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BioSyntech Appoints PricewaterhouseCoopers as Financial Advisor

^{Published on 2009-07-21 04:03:20, Last Modified on 2009-07-21 04:03:30 - Market Wire}
 

 LAVAL, QC, July 21 /CNW/ - BioSyntech, Inc. (TSX: BSY), a biotechnology company developing biotherapeutic thermogels for regenerative medicine, today announced that it has retained the services of PricewaterhouseCoopers LLP to act as its financial advisor with respect to the Company's formal review of strategic alternatives including, but not limited to, a commercial partnership involving its cartilage repair device BST-CarGel(R) or a corporate sale of the Company. There can be no assurance that this strategic review will result in any specific transactions and no timetable has been set for its completion. The Company does not plan to make future comments about the status of this review unless there are material developments. BioSyntech announced last month statistically significant results from an analysis of patients who completed their 12 month follow-up in a randomized pivotal clinical trial of BST-CarGel(R). Specifically, statistically significant evidence of improved repair tissue quality due to BST-CarGel(R) treatment was found in the analysis of tissue biopsies from the knees of 22 patients (p=0.045). The ongoing multicenter pivotal trial is evaluating the ability of BST-CarGel(R) to repair cartilage lesions in the knee when applied to a microfractured lesion compared to microfracture alone (control) in 80 patients. Final results on all 80 patients are expected in the first half of 2010. About BioSyntech BioSyntech is a medical device Company specialized in the development, manufacturing and commercialization of advanced biotherapeutic thermogels for regenerative medicine (tissue repair) and therapeutic delivery. Biosyntech's platform technology is a family of hydrogels called BST-Gel(R), some of which are liquid at low temperature and solid at human body temperature. These gels can be injected or applied to a specific local site and offer beneficial properties for the local repair of damaged tissue such as cartilage, bone and chronic wounds and provide the benefit of avoiding invasive surgery. The Company's lead, late-stage product, BST-CarGel(R) is currently undergoing an international pivotal trial. For additional information, visit [ www.biosyntech.com ] Forward-Looking Statements This press release contains forward-looking statements and information which are subject to material risks and uncertainties. Such statements are not historical facts and are based on the current expectations of management. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances, or events to differ materially from those projected in the forward-looking information. These risks include, but are not limited to, those associated with our capacity to finance our activities, the adequacy, timing, and results of our clinical trials, the regulatory approval process, competition, securing and maintaining corporate alliances, market acceptance of the Company's products, the availability of government and insurance reimbursements for the Company's products, the strength of intellectual property, the success of research and development programs, reliance on subcontractors and key personnel, and other risks and uncertainties detailed from time-to-time in our filings with the Canadian securities commissions. Readers should not place undue reliance on the forward-looking information, given that (i) our actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions which were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, could prove to be inaccurate. Additional information about (i) the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information, and (ii) the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, is contained in the Company's annual report and other documents filed from time to time with the Canadian securities commissions which are available at [ www.sedar.com ]. These statements speak only as of the date they are made, and we assume no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law. %SEDAR: 00020217EF 

For further information: James Smith, The Equicom Group, (416) 815-0700 x229, [ Jsmith@equicomgroup.com ]