Vancouver, Canada Forbes Medi-Tech Inc. (TSX:FMI and NASDAQ:FMTI) today announced the extension of a major sterol supply agreement for a minimum of US$4.8 million between Forbes' manufacturing joint venture, Phyto-Source LP, and a large multinational company. The contract was originally signed in September 2002, renewed in June 2004 and under the latest extension is effective until the end of 2006. For competitive reasons, the identity of the customer and contractual terms and conditions have not been disclosed.
"The extension of this agreement is an important event for Forbes as it demonstrates the continued demand for our phytosterol ingredients from an established customer," said Charles Butt, President and CEO of Forbes Medi-Tech Inc.
The anticipated revenue from this contract will be included in the Company's 2006 revenue guidance expected to be released in the first quarter. Manufacturing of the phytosterols will be conducted by the Phyto-Source joint venture manufacturing facility in Pasadena, Texas, a 50-50 joint venture between Forbes and Chusei (USA) Inc.
About Forbes Medi-Tech Inc.
Forbes Medi-Tech Inc. is a life sciences company dedicated to the research, development and commercialization of innovative products for the prevention and treatment of cardiovascular disease. Our vision is to develop and market products along a treatment continuum that cardiovascular disease consumers, healthcare professionals and specialized cardiovascular disease research and healthcare institutions will identify, recommend and seek. Our business strategy is to develop and commercialize proprietary compounds to address the unmet needs of patients within the cardiovascular disease market.
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