BioSyntech Quarterly Results and Highlights.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 (TSX Venture Exchange TSX Venture ExchangeOriginally 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. : BSY BSY Busy BSY British School of Yoga BSY Bit Sync BSY Busy Line ) released today its first quarter financial results for the period ending June 30, 2004, including recent operating highlights. The documents can be consulted at www.sedar.com or at www.biosyntech.com FINANCIAL RESULTS For the three-month period ended June 30, 2004, revenue totalled $7,126, compared to $84,894 in the corresponding period of 2003. The company's net loss was $1,128,513 ($0.03 per share), compared to $799,382 ($0.03 per share) in the previous period. As of June 30, 2004, our cash position was $2,296,812. Furthermore, the Company entered into a loan agreement of $2,500,000 with La Financiere du Quebec, which will be disbursed in tranches upon completion of certains milestones. "BioSyntech is entering an important phase in its development, where it will grow beyond its R&D roots to maximize the value of its portfolio of products," said Mr. 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. "Our results for Q1 are on schedule and we continue to move forward with our strategic plan." RECENT HIGHLIGHTS BIOSYNTECH PRESENTED AT THE 2004 INTERNATIONAL CARTILAGE REPAIR SOCIETY CONFERENCE BioSyntech has presented more supporting preclinical scientific evidence for its cartilage repair product, BST-CarGel(R), at the 2004 International Cartilage Repair Society conference in Gent, Belgium held May 26-29. BST-CarGel(R) represents an innovative treatment modality treatment modality Medtalk The method used to treat a Pt for a particular condition called In Situ In place. When something is "in situ," it is in its original location. ChondroInduction (ICI (language) ICI - An extensible, interpretated language by Tim Long with syntax similar to C. ICI adds high-level garbage-collected associative data structures, exception handling, sets, regular expressions, and dynamic arrays. ), an industry-first in the field of Scaffold-Guided Regenerative Medicine (SGRM) which means that BioSyntech's BST-CarGel(R) technology aims to regenerate cartilage directly in the patient's lesion rather than in a laboratory like other technologies. The results from two recent animal studies which applied BST-CarGel(R) in both rabbit and sheep cartilage repair models were accepted for presentation as part of the symposium's scientific poster session A poster session is the juried presentation of research information by representatives of several research teams at a congress or conference with an academic or professional focus. These are particularly prominent at scientific conferences such as medical congresses. . Much progress has been made towards the goal of initiating a multi-center Canadian-European clinical trial in the Fall of 2004. Recruitment of the clinical team has been completed, consisting of internationally recognized orthopaedic opinion leaders, all highly experienced and motivated. These key physicians practice in some of the most respected orthopaedic centers in Canada and Europe, including in Toronto and London, Ontario, Winnipeg, Calgary, Montreal, France and Germany. In addition, the experience brought by each investigator has made certain that the clinical methods in the study protocol are the most effective means for BioSyntech to test its product. BST-CarGel remains in high demand from the public who see its medical value. And Biosyntech has continued, on a very limited basis, to treat patients who are in need and without alternatives, through Health Canada's Special Access Programme. To date, 12 patients have received BST-CarGel treatment for damaged cartilage in the knee, the last patient receiving treatment just six weeks ago. Biosyntech is pleased to comment that early results for all new patients are positive. CURRENT MANUFACTURING CAPACITY As a reminder we have our own sterile production facility and analytical laboratory housed in our 20,000 square foot plant in Laval. We implemented the internal manufacturing capacity to produce and release as much as 300,000 Regenerative Medicine product units (i.e. BST-CarGel(R), BST-DermOn(R) or BST-InPod(R)) per year. Our Quality Management System has been 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 and to ISO 13485:2001, recognizing our compliance with international regulatory requirements for the conception and manufacturing of medical devices. CEO'S NEW STRATEGIC PLAN Mr. Claude LeDuc, President and CEO of BioSyntech, presented to shareholders in July a new Strategic Plan, which emphasized maximizing the label indications of our lead products through a thorough clinical program for BST (convention) BST - British Summer Time. The name for daylight-saving time in the UK GMT time zone. CarGel, BST-DermOn and BST-InPod. The Strategic Plan reaches all aspects of the company; addressing our financial, regulatory, clinical, manufacturing and development needs. Mr. LeDuc also commented on ongoing discussions with several potential partners who are seeking exclusive global distribution agreements for one or more products of the BioSyntech portfolio. ABOUT BIOSYNTECH BioSyntech is a biotechnology company specializing in the discovery, development and manufacturing of innovative cost-effective and physician-friendly biologic-implants for regenerative medicine and therapeutic delivery. BioSyntech's Quality Management System is registered to ISO 9001:2000 and ISO 13485:2001. For additional information, visit www.biosyntech.com. NO REGULATORY AUTHORITY Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities 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 inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BSY) |
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