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BioSyntech Begins Negotiations on a Distribution Agreement for Cartilage Repair Product, BST-CarGel

BioSyntech Begins Negotiations on a Distribution Agreement for Cartilage Repair Product, BST-CarGel

Business Editors/Health/Medical Writers

LAVAL, Quebec–(BUSINESS WIRE)–March 4, 2003

BIOSYNTECH (OTCBB:BSYI), announced today the signing of an agreement that initiates a 90-day exclusive negotiation period for the marketing, distribution and sales of BioSyntech’s cartilage repair product, BST-CarGel(R), in Europe, Australia and New Zealand, by a multi-national orthopedic company.

BST-CarGel(R) is a novel cartilage repair product based on BioSyntech’s thermo-sensitive, biocompatible, muco-adhesive and biodegradable BST-Gel(R) formulation. Delivered arthroscopically, BST-CarGel(R) effectively fills cartilage defects and has demonstrated reproducible cartilage regeneration in multiple animal trials. Some studies during the development of this product were completed in collaboration with the Canadian Arthritis Network of Centres of Excellence.

“BioSyntech is excited to be in such negotiations with a solid partner and orthopedic leader, which will ensure a promising future for our novel cartilage repair product”, said Amine Selmani, CEO of Biosyntech, “and we look forward to rapidly reaching a suitable agreement based on established terms and responsibilities.”

Biosyntech is also engaged in similar discussions with multiple international companies for distribution agreements which encompass North America and Asia. About BioSyntech

BioSyntech Inc. is an ISO 9001:2000 certified, advanced biomaterials company specializing in tissue repair and in the delivery of therapeutic products. The Company’s patented platform technology BST-Gel(R), is a multifunctional injectable thermo-sensitive and self-forming hydrogel that can be used for tissue repair or for targeted delivery of therapeutic agents. These biomaterials are biocompatible, biodegradable, muco-adhesive and provide significant advantages in specialized medical fields including, Tissue Engineering Orthopedics, Reconstructive Surgery Oncology, Rheumatology, Vaccines and many other therapeutic areas. For additional information, visit www.biosyntech.com.

THIS PRESS RELEASE CONTAINS CERTAIN “FORWARD-LOOKING” STATEMENTS, AS DEFINED IN THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 THAT INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND THE ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM MANAGEMENT’S CURRENT EXPECTATIONS. SUCH FACTORS ARE DETAILED FROM TIME TO TIME IN THE COMPANY’S FILINGS WITH THE REGULATORY AUTHORITIES HAVING JURISDICTION.

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