BioSyntech greenshoe partially exercised, lifts 12% convertible debentures to C$12.55 million

By Devika Patel

Knoxville, Tenn., July 18 - Underwriters for BioSyntech, Inc.'s 12% subordinated secured convertible debentures due 2009 exercised their C$1.65 million over-allotment option in part for C$1.55 million more of the debentures, increasing the size of the issue to C$12.55 million, the company said in a press release.

As previously reported, the company sold the debentures at par of C$1,000 on June 17 via lead underwriter Dundee Securities Corp.

The debentures have a conversion price of C$0.20.

They were sold in units consisting of C$1,000 in debentures and 2,500 warrants. The five-year warrants are exercisable at C$0.22. The company sold 12,550 units.

Proceeds will be used to implement a streamlined business plan focused on maximizing value for all shareholders; to complete the pivotal European and Canadian clinical trials for BST-Cargel; to hire a consultant to augment the management team in its exploration of strategic alternatives, such as partnerships and M&A transactions and to support working capital and general corporate purposes.

Based in Laval, Quebec, BioSyntech is a biotechnology company focused on regenerative therapies.

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