Company Signs Reducol ™ Agreement with Iljin Pharmaceuticals, South Korea
Vancouver, Canada - Forbes Medi Tech Inc. (TSE:FMI; NASDAQ:FMTI) is pleased to announce it has signed a licensing and sale agreement with Iljin Pharmaceuticals (Iljin) to supply Reducol™ for use in dietary supplements and functional food products in South Korea.
"Iljin opens up an exciting opportunity for additional sales of Reducol™," said Charles Butt, President and CEO of Forbes Medi-Tech Inc. "The dietary supplement and functional food market in South Korea is about to open up for the country's population, estimated at over 48 million. We believe Iljin has the necessary strengths to ensure the successful launch of Reducol™ into the Korean market," said Butt.
Under the terms of the agreement, Forbes will supply Reducol™ from its manufacturing joint venture, Phyto-Source LP, in Pasadena, Texas. With the necessary regulatory approvals from the Korean Food and Drug Administration expected later this year, Forbes anticipates shipping Reducol™ in the fourth quarter of 2003 in preparation for the launch of Iljin's initial cholesterol-lowering product line scheduled for the first quarter of 2004.
"It is important to continue building the Reducol™ brand on a global basis," said Jeff Motley, VP of Commercial Operation at Forbes. "The key to a successful global brand is working with partners who have the marketing, sales and distribution network in place to ensure maximum consumer awareness. Iljin clearly is a leader in all of these areas in the Korean market." said Motley.
About Iljin Pharmaceuticals
Iljin Pharmaceutical co. Ltd. was established in December 1984, with the company motto as "to maximize a customer's satisfaction and to optimize its time and quality of service". They have been in OEM/ODM manufacturing in the health food industry since inception. Iljin Pharmaceutical Co. Ltd acquired HFGMP in November 2001. The Company is a leading organization in the Korean health food industry with excellent facilities. Currently, they are manufacturing and distributing over 100 items to 50 affiliated companies. With its leading edge technology gained through their 18 years of experience and stable financial structure, Iljin has exclusive marketing right of US. Herbal Life Co. and was registered as a 'Herbal Life Worldwide Manufacturing Company' in January 2001, marketing to 9 countries including the USA. Iljin is committed to investing continuously in R&D and keeping pace with the global trends of the heath product industry.
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.