BioSyntech Announces $2.5 Million Financing in Canadian Dollars.Business Editors LAVAL, Quebec--(BUSINESS WIRE)--April 3, 2002 BioSyntech, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BSYI), a developer of tissue repair therapies and revolutionary drug delivery platforms, today announced the Company has received a formal commitment for a $2.5 million debt financing in Canadian dollars from BDC (Backup Domain Controller) In a Windows NT server, a copy of the Primary Domain Controller (PDC). The BDC is periodically synchronized with the PDC. See PDC. BDC - Backup Domain Controller Venture Capital, a division of the Business Development Bank of Canada The Business Development Bank of Canada is a crown corporation financial institution wholly owned by the Government of Canada. BDC plays a leadership role in delivering financial and consulting services to Canadian small business, with a particular focus on technology and exporting. (BDC). Additionally, BioSyntech is currently in advanced stages of securing an additional revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. of $1.5 million in Canadian dollars with a major chartered bank in Canada. This revolving line of credit will be used if needed to help launch our products on the European market. As of January 2002, BioSyntech's burn rate is $2.5 million in Canadian dollars per year. About Business Development Bank of Canada (BDC) The Business Development Bank of Canada (BDC) is Canada's small business bank. BDC plays a leadership role in delivering timely and relevant financial and management services, with a particular focus on the emerging and exporting sectors of the economy. The BDC's services are available across Canada in both English and French through a network of more than 80 branches, and its head office in Montreal. For additional information, visit www.bdc.ca. About BioSyntech BioSyntech Inc. is an 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 certified, advanced biomaterials company specializing in tissue repair and in the delivery of therapeutic products. BioSyntech is composed of two operating divisions: tissue repair and therapeutic delivery. The Company's patented platform technology BST-Gel(TM), is a multifunctional injectable thermo-sensitive and self-forming hydrogel hy·dro·gel n. A colloidal gel in which the particles are dispersed in water. hydrogel a gel that contains water. hydrogel Wound care A polymer absorptive wound dressing. See Dressing. that can be used for tissue repair or for targeted delivery of therapeutic agents. These biomaterials are biocompatible biocompatible /bio·com·pat·i·ble/ (-kom-pat´i-b'l) being harmonious with life; not having toxic or injurious effects on biological function. , biodegradable, muco adhesive and provide significant advantages in specialized medical fields including, Oncology, Orthopedics, Rheumatology, Reconstructive Surgery, Tissue Engineering, Vaccines and many other therapeutic areas. For additional information, visit www.biosyntech.com. This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in the company's filings with the regulatory authorities having jurisdiction. No regulatory authority has approved or disapproved the content of this release. |
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