Vancouver, Canada. Forbes Medi-Tech Inc. (TSE:FMI and NASDAQ:FMTI) today announced that the Board of Directors has appointed Mr. Donald (Don) Buxton as Chairman of the Board. Don has been a director of Forbes since December 2000. Tazdin (Taz) Esmail, one of the founders of the Company, has resigned his position of Director and Chairman of the Board to focus on his other business interests. Mr. Esmail has been a director of the Company since March 1992 and Chairman of the Board since July 2000.
"Having been with the Company since its inception, it has been a pleasure to see the Company's technology base develop from the embryonic stage to where the Company is today," said Esmail. "Although I shall be pursuing other opportunities, I shall continue to take a personal interest in its further success."
"I am looking forward to working with the President and CEO, Charles Butt," said Mr. Buxton. "Charles has assembled a very talented team of professionals and with the portfolio of products under development, I believe the Company can look forward to a very bright future."
Mr. Buxton has spent more than 20 years as President & CEO of a major multinational pharmaceutical company in Canada and is currently Chairman of the Board of Labopharm, Inc. His experience in the multinational pharmaceutical milieu will allow him to make a significant contribution to the future fortunes of the Company.
About Forbes Medi-Tech Inc.
Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative prescription pharmaceutical and nutraceutical products for the prevention and treatment of cardiovascular and related diseases. Forbes' scientific platform is based on core sterol technology. By extracting plant sterols from by-products of the forestry industry, Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.