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Biosyntech Inc. (BSYI) And Nicholas Piramal India Limited Announce Letter Of Intent



10/19/2005 5:09:29 PM

LAVAL, CANADA and MUMBAI, INDIA--(CCNMatthews - July 7, 2005) - BioSyntech, Inc. (TSX VENTURE:BSY) has signed a letter of intent with Nicholas Piramal India Limited ("NPIL"), one of India's leading pharmaceutical companies, pursuant to which NPIL will subscribe to 7,500,000 common shares of the company at a price of C$0.80 per share. NPIL's post-issue shareholding will be approximately 17% of issued shares. Biosyntech, Inc. is a Canada-based biotechnology research company that specializes in the discovery, development and manufacturing of cost-effective and physician-friendly biologic implants for therapeutic delivery and regenerative medicine.

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