Forbes Medi-Tech Announces Timing of First Quarter Financial Results

Vancouver, British Columbia - May 29, 2002 - Forbes Medi Tech Inc. (TSE:FMI and NASDAQ:FMTI) today announced that it will release its financial results for the first quarter ended March 31, 2002, following the close of markets on Thursday, May 30, 2002.

A conference call and webcast to discuss these financial results will be held on May 31, 2002 at 7:00 a.m. PST. (10:00 a.m. EST).

About the Conference Call

To participate in the conference call, please dial 416-695-7848 or 1-800-446-4498. For those investors unable to participate in the call, the archived webcast can be accessed through the Company's website at www.forbesmedi.com. The call will also be available for replay until June 7, 2002 by calling 1-416-695-9728 or 1-888-509-0081.

About Forbes Medi-Tech Inc.

Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative pharmaceuticals and nutraceutical products derived from nature. By extracting plant sterols from wood pulping by-products, Forbes is developing cholesterol-lowering agents to be used both as pharmaceutical therapeutics and functional food ingredients in the battle against heart disease. Phytrol(tm) is a registered trademark of Forbes Medi-Tech Inc.

For more information, please contact:

Martin Livingston
Director, Investor Relations
Telephone: (604) 681-8976
E-mail: [email protected]

RJ (Don) MacDonald
Chief Financial Officer
Telephone: (604) 689-5899
E-mail: [email protected]

The NASDAQ National Market and the Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this News Release. This Press Release contains forward-looking statements concerning anticipated expenditures by the Company, and other information in future periods. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company and other results and occurrences may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, the Company's need for funding by the third quarter of 2002, which funding may not be available to the Company on acceptable terms or at all, risks respecting the completion and outcome of clinical trials; regulatory risks; marketing / manufacturing risks; strategic alliance risks; intellectual property risks; risks inherent in functional food and pharmaceutical research and clinical trials which may cause any particular research projects and/or clinical trials to be discontinued; the need to control costs and the possibility of unanticipated expenses; uncertainty as to the Company's ability to successfully increase production quantities of AD / ADD on a cost effective basis; risks with respect to foreign operations including changes in government policies; the need for regulatory approvals to market the Company's sterol-based food ingredient; uncertainty as to market acceptance of the Company's products and the Company's ability to generate projected sales volumes and product prices; the need for continued cooperation and performance by the Company's strategic partners; uncertainty as to the successful conclusion of sales discussions currently underway, and of those anticipated, with third party purchasers. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

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