~Approval Creates New Opportunities for Cholesterol-Lowering Ingredient in Europe~
Vancouver, BC -- Forbes Medi-Tech Inc. (TSX: FMI; NASDAQ: FMTI) announced today that the Company received an opinion of substantial equivalence from European regulatory authorities allowing Forbes to market its cholesterol-lowering ingredient, Reducol(tm), in a variety of approved food groups including: yellow fat spreads (margarine), fermented milk type products, soy drinks, low-fat cheese type products, yoghurt type products, spicy sauces, and salad dressings. The substantial equivalence notification follows the recent approval for the use of Reducol(tm) in milk-based products. With regulatory approvals in place and the recently announced expansion of the Company's 50-50 manufacturing joint-venture facility, Forbes is in a favorable position to capitalize on EU consumers' preference for non-GMO foods.
"Our sales opportunities have increased significantly with the approval of Reducol(tm) in these key food groups," said President and CEO, Charles Butt. "I am very encouraged by the level of enthusiasm of our European partners as they prepare for Reducol(tm) product launches in the coming months."
Reducol(tm) is a clinically proven ingredient to help lower LDL (bad) cholesterol levels safely and naturally. It is a unique blend of naturally occurring compounds found in plants known as phytosterols and phytostanols. Reducol(tm) is produced by the Phyto-Source joint venture manufacturing facility in Pasadena, Texas, a 50-50 joint venture currently representing the largest approved source of food grade wood sterols in the world. Additional information on Reducol(tm) can be found at www.reducol.com
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 derived from by-products of the forestry industry and other natural sources for the prevention and treatment of cardiovascular and related diseases. The Company's scientific platform is based on core sterol technology. Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.
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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 regarding new sales opportunities for Reducol(tm) in Europe and future product launches. Forward looking statements can be identified by the use of forward-looking terminology such as "opportunties", "prepare for", "coming months", "to capitalize" or any other variations thereon or comparable terminology referring to future dates, events or results. 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; uncertainty of the size and existence of a market opportunity for the Company's and its customers' products; uncertainty whether planned product launches will occur as planned; uncertainty regarding market acceptance of the Company's and its customers' products; the need for performance by the Company's customers; product liability and insurance risks; the Company's dependency on its manufacturing joint venture partner; marketing/manufacturing and partnership/strategic alliance risks; the effect of competition; exchange rate fluctuations; the Company's need for additional future capital, which may not be available in a timely manner or at all; intellectual property risks; environmental risks; 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 statement if those beliefs, opinions or expectations, or other circumstances should change.