signed a letter of intent with Nicholas Piramal India Limited ("NPIL NPIL Nicholas Piramal India Ltd. "), one of India's leading pharmaceutical companies, pursuant to which NPIL will subscribe to 7,500,000 common shares of the company at a price of C$0.80 per share. NPIL's post-issue shareholding will be approximately 17% of issued shares. Biosyntech, Inc. is a Canada-based biotechnology research company that specializes in the discovery, development and manufacturing of cost-effective and physician-friendly biologic implants for therapeutic delivery and regenerative medicine. Biosyntech specializes in Gel-based platforms that are liquid at room temperature and solid at body temperature. The gels are biodegradable, have porous internal structure and enable easy flow of blood nutrients, cells and fluids. These gels are minimally invasive and have controlled residence time. The Company's lead products under advanced development are BST-CarGel(, BST-DermOn and BST-InPod, which are for cartilage regeneration, wound healing wound healing Physiology The repair of a wound Steps Inflammation, repair and closure, remodeling, final healing; repair of incisions may be either simple–'clean' wounds with little loss of tissue heal by 'primary intention', or 'dirty' wounds heal by activation and fat pad reconstruction for heel pain respectively. Biosyntech has six other products under development for regenerative medicine and therapeutic delivery platforms. As part of the arrangement, NPIL will acquire exclusive rights for marketing, sales and distribution of current and future products of BioSyntech for India, Pakistan, Sri Lanka, Bangladesh, Laos, Cambodia, Vietnam and Philippines. In addition, the Companies have agreed to explore opportunities to collaborate for research and development activities with respect to future products of NPIL using BioSyntech's technological platforms. The letter of intent provides that for so long as NPIL shall be the registered holder of at least 5,000,000 shares of the company, the board of directors of BioSyntech shall include representatives of NPIL in proportion to its shareholding, subject to a minimum of one director.In addition, NPIL will have proportional pre-emptive rights in the event the company offers further equity securities. This arrangement, which has been approved by the board of both companies, is conditional on satisfactory completion of due diligence, on regulatory approvals and on the signing of definitive agreements. Commenting this transaction, Mr. Claude LeDuc, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BioSyntech said: "We are very excited about this collaboration which brings to BioSyntech significant funding from a committed strategic partner, distribution for its products in South-East Asia and the possibility to joint venture R&D activities in India." About BioSyntech - BioSyntech is a biotechnology company specializing in the discovery, development and manufacturing of innovative cost-effective and physician-friendly advanced therapeutic thermogels for regenerative medicine and therapeutic delivery. BioSyntech's Quality Management System is registered to ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000. BioSyntech is listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. , Canada. For additional information, visit www.biosyntech.com. About NPIL - Nicholas Piramal India Limited is one of India's largest pharmaceutical companies, with strong brand management and sales capabilities, a FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. site-approved plant for on-and-off patent APIs and Intermediates. It has R&D capabilities in Basic Research, Process Innovation, Custom Chemical Synthesis, Formulations R&D, NDDS NDDS Novel Drug Delivery Systems (India) NDDS Norman Data Defense Systems NDDS Network Data Delivery System (RTI) NDDS Navigation Data Distribution System NDDS Nuclear Detonation Detection System , and also has a world-class accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. Clinical Research Organisation. With growth fuelled through a strategy of partnerships, quality acquisitions, brand building, focused selling and manufacturing, NPIL's consolidated net sales were US$ 300 million in 2004-05.NPIL has emerged among the leaders in Indian pharma with one of the widest product portfolios in India, spanning nine key therapeutic areas, including the Cardio-vascular, Neuro-psychiatry, Oncology, Diabetes Management, Respiratory, Anti-infectives, Gastro-intestinals, Dermatology and NSAIDS. NPIL's exports initiative is focused on Custom Manufacturing for global innovator companies. NPIL does not participate in the early-to-market Generics market. NPIL is listed in India on the Bombay Stock Exchange Bombay Stock Exchange (BSE) See: National Stock Exchange; Mumbai stock exchange. , National Stock Exchange and Ahmedabad Stock Exchange Ahmedabad Stock Exchange or ASE is the second oldest exchange of India located in the city of Ahmedabad in the western part of the country. It is recognized by Securities Contract (Regulations) Act, 1956 as permanent stock exchange. . For further information, visit www.nicholaspiramal.com NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. BioSyntech Inc. (TSX VENTURE:BSY) |
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