Natural Health Science Introduces New Clinical Research on Pycnogenol® at SupplySide West Trade Show

WHAT: Natural Health Science (NHS) is introducing ground breaking clinical research on Pycnogenol® and cholesterol reduction at the Supply Side West International Trade Show and Conference.

A separate educational seminar presented by Dr. Ronald Watson titled Nutraceuticals Reduce Risk Factors for Heart Disease, Asthma and Skin Cancer, will be held on December 5 at 10 a.m. –10:50 a.m. in room 501-502. Dr. Watson, professor of public health and nutritional sciences at the University of Arizona Medical, Public Health and Agriculture Schools, will discuss his recent research findings on Pycnogenol® (French maritime pine bark) and it’s ability to filter out UV rays that cause skin cancer. Dr. Watson also will discuss his research on asthma and Pycnogenol®.

Natural Health Science is sponsoring the Opening Reception, on Thursday, December 5 at SupplySide West. Please join them for this special reception after the exhibit hall closes on opening day from 5:30 p.m.-7:30 p.m.

WHO: Ronald R. Watson, Ph.D., Nutrition and Health Research Expert, was among the first US researchers to investigate the health benefits of Pycnogenol® and has had three peer reviewed publications on the heart, asthma and skin benefits that Pycnogenol® offers. Dr. Watson will be leading the aforementioned seminar.

Frank Schonlau, Ph.D., Director of Scientific Communication for Horphag Research/NHS, Dr. Schonlau will be available to discuss new clinical research on Pycnogenol® and Cholesterol Reduction.

WHERE: Natural Health Science Booth #1586-1588
Supply Side West International Trade Show and Conference
The Venetian & The Sands Expo, Las Vegas, NV

WHEN: December 4 - 6, 2002 (Interviews available throughout show. Arranged times preferred.)


Natural Health Science, LLC, (NHS) based in Hillside, New Jersey, is the North American distributor for Pycnogenol® brand French Maritime Pine Bark Extract on behalf of Horphag Research. Pycnogenol is a registered trademark of Horphag Research Ltd., Guernsey, and its applications are protected by U.S. patents #4,698,360 / #5,720,956 / # 6,372.266 and other international patents. NHS has the exclusive rights to market and sell Pycnogenol® (pic-noj-en-all) and benefits from over thirty years of scientific research assuring the safety and efficacy of Pycnogenol® as a dietary supplement. For more information about Pycnogenol® visit our web site at

BioCell Technology, LLC Showcases Anti-aging and Skin Health Supplement, BioCell Collagen II™, at Supply Side West Trade Show

Leading ingredient supplier, BioCell Technology, LLC, will be showcasing its natural supplement, BioCell Collagen II™, and its revolutionary anti-aging capabilities at the Supply Side West International Trade Show and Conference this week.

BioCell Collagen II™, enhances moisture levels and reduces the appearance of wrinkles, with its unique combination of collagen type II, HA and chondroitin sulfate, to nourish the skin from the inside out. With its patented process, BioCell Collagen II™ provides the most bioavailable source of the natural elements needed for beautiful, resilient and younger looking skin. Experts are calling BioCell Collagen II™ “plastic surgery in a bottle” and deem it the new alternative to injections and chemical peels.


Terry Howell, Director of Marketing for BioCell Technology, LLC will
review the upcoming exciting research efforts, the expanded marketing program, the revolutionary age reversal properties, and the naturally occurring ingredients that make up the unique bioavailable matrix of BioCell Collagen II™.

BioCell Technology, LLC Booth #1924
SupplySide West International Trade Show and Conference
The Venetian & The Sands Expo, Las Vegas, NV

December 4-6, 2002 (Interviews available throughout show. Arranged
times preferred.)


Founded in 1997, BioCell Technology, LLC pioneered the applications of Collagen Type II. Holding the patented process to produce this dietary supplement, the highest concentrated natural source of HA available, BioCell Technology, LLC is the exclusive supplier of BioCell Collagen II™. BioCell Technology, LLC owns the exclusive rights to market the bioavailable Collagen Type II under United States Patent #6,025,327. BioCell Collagen II™ is a branded trademarked logo that is available for display on its client's labels to market under their own brand name or formulas. For more information on BioCell Collagen II™, please contact the BioCell Technology sales office at (949) 476-3786, or visit them at

New study shows drinking purple Concord grape juice slowed LDL oxidation

A new study published in the December issue of the American Journal of Clinical Nutrition (1) adds to the growing body of clinical evidence suggesting that drinking purple grape juice, made using the American Concord grape, can help heart health by slowing the oxidation of LDL (bad) cholesterol in the body.

Conducted by the Centre of Human Nutrition and the Division of Biochemistry and Human Metabolism, Dallas, the study compares the antioxidant efficacy of the flavonoids contained in purple Concord grape juice with alpha-tocopherol (Vitamin E). Vitamin E is a well known and potent antioxidant but studies comparing its antioxidant capacity with purple grape juice have never been shown in vivo.

Two groups of 15 people were chosen to either receive Vitamin E or purple Concord grape juice. Both substances prevented LDL cholesterol from oxidising with similar efficacy. Many researchers believe that oxidised LDL cholesterol contributes to atherosclerosis. However, the purple Concord grape juice was more effective than Vitamin E in this study in protecting against plasma protein oxidation.

UK expert, Dr Andrew Neil, Consultant Physician and Reader in Clinical Epidemiology, University of Oxford, comments: "This study looks very interesting; vitamin E is a potent antioxidant and the results suggest that purple Concord grape juice has a similar antioxidant capacity. It is a particularly interesting finding since epidemiological studies have shown that foods rich in flavonoids are associated with a reduced risk of cardiovacascular disease. There are, however, a restricted number of flavonoid-rich food sources and purple grape juice may represent a convenient and palatable source."

Scientists have already shown that purple grape juice has as much as three times the naturally occurring antioxidants of popular fruit juices such as orange, grapefruit and tomato (2) (3). From a nutritional perspective, a daily glass therefore counts as one serving of the 'five a day' fruits and vegetables.

Further studies have also shown that the antioxidants in purple Concord grape juice have a very similar effect to those found in red wine due to the high polyphenol content in both types of grape skins, flesh and seeds. Some studies on blood clotting and vasodilation with red wine and purple grape juice show similar results. Both purple grape juice and red wine help to reduce the stickiness of blood and increase the flexibility of arteries. These factors help to maintain the free flow of blood through the arteries (4) (5).


1. Ishwarlal Jialal et al, "Comparison of the antioxidant effects of Concord grape juice flavanoids and a-tocopherol on markers of oxidative stress in healthy adults", American Journal of Clinical Nutrition, December 2002. Co-sponsored by Welch's Foods Inc (Concord, MA) and the National Institute of Health

2. Wang H, Cao G, Prior RL. Total antioxidant capacity of fruits. Journal of Agricultural and Food Chemistry. 1996;44(3):701-705

3. McBride J. High-CRAC foods may slow ageing. USDA Agricultural Research Service Web Site, Available at

4. Vinson JA, Teufel K, Wu N. Red wine, de-alcoholised red wine, and especially grape juice, inhibit atherosclerosis in a hamster model. Atherosclerosis. 2001;156:1:67-72

5. Freedman JE, Parker C (III), Li L, Perlman JA, Frei B, Ivanov V, Deak LR, Iafrati MD, Folts JD. Select flavonoids and whole juice from purple grapes inhibit platelet function and enhance nitric oxide release. Circulation. 2001;103:2792-2798

USP Establishes Advisory Panel on Botanicals

November 27, 2002
Rockville, Maryland --- The United States Pharmacopeia (USP) is pleased to announce that it has established an advisory panel on botanicals. The new USP Botanical Advisory Panel will advise USP's Dietary Supplements-Botanicals Expert Committee on the development of information on botanicals pertaining to historical use, botanical identification, global regulatory status, good agricultural practices, and handling that will supplement the standards in the United States Pharmacopeia and National Formulary (USP-NF). In addition, the panel will explore the feasibility of developing Authentic Plant Reference Materials (APRM).

"With the formation of the advisory panel, we will be able to obtain and disseminate information on how to improve the quality of botanicals," said David B. Roll, director of dietary supplements at USP. "Historically, USP has created standards for botanical products, however, we have never looked at factors that favor optimal growth, handling, and storage of botanicals."

Comprising 12 members from academia, government, and industry, the panel is headed by William F. Popin, the director of research and development and quality for Young Living Essential Oils. He also is a member of USP's Dietary Supplement Botanicals Expert Committee. The committee develops monographs and establishes standards for botanical dietary supplements. Other members of the panel include: Simon Mills, professor of University of Exeter (Devon, England); Rudolf Bauer, professor at the Institut fuer Pharmakognosie (Graz, Austria); Mark Blumenthal, executive director at the American Botanical Council; Amala Raman, senior postgraduate tutor, King's College (London, England); Roy Upton, executive director, American Herbal Pharmacopoeia; John Cardellina, vice president, Council for Responsible Nutrition; James Miller, curator and head, Applied Research Department, Missouri Botanical Garden; Greg Pennyroyal, president, Growing Medicine Inc.; Ezio Bomabardelli, Indena S.p.A. (Milan, Italy); Kathy Sharpless, Analytical Chemistry Division, NIST; and Edward Fletcher, Strategic Sourcing Inc. Gabriel Giancaspro is USP staff liaison to the panel, which will report to USP's Botanicals Expert Committee chaired by Paul Schiff.

At the first meeting of the panel held in November, the panel agreed to focus its efforts on valerian, ginger, black cohosh, and saw palmetto, which also have USP monographs. The panel also plans to create additional information chapters in the USP-NF.

# # #

USP-The Standard of Quality
USP is a non-government organization that promotes the public health by establishing state-of-the-art standards to ensure the quality of medicines and other health care technologies. These standards are developed by a unique process of public involvement and are recognized worldwide. In addition, USP has public health programs that focus on promoting optimal health care, including the Dietary Supplement Verification Program (DSVP), Health Care Information, and Patient Safety. USP is a not-for-profit organization that achieves its goals through the contributions of volunteers representing pharmacy, medicine, and other health care professions, as well as science, academia, government, the pharmaceutical industry, and consumer organizations. For more information, visit


American Media to buy Weider Publications

According to Reuters, American Media Inc. said it would buy Weider Publications for $350 million in an effort to further expand its portfolio beyond tabloid papers like "National Enquirer" and "The Star."

The deal is expected to close in the first quarter of 2003.

AOAC International Awards Two Covance Employees Fellowship Status

Princeton, New Jersey, November 27, 2002 — AOAC INTERNATIONAL, a professional scientific association dedicated to the validation of analytical methods and quality laboratory management, announced that it has awarded fellowship status to two Covance employees, Mr. Wayne Ellefson and Mr. Darryl Sullivan. It is a great honor for Covance to have received this recognition, particularly for two people in one year. Covance continues to enhance its presence in the marketplace as the premier laboratory for analytical testing services and the recent AOAC awards are a testimony to the confidence that the scientific and regulatory communities have placed in Covance.

Mr. Sullivan has been employed at Covance for 24 years and has been an active member of AOAC for 22 years. He has held many positions within the association, most recently being appointed Chair of the Official Methods Board. Also, Mr. Sullivan is the current Chair of the AOAC Task Force on Dietary Supplements. Mr. Ellefson has been employed at Covance for 31 years and has most recently supported AOAC as the Chair of the Annual Meeting Program Committee.

AOAC is a private, not-for-profit association dedicated to the development and validation of analytical methods, the improvement of quality assurance procedures in laboratories, and the professional development of scientists. The latest information about AOAC's methods validation programs, training courses, membership, publications, and proficiency testing program can be found at:

As a leader in food safety and nutritional testing, Covance's scientists help food manufacturers navigate the path from development to product release by providing accurate scientific data and dependable regulatory expertise. To maintain this leadership position, Covance continuously seeks ways to better service their clients. Examples of this dedication include the expansion of the Analytical Testing Services in Madison Wisconsin, and the development of a new method to detect the presence of acrylamide in food. The expanded laboratory facilities are nearing completion and are expected to enhance the ability to support both existing products and the stream of new products entering the conventional food and nutraceutical markets. The newly offered acrylamide testing was developed in response to a recent report by the Swedish National Food Administration, which sparked international concern over this potential cancer-causing agent in food. The testing method has proven effective for a variety of carbohydrate-rich foods and Covance is extending the method applicability through cross validation in different matrices. From nutritional analysis and labeling to stability testing and clinical studies of dietary supplements, Covance adapts to clients' needs to help reduce the time and cost of drug development.

Covance [NYSE: CVD], with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2001 pro forma revenues of $800 million, operations currently in 17 countries, and approximately 6,900 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through the website, in the About Covance area.

National Starch and Chemical Acquires Penford's Resistant Starch Business And Worldwide Rights to Penford's Technology Portfolio in High Amylose Resistant Starch, Including Exclusive Rights in Human Nutrition

BRIDGEWATER, N.J., Nov. 27 /PRNewswire-FirstCall/ -- National Starch and Chemical Company, a member of the ICI Group (NYSE: ICI) , announced that it has acquired the resistant starch business and the worldwide rights to the broad technology and intellectual property portfolio in high amylose resistant starch from Penford Australia Ltd., a wholly owned subsidiary of Penford Corporation. The agreement covers the use of products for general applications as well as the exclusive rights for products used in human nutrition.

The technology platform, made available through a royalty bearing licensing structure, encompasses resistant starch products for human nutrition including prebiotic and probiotic effects, colonic health, fat metabolism, glycemic response, weight regulation, body composition and treatment and prevention of disease. The commercial business acquired includes the supply of hi-maize resistant starch to customers in Australasia and elsewhere.

"This technology, combined with National Starch's existing proprietary technology portfolio, enables the company to more rapidly grow its already successful human nutrition platform," said Gary Zwiercan, group vice president, Advanced Ingredients Group.

The value of the transaction represents less than one percent of ICI Group net assets.

National Starch and Chemical Company, headquartered in Bridgewater, N.J., is a member of the ICI Group. National Starch is a worldwide manufacturer of adhesives, specialty polymers, electronic and engineering materials, natural polymers and advanced ingredients, with sales of $2.6 billion.

Wessanen Results Support Wellness Strategy

AMSTELVEEN, Netherlands--(BUSINESS WIRE)--Nov. 26, 2002--
Third quarter 2002 compared to third quarter 2001:

-- EBITA current activities increased 29% to EUR 18.7 million (EUR 14.5 million in 2001)

-- Net sales from current activities decreased 3% to EUR 678.2 million (EUR 701.8 million in 2001)

-- Sales of Tree of Life Europe grew 22% to EUR 101.1 million (EUR 83.1 million in 2001), of which 4% was autonomous growth

-- Sales of natural food in the United States grew 13% to EUR 118.2 million, sales in specialty food declined 4% to EUR 261.4 million

-- Implementation structural organizational measures at Tree of Life NA, including a review of the value of the IT system

-- Balance sheet and debt position undiminished strong: EBITDA/interest ratio 6.4 (5.4 in 2001)

-- Outlook for 2002 is maintained: profit per share EUR 0.71 before amortization of goodwill and exceptional income and expenses.

-- Extraordinary income due to the sale of Leerdammer Company expected of about EUR 100 million and an exceptional charge of approximately EUR 30 million due to the partial write-off of the IT system and reorganization of Cereals in the United Kingdom.

Comments of Mac Zondervan, Chairman of the Executive Board "The development of our result in the third quarter shows the validity of our strategy while underlining those operational aspects where further improvement is necessary. Our focus on the consumer's demand for high-quality, healthy, tasty and convenient food is successful: this market continues to grow. This is reflected in growth of 22% in the third quarter at Tree of Life Europe (TOL E), including 4% autonomous growth, and the progress made by our strong brands in Europe. Although the sales and results in the United States (US) as a whole were disappointing, even here we saw our sales in natural foods rise by 13%. That the Wellness consumer cares about convenience as well as health was evident from the strong performance of the Convenience Food Group (CFG) of which the result (EBITA) increased no less than 17%.

Amidst all these positive aspects, certain activities require further improvement, particularly in the US. After sealing the partnership with Wild Oats and losing two large customers, we are faced with a major operational challenge that is vigorously taken up. Sales at Wild Oats are already surpassing expectations. Also more than two hundred jobs have been shed to reduce costs. However, in view of the difficult market conditions resulting from the price pressure that the retail is exerting on us and our suppliers, we continue to take the measures that are necessary to improve the flexibility and efficiency of the organization. Part of this is the review of the investments we made in the IT system based on our experiences in the region where the system is operational as well as the changed requirements of the organization. This will result in a still to be confirmed one-off charge of approximately EUR 20 to 25 million.

Finally, an important step in the implementation of our strategy was made in the third quarter with the announcement of the sale of Leerdammer Company to Fromageries Bel at an attractive price of EUR 190 million. "


Wessanen expects the net sales for the last quarter of 2002 to be in line with the same quarter last year for the current activities. Besides lower results at Cereals, the results of Tree of Life North America (TOL NA) will be considerably less than the same period last year. This is expected to be only partly offset by better results at TOL E, CFG and Dairy Europe.

In the past quarter Wessanen announced the sale of Leerdammer Company. This is expected to result in a book profit of approximately EUR 100 million and to be closed in December. The partial write-off of the IT system of TOL NA as well as a reorganization of our Cereals activities in the United Kingdom will lead to a one-off charge of approximately EUR 30 million before taxes.

Wessanen maintains its outlook for 2002 and 2003 as stated with the publication of the half-year results in August 2002. This means for this year earnings per share of EUR 0.71, based on a net profit of EUR 50 million before goodwill amortization and exceptional income and expenses. This assumes a dollar rate of 0.98 to the Euro for the second half of 2002. For 2003 this means EUR 0.82 earnings per share.

Important dates

February 20, 2003: Publication of annual figures 2002 April 2, 2003: General Meeting of Shareholders May 14, 2003: Publication of quarterly figures Q1-2003 August 27, 2003: Publication of half-yearly figures 2003 November 21, 2003: Publication of quarterly figures Q3-2003

Company Profile

Koninklijke Wessanen nv is a Netherlands-based multinational food group operating in the European and North American markets. We market, distribute and produce wellness products that the consumer perceives to be natural and healthy, easy to prepare or tasty & indulgent. Knowledge of consumer trends and a clear emphasis on innovation form the basis for growth and continuity in all our businesses.

Third quarter results 2002 - Koninklijke Wessanen nv

All information about future developments is subject to change.

Forbes Medi-Tech Announces Third Quarter Results, Improves Financial Position and Outlook

Vancouver, British Columbia - Forbes Medi Tech Inc. (TSE:FMI and NASDAQ:FMTI) today announced its financial results for the three and nine-month periods ended September 30, 2002. In 2001 the Company changed its year-end from October 31 to December 31, so the comparative periods are the three and nine months ended October 31, 2001. All amounts, unless otherwise specified, are in Canadian Dollars.

Forbes' Third Quarter Highlights

- Together with the Phyto-Source joint venture, secured sterols supply agreements for up to $40 million over two years
- Completed sale of the Amqui pilot plant for staged payments of $1.6 million
- Received approval to initiate Phase II clinical trial on the Company's cholesterol-lowering pharmaceutical FM-VP4
- Completed $1.2 million in equity financings
- Improved the Company's working capital position

"This has been a very important quarter for Forbes as we have successfully completed not just one, but four major milestones", says Charles Butt, President and CEO of Forbes Medi-Tech Inc. "The Company's cholesterol-lowering pharmaceutical FM-VP4 has been approved to initiate Phase II in its clinical trials, sales contracts for cholesterol-lowering sterols have exceeded our expectations, and we have improved the Company's working capital position through initial payments on the sale of our Amqui pilot plant and completion of some modest equity financings. "


The Company maintains its revenue guidance for 2002 at $8 million (US$5 million), of which direct sales and royalties will be approximately $7 million (US$4.5 million). Sales volumes of phytosterols for calendar 2002 for the Company and the Phyto-Source joint venture are anticipated to be 350 tonnes (net 220 tonnes to the Company) compared with 180 tonnes (net 130 tonnes to the Company) in calendar 2001.

Based on existing sales contracts, and assuming that forecasted supply requirements will be ordered, the Company is projecting its share of revenue from sterol sales for 2003 of $12 million. This figure represents the Company's share of the $20 million projected revenue of the combined sales contracts of the Company and the Phyto-Source joint venture. The Company is in discussions with several other companies regarding possible new major sterol contracts.

Based on existing and projected sales contracts, projected expenditure levels, and planned divestiture of the Company's AD/ADD business, Forbes believes it will have sufficient capital to operate and fund its core development projects through the end of 2003. The Company, however, is continuing to look at various financing opportunities to further develop its pipeline of products.


For the nine months ended September 30, 2002, the Company reported a net loss of $1.0 million ($0.05 per share) compared with a net loss of $8.4 million ($0.40 per share) for the nine months ended October 31, 2001. The significant improvement resulted primarily from a one-time $6.1 million gain realized in the second quarter of 2002 on the purchase of Reducol(tm) rights (as discussed in the Company's June 25, 2002 news release) for an amount significantly below the deferred revenue liability on the Company's financial statements. Reductions in general and administrative (G&A) expenses and research and development (R&D) expenses also contributed to the improvement.

The Company reports record phytosterol revenues of $6.3 million for the nine months ended September 30, 2002 compared with $5.6 million in the nine months ended October 31, 2001. Included in these amounts are direct product sales and royalties of $5.3 million for the nine months ended September 30, 2002 compared with $4.2 million in the nine months ended October 31, 2001. The $1.1 million increase in sales in the nine months resulted primarily from sales of non-food grade sterols from the Company's share of the Phyto-Source joint venture.

For the three months ended September 30, 2002, the Company had a net loss of $1.9 million ($0.09 per share), compared to a net loss of $1.8 million ($0.09 per share) for the three-month period ended October 31, 2001. The Company continued to significantly reduce G&A and R&D expenditures but this was offset by reductions in revenues during the quarter ended September 30, 2002 as discussed below.

Phytosterol revenues were $1.3 million for the three months ended September 30, 2002 made up entirely of direct product sales and royalties. No licensing amortization is recognized in revenues in the quarter as a result of the elimination of deferred revenue on the buy-back of the Reducol(tm) rights. The reduced direct sales occurred in the third quarter 2002 partly because of the transition between the completion of a major one-year sterols sales purchase agreement on June 30, 2002 and the commencement late in the fourth quarter of 2002 of significant revenues from the previously announced sterols supply agreements, including those with the Phyto-Source joint venture, totaling up to $40 million over two years. As previously announced, the Company anticipates revenues will increase steadily over the three quarters starting in the fourth quarter 2002, as a result of its new contracts.


The Company's net R&D expenditures totaled $2.7 million in the first nine months of 2002, compared to $4.3 million in the nine-month period ended October 31, 2001. G&A costs were down to $3.5 million for the first nine months of 2002, compared with $4.8 million for the nine months ended October 31, 2001. Cost of sales increased by $0.7 million from the nine months ended October 31, 2001 to the nine months ended September 30, 2002 consistent with the increase in sales of $1.1 million over the same periods.

The Company's net R&D expenditures totaled $0.7 million in the third quarter of 2002, compared to $1.2 million in the three-month period ended October 31, 2001. The reduction in R&D is attributed to a decrease in non-core expenditures outside the FM-VP4 development program. G&A costs were down to $0.8 million for the third quarter 2002, compared with $1.0 million for the three months ended October 31, 2001. Cost of sales decreased by $0.7 million, consistent with the $0.7 million decrease in sales. The Company continues to reduce discretionary expenditures.

Liquidity & Capital Resources

The Company's working capital improved from a working capital deficiency of $0.7 million at June 30, 2002, to a positive working capital of approximately $0.1 million at September 30, 2002, which is calculated after deducting $2.6 million of royalties projected to be payable to Novartis by September 30, 2003. Excluding such royalties, the Company's working capital was $2.7 million at September 30, 2002. The Company's cash and cash equivalents increased from $0.3 million at June 30, 2002 to $1.2 million at September 30, 2002.

During the three months ended September 30, 2002, the Company used $1.8 million in operating activities compared with $7.0 million in the three-month period ended October 31, 2001. Investing activities during the quarter ended September 30, 2002, generated cash of $1.7 million mainly related to the disposal of the Amqui pilot plant and compared with $5.5 million generated in the quarter ended October 31, 2001 which related to transfers out of short-term investments. At June 30, 2002 the Company was committed to investing an additional $2.0 million (US$1.35 million) in the Phyto-Source joint venture, which is 50%-owned by the Company. The joint venture has agreed to offset this amount against amounts owed by the joint venture to the Company and as a result the Company's current receivables and current payables decreased by $1.0 million.

During the nine months ended September 30, 2002, the Company used $6.0 million in operating activities compared with $10.4 million in the nine-month period ended October 31, 2001. Investing activities during the first nine months of 2002 generated cash of $2.1 million compared with $4.6 million in the nine months ended October 31, 2001. During the first nine months of 2002 the Company expended $0.6 million on capital assets, compared with $9.6 million in the nine months ended October 31, 2001. Financing activities during the three months ended September 30, 2002 generated cash of $1.1 million primarily as a result of the completion of two equity financings. For the first nine months of 2002, such activities used cash of $0.6 million, mainly related to the payment, in the quarter ended June 30, 2002, of demand loans, compared with generating cash of $1.4 million in the nine months ended October 31, 2001 mainly due to the assumption of the demand loans. ubsequent to September 30, 2002 the Phyto-Source joint venture has negotiated and drawn down a US$0.7 million credit facility for use by the joint venture. The facility is guaranteed by Forbes (USA) Inc., a wholly-owned subsidiary of the Company, and by the Company's joint venture partner, Chusei (USA) Inc.

Conference Call

A conference call and webcast to discuss these financial results will be held on November 26, 2002 at 1:30 p.m. PST. (4:30 p.m. EST). To participate in the conference call, please dial 416-695-5259 or 1-877-461-2816. For those investors unable to participate in the call, the live webcast can be accessed through the Company's website at The call will also be available for replay until December 21, 2002 by calling
416-695-9731 or 1-888-509-0081. The webcast link will be archived on the Forbes website

Third Quarter Report

This news release includes by reference the Company's Third Quarter Report, including the full Management Discussion & Analysis (MD&A) as well as the complete third quarter 2002 financial statements. The MD&A and financial statements are being filed with applicable Canadian and U.S. regulatory authorities.

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 for the prevention and treatment of
cardiovascular and related diseases. By extracting plant sterols from wood pulping by-products, Forbes has developed cholesterol-lowering agents to be used as pharmaceutical therapeutics, dietary supplements and functional food ingredients.

For more information, please contact:

Darren Seed Manager, Investor Relations
Telephone: (604) 681-8976
RJ (Don) MacDonald
Chief Financial Officer
Telephone: (604) 689-5899

This press release contains forward-looking statements concerning anticipated developments in the Company's business and projected sales volumes, revenues, capital, and other information in future periods. Forward-looking statements are frequently, but not always, identified by words such as "revenue guidance", "anticipates," "believes," "projects", "possible", "expects", "intends," "estimates," "potential", and similar expressions or variations thereon, or statements that events, conditions or results "will," "may," "could" or "should" occur or be achieved. These forward-looking statements are set forth principally under the heading "Outlook", but occur elsewhere in this press release as well.

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, uncertainty as to whether the Company's anticipated sales volumes, revenues, expenditure levels and divestiture of the AD/ADD business will be achieved as currently anticipated or at all; uncertainty that the Phyto-Source joint venture manufacturing facility will function as planned; the need for continued cooperation and performance by the Company's joint venture partner; uncertainty as to whether the Company will be able to complete any new major sterol contracts; the need to control costs and the possibility of unanticipated expenses; uncertainty as to the Company's ability to generate projected sales volumes and prod ct prices; uncertainty as to whether product volumes will be ordered by customers as forecasted or at all; uncertainty as to the successful conclusion of sales discussions currently underway, and of those anticipated, with third-party purchasers; the need for performance of contract obligations by buyers of products; uncertainty as to whether the balance of payments due as a result of the sale of the Amqui property will be made on a timely basis or at all; the fact that additional funding may not be available to the Company on acceptable terms or at all; and other risks and uncertainties identified in this press release. 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. See also the Company's reports filed with the Toronto Stock Exchange, the Ontario and B.C. Securities Commissions, and the U.S. Securities and Exchange Commission from time to time for other cautionary statements identifying important factors with respect to such forward-looking statements. The Company does not assume any obligation to update any forward-looking statement contained herein.

Full News Release and Corresponding Tables also available in PDF Format:

Associated File:
309 KB in size, approx. 2 minutes, 29 seconds to download at 28.8Kbps

Scientific Fact's Uphill Battle vs. Irradiation Misinformation

CHICAGO - Countering negative, misinformation campaigns with repetitive messages focusing on the positive is a favorable method to improve consumers' willingness to buy irradiated foods benefitting their health and safety, according to a series of studies described in this month's issue of Food Technology magazine, the flagship publication of the not-for-profit international scientific society Institute of Food Technologists.

The November article, "Influences on Purchase of Irradiated Foods," reveals that equal amounts of promotion and criticism of the irradiation of food result in unequal buying decisions by consumers.

It states,"when [consumers were] provided with both sets of information, the effect of negative information dominated that of the positive." It was determined that irradiation opponents' unsubstantiated claim of a link between irradiated food and increased cancer risk is the most damaging factor.

When consumers are presented an equal set of favorable and unfavorable messages, followed by truthful statements about irradiated foods, the article reveals more than 80-percent of consumers said they would purchase an irradiated food.

The truthful statements included: irradiated food could never become radioactive; no study has shown a connection between irradiated food and cancer or birth defects; radiolytic properties similar to those produced by irradiation are also produced when food is grilled or fried; vitamin losses are insignificant and lower than in other food processing procedures; and others.

"Pasteurization of milk and seat belts for automobiles were controversial for a time, but we know conclusively they both save lives," said IFT irradiation expert Christine Bruhn, whose studies are among the article's references, "The same will be true for irradiation."

"Those of us familiar with irradiation have an obligation to share the safety benefits of irradiated foods with the public."

Food Technology is published monthly by IFT, providing news and analysis of the development, use, quality, safety, and regulation of food sources, products, and processes. Monthly issues are accessible online at:


Founded in 1939, the Institute of Food Technologists is a not-for-profit scientific society with 27,000 members working in food science, technology and related professions in industry, academia and government. As the society for food science and technology, IFT brings sound science to the public discussion of food issues. For more on IFT, see

Contact: James N. Klapthor, Media Relations Manager
Phone: 312/782-8424 ext. 231