Forbes Achieves Major Milestone Towards New Zealand & Australian Approval of Reducol(TM)

~Food Standards Australia and New Zealand Recommends Approval of Reducol(tm) for Use in Milk~

June 3, 2004--Vancouver, BC -- Forbes Medi-Tech Inc. (TSX: FMI; NASDAQ:FMTI) announced today that an assessment report was issued by Food Standards Australia and New Zealand (FSANZ) which concluded there were no safety concerns associated with the "Forbes sterols" (Reducol™) in low fat milk. The Reducol™ application is open to public comment until July 7, 2004, after which an assessment report will be prepared. If approved, the final stage of the process is the gazetting (publishing) of the changes to the Food Standards Code. Labeling requirements for milk-based products with Reducol™ would be similar to those provided by the recent European Labeling regulations (See Company's news release dated April 14, 2004).

"Forbes is continuing to secure regulatory approvals for Reducol™ in additional countries," said Charles Butt, President and CEO of Forbes Medi-Tech Inc. "Final approvals in Europe, Australia and New Zealand, once in place, would further expand our market opportunity by 27 countries."

About Forbes Medi-Tech Inc.
Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative prescription pharmaceutical and nutraceutical products for the prevention and treatment of cardiovascular and related diseases. Forbes' scientific platform is based on core sterol technology. By extracting plant sterols from by-products of the forestry industry, Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.
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