BioSyntech Signs Agreement With One of Korea's Leading Pharma Company.LAVAL, Canada -- 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 signing of a letter of agreement with Kuhnil Pharma Co. Ltd ("Kuhnil"), one of Korea's leading pharmaceutical company, pursuant to which Kuhnil will purchase 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, Kuhnil will acquire exclusive rights for marketing, sales and distribution of BioSyntech's BST-CarGel(R) and BST-InPod(TM) for the Republic of Korea. "We are very pleased to have Kuhnil, one of Korea's leading pharmaceutical company, as a new strategic partner," stated 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. "This fast growing Korean pharmaceutical company has deep rooted interests in the orthopaedic field.Kuhnil is actively supporting the National Orthopaedic Society since over 15 years. This second agreement with a strong regional pharmaceutical company underscores the commercial attractiveness of our lead products. It also provides us with additional resources to advance the development of our proprietary products, including funding our Canadian pivotal phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA trials for BST-CarGel(R), BST-InPod(TM), and BST-DermOn(TM)". The agreement is subject to approval from the Board of Directors of both companies and from the regulatory authorities, and is conditional on the signing of definitive agreements. About BioSyntech BioSyntech is a biotechnology company specializing in the discovery, development and manufacturing of innovative cost-effective and physician-friendly therapeutic thermogels for regenerative re·gen·er·a·tive adj. 1. Of, relating to, or marked by regeneration. 2. Tending to regenerate. re·gen 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 standards. 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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