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BioSyntech closes rights offering for US$3.1 million

Fasken
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Overview

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BioSyntech

On October 16, 2009, BioSyntech, Inc. (TSX: BSY) announced the successful closing of its previously announced offering of rights to purchase 310,000 units, each comprised of $10 principal amount of subordinated secured convertible debentures and 91 common share purchase warrants, at a price of $10 per unit, for gross aggregate proceeds of $3,100,000 to BioSyntech. BioSyntech is a biotechnology company developing biotherapeutic thermogels for regenerative medicine. It intends to use the net proceeds from the offering to complete the formal review of the strategic alternatives of the company, including a commercial partnership in respect of its cartilage repair device, BST-CarGel(R), and/or a corporate sale of BioSyntech, to pursue the pivotal trial for BST-CarGel(R) and for general corporate purposes, including working capital. Biosyntech was advised in this transaction by Michel Boislard, Jean-Pierre Chamberland, Jean Michel Lapierre and Caitlin Rose (securities) and Thomas Copeland (tax) of Fasken Martineau.

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