LAVAL, QUEBEC--(CCNMatthews - March 31, 2006) - BioSyntech, Inc. ("BioSyntech" or the "Company") (TSX VENTURE:BSY) announced today a first closing of its private placement involving the issuance of 23,810,000 units at a price of $0.42 per unit for gross proceeds of $10,000,200. Each unit consists of one common share of the Company and one half of one warrant. Each warrant entitles the holder to purchase, for a period of three years, one common share at a price of $0.65 per share.
