BioSyntech Closes Transaction with Kuhnil Pharma Co. Ltd.LAVAL, Quebec Laval (pronounced  ) is a city and a region in southwestern Quebec, Canada in the Greater Montreal Area. It is located on Île Jésus, across the Rivière des Prairies from Montreal. -- BioSyntech, Inc. ("BioSyntech" or "the Company") (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 ) today announced the closing of the transaction with Kuhnil Pharma Co. Ltd ("Kuhnil"), one of Korea's leading pharmaceutical companies, pursuant to which Kuhnil purchased 1,500,000 common shares of the Company at a price of $0.80 per share, for total proceeds of $1.2 million. As part of this transaction, which was described in the Company's press release of October 18, 2006, Kuhnil has acquired the exclusive rights to market, sell and distribute BioSyntech's BST-CarGel(R) and BST-InPod(TM) in the Republic of Korea. "The closing of this second international agreement with a strong pharmaceutical company underscores the commercial attractiveness of our lead products," stated Claude LeDuc, President and 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. "With agreements now in both Korea and India, as well as our regulatory progress in Canada, we are continuing to build value." BioSyntech is currently in the process of recruiting patients for its Canadian pivotal (phase III) trial for BST-CarGel(R). The Company is also preparing its investigational testing authorization (ITA ITA abbr. initial teaching alphabet ITA initial teaching alphabet: a partly phonetic alphabet used to teach reading ITA n abbr (BRIT) (= initial teaching alphabet) → ) submissions for BST-DermOnTM and BST-InPodTM, and expects to file with Health Canada during the coming months. About BioSyntech 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 (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 standard. For additional information, visit www.biosyntech.com. About Kuhnil Established in 1951, Kuhnil is one of Korea's largest pharmaceutical companies. Based in Seoul, it is a top-ranked marketer of pharmaceuticals in Korea and is developing a leading position in biopharmaceuticals through its Bio Business Unit. NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE. 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. DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. BioSyntech Inc. (TSX VENTURE:BSY) |
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