Vancouver, British Columbia -- Forbes Medi-Tech Inc. (TSX:FMI and NASDAQ:FMTI) today announced it has extended its supply and licensing contract with Pharmavite LLC until mid 2007 for the continued sale of Reducol(tm), the branded cholesterol lowering ingredient in one of Pharmavite's leading dietary supplements, Nature Made(r) CholestOff(r).
"The renewal of business between Pharmavite and Forbes is the result of a successful strategic partnership and strong CholestOff(r) sales," said Laura Wessman, Senior Vice President, Operations at Forbes. "Pharmavite remains a key partner in the ongoing commercialization strategy for our ingredient, Reducol(tm), and our commitment in targeting cardiovascular disease through diet," said Wessman. The contract calls for an undisclosed amount of Reducol(tm) to be purchased in order to maintain Pharmavite's exclusive rights to the mass-market distribution channel in the U.S.
"CholestOff(r) sales have grown over the past few years as we continue to develop and support our cholesterol-lowering dietary supplement business," said Jim Lundeen, Vice President of Marketing at Pharmavite. "I am optimistic about CholestOff(r) sales ahead and the continued relationship with Forbes as our partner," added Lundeen. To support the continued growth of its products, Pharmavite plans to launch a substantial marketing campaign to advertise its suite of dietary supplements, including Nature Made(r) CholestOff(r).
CholestOff(r) is available in 60-count and 120-count caplet bottles and can be found in food, drug and mass market channels. The recommended daily dose of CholestOff(r) is two caplets twice per day (1.8 grams of
ReducolTM) taken half an hour before a low-fat meal.
About Pharmavite LLC
For more than 30 years, Pharmavite has earned and maintained the trust of pharmacists, consumers, and retailers by manufacturing high-quality vitamins, minerals, herbs and other dietary supplements that are safe, effective and science-based. As an industry leader, Pharmavite adheres to manufacturing standards recommended by the United States Pharmacopeia (USP), a not-for-profit organization that has set pharmaceutical and dietary supplement quality standards since 1820. In addition, Pharmavite participates in USP's Verification Program for dietary supplements.
The dietary supplement industry is regulated by the U.S. Food and Drug Administration and the Federal Trade Commission, as well as by government agencies in each of the 50 States.
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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NASDAQ 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 News Release contains forward-looking statements concerning the Company's Reducol(tm), the Company's relationship with Pharmavite and Pharmavite's plans for future Cholest-Off(r) sales and a marketing campaign, which statements can be identified by the use of forward-looking terminology such as but not limited to, "ongoing", "strategy", "targeting", "to be purchased", "to maintain", "commitment", "targeting", "to be", "continue", "optimistic", "sales ahead", and "plans". Forward-looking statements are statements about the future and are inherently uncertain, and the Company's actual results could differ materially from those anticipated in those forward-looking statements as a result of numerous factors, including without limitation, the need for performance by Pharmavite; uncertainty as to the volume and timing of sales under the purchase contract; uncertainty as to whether the marketing campaign will be implemented as planned or at all; the risk that the contract with Pharmavite may be terminated early or not renewed; marketing/manufacturing risks; partnership/strategic alliance risks; the need to secure raw materials at competitive prices; the risk of technical obsolescence; government regulation; intellectual property risks; product liability risks; the effect of competition; uncertainty of the market; exchange rate fluctuations; the ability of buyers to fulfill health claims of their products; as well as a description of other risks and uncertainties affecting the Company and its business, as contained in news releases and filings with the United States Securities and Exchange Commission and Canadian Securities Regulatory Authorities, any of which could cause actual results to vary materially from current results or the Company's anticipated future results.
Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change. The Company does not assume any obligation to update any statement contained in this News Release. The Company has relied solely on Pharmavite for statements concerning Pharmavite and accepts no responsibility for such statements.