The final agreements with respect to the private placement of 7,500,000 common shares of the Canada-based biotechnology research company BioSyntech, Inc. at a price of CDN$0.80 per share by Nicholas Piramal India Limited (NPIL) have been signed. Closing will occur as soon as regulatory approvals have been obtained in Canada and India, a release from BioSyntech said.
The lead products of the company under advanced development are BST-CarGel. BST DermOn and BST-InPod, which are for cartilage regeneration, wound healing activation and fat pad reconstruction for heel pain respectively. Biosyntech has six other products under development for regenerative medicine and therapeutic delivery platforms.
As part of the arrangement, the NPIL will acquire exclusive rights for marketing, sales and distribution of current and future products of BioSyntech for India and neighbouring Asian markets.
In addition, NPIL have agreed to explore opportunities to collaborate for research and development activities with respect to future products using BioSyntech's technological platforms.
BioSyntech is a biotechnology company specializing in the discovery, development and manufacturing of innovative cost-effective and physician-friendly therapeutic thermogels for regenerative medicine and therapeutic delivery.