VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jul 8, 2004) -
Commission Decision Awaiting Formal Adoption
Forbes Medi-Tech Inc. (TSX:FMI and NASDAQ:FMTI) today announced that the EU Standing Committee on the Food Chain and Animal Health, Section General Food Law has delivered a favorable opinion concerning Forbes' Novel Food application for the use of Reducol(TM) in milk based drinks. The remaining administrative steps to allow Forbes to sell its cholesterol-lowering ingredient in Europe are the adoption, translation and publication of the EU Commission Decision.
"Clearance of this regulatory hurdle secures a significant milestone for the Company, leaving only the completion of administrative steps before pursuing Reducol(TM) sales in Europe," said Charles Butt, President and CEO of Forbes Medi-Tech Inc. "Europe represents a bourgeoning market for our cholesterol-lowering food ingredients. With the inclusion of ten new member states into the European Union, there is a substantial opportunity to further build our revenue base".
Reducol(TM) is produced at Forbes' 50-50 manufacturing joint venture facility, Phyto-Source LP, which is currently the world's largest manufacturer of non-GMO sourced sterols giving Forbes a distinct advantage as this new market develops. The European market has demonstrated a preference for non-GMO based products.
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
This News Release contains forward-looking statements regarding future European regulatory approval for the Company's Reducol(TM), future anticipated demand for, and sales of, Reducol(TM) in Europe, and the Company's future revenue base. Forward-looking statements can be identified by the use of forward-looking terminology such as "to allow", "to sell", "opportunity", or any other variations thereon or comparable terminology referring to future dates, events or results. Forward-looking statements are statements about the future and are inherently uncertain, and the Company's actual results could differ materially from those anticipated in those forward-looking statements as a result of numerous factors, including without limitation, the need for adoption, publication and translation of the EU Commission Decision, which may not occur in a timely manner or at all; the need for buyers of Reducol(TM) and the need for performance by such buyers and their customers; uncertainty of the existence or size of a market opportunity for the Company's sterol products, including Reducol(TM); marketing/manufacturing and partnership/strategic alliance risks; the effect of competition; exchange rate fluctuations; product liability and insurance risks; risks inherent in the development of new products; environmental risks; intellectual property risks; the Company's need for additional future capital, which may not be available in a timely manner or at all; as well as a description of other risks and uncertainties affecting the Company and its business, as contained in news releases and filings with the United States Securities and Exchange Commission and Canadian Securities Regulatory Authorities, any of which could cause actual results to vary materially from current results or the Company's anticipated future results. The Company assumes no obligation to update the information contained in this press release.