Vancouver, British Columbia - July 10, 2002 - Forbes Medi-Tech Inc. (TSE:FMI and NASDAQ:FMTI) today announced it has signed an international supply agreement with Pan Pharmaceuticals Ltd. (ASX: PPH) of Sydney, Australia for Reducol(tm), a cholesterol-lowering phytosterol-based ingredient, to be used in dietary supplements in the form of tablets capsules and soft-gel capsules.
The initial supply agreement is for a minimum of three-years, and secures Pan Pharmaceuticals' exclusive rights to supply Reducol(tm) in the form of a dietary supplement to the Australian market, and selected countries in Asia, the Middle East, Africa, as well as three countries in Europe.
"This agreement will give Forbes tremendous exposure in several key international markets," said Charles Butt, President and Chief Executive Officer of Forbes Medi-Tech. "Pan Pharmaceuticals has an intimate working knowledge of the cultures, regulatory systems and product preferences in these markets, which makes it an ideal partner for Forbes."
"Reducol(tm) is an outstanding product, which we believe has significant market potential worldwide," said Jim Selim, Managing Director, Pan Pharmaceuticals Ltd. "We're looking forward to working closely with Forbes to expand their reach into new markets."
With offices in Australia, United States, Europe, Africa and Asia, Pan Pharmaceuticals Ltd. is one of the largest contract manufacturers of complementary medicines in the Southern Hemisphere. Complementary medicines include vitamin, mineral, herbal, trace element and nutritional supplement products as well as aromatherapy and homeopathic remedies. Pan Pharmaceuticals produces the major complementary medicine product brands in Australia and supplies products to a global market of over 40 countries.
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) and Reducol(tm) are registered trademarks of Forbes Medi-Tech Inc.