BioSyntech Announces a Private Placement.Business Editors/Health/Medical Writers LAVAL, Quebec--(BUSINESS WIRE)--Aug. 29, 2003 BioSyntech (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BSYI) is pleased to confirm that a previously announced private placement has been closed for an amount of $633,000, representing the issuance of 633 units at a price of $1,000 per unit. Each unit is comprised of 3,000 shares of BioSyntech's common stock and warrants entitling the holder to acquire an additional 3,000 shares of BioSyntech's common stock at a price of $1 per share for a period of 18 months. According to Dr. Selmani, President & 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, this financing will give the company the much needed liquidity to continue its activities and to initiate the commercialisation of BST-CarGel(R) once the product receives CE marking. On August 28, the company announced that its Chairman, Mr. Serge Savard, was treated with BST-CarGel(R) in an effort to regenerate the cartilage in his knee, pursuant to the Special Access Programme available in Canada. 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. The Company's patented platform technology BST-Gel(R), 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, Tissue Engineering Orthopaedics, Reconstructive Surgery Oncology, Rheumatology rheumatology /rheu·ma·tol·o·gy/ (-tol´ah-je) the branch of medicine dealing with rheumatic disorders, their causes, pathology, diagnosis, treatment, etc. rheu·ma·tol·o·gy n. , 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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