Mr. Charles Butt, President and Chief Executive Officer, Forbes Medi-Tech Inc., (TSE:FMI and NASDAQ:FMTI) today announced the promotion of Dr. Haydn Pritchard to Senior Vice President, Research and Development.
"Dr. Pritchard has played an integral role in advancing Forbes' flagship cholesterol-lowering drug FM-VP4 into clinical trials and will be instrumental in expanding the Company's pharmaceutical development program," said Mr. Butt.
In his new capacity, Dr. Pritchard will be responsible for the overall leadership of the Company's discovery and development program for new chemical and molecular therapeutics.
"Forbes' pharmaceutical development strategy moving forward is to initiate pre-clinical trials for FM-VP4's anti-obesity, diabetes and HDL regulation indications," said Dr. Pritchard.
Dr. Pritchard has been Vice President, Pharmaceutical Research and Development of Forbes since July 2001. He is recognized internationally for his basic and clinical research into the genetic and environmental disorders of cholesterol metabolism, and has published more than 100 scientific papers in this area. Dr. Pritchard is a Professor of Pathology at the University of British Columbia. He has served as on numerous national and international scientific review boards and is an external reviewer of several scientific journals. He is a founder and current Board member of the Healthy Heart Society of British Columbia.
Forbes Medi-Tech Inc. is a diversified health sciences company dedicated to the research, development and commercialization of innovative nutraceutical and pharmaceutical products derived from nature. By extracting plant sterols from wood pulping by-products, Forbes is developing cholesterol-lowering agents to be used both as functional food ingredients and pharmaceutical therapeutics in the battle against heart disease. Forbes is also developing innovative fermentation technology that converts plant sterols into pharmaceutical fine chemicals, essential in the production of various pharmaceutical steroids such as contraceptive agents and anti-inflammatories. Phytrol™ is a registered trademark of Forbes Medi-Tech Inc.
For more information, please contact:
Director, Investor Relations
RJ (Don) MacDonald
Chief Financial Officer
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 revenue to be received 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, uncertainty that the purchaser of the Amqui property will make the scheduled payments on time or at all, or that the purchase and sale transaction will close as anticipated 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.