Biosyntech Inc. Closes Its Private Placement For A Total Of $21 Million With A $3 Million Third And Final Tranche: Company Will Focus On Bringing Its Three Lead Products To Market

BioSyntech, Inc. ("BioSyntech" or the "Company") (TSX VENTURE:BSY) announced today the closing of the third tranche of its previously-announced financing. This final tranche involved the issuance of 7,125,000 Units at $0.42 per Unit for a total of $2,996,700. This brings the total financing to $21 million for the issuance of 50,000,000 Units. Each Unit consisted of one common share and half a warrant. Each full warrant entitles the holder to purchase one share at $0.65 prior to March 31, 2009.

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