On June 21, 2010, BioSyntech, Inc. (TSX: BSY), a biotechnology company developing biotherapeutic thermogels for regenerative medicine, announced that it had completed the sale of its assets to Piramal Healthcare (Canada) Limited as contemplated in the Court Order previously announced on June 4, 2010. BioSyntech sold substantially all of its assets for consideration of $3.9 million plus the assumption of certain of the company's liabilities.

Biosyntech announced on May 12, 2010 that it would seek protection under the Bankruptcy and Insolvency Act. PriceWaterhouseCoopers Inc. was appointed interim receiver.

BioSyntech was advised in this transaction by Fasken Martineau with a team that included Michel Boislard and Caitlin Rose (corporate/securities) and Alain Riendeau and Luc Morin (insolvency).