VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 12, 2003-- European Food Safety Agency (EFSA) Concludes Reducol(TM) Safe for Foods
Forbes Medi-Tech Inc. (TSX:FMI) (NASDAQ:FMTI) announced today that a report was issued by the EFSA concluding that Forbes' cholesterol-lowering ingredient, Reducol(TM), be accepted for use in foodstuffs provided total phytosterol intakes do not exceed 3 g/day. The positive report is in response to the Company's application for use of the Reducol(TM) ingredient in milk-based drinks. This is a significant first step in a three-part process to allow the Company to sell its cholesterol-lowering ingredients in Europe. The second step is the approval and publishing of labeling regulations for phytosterol products by the European Commission and the last step is the approval of Reducol(TM) for use in specific food matrices by the Commission.
"This report is a major breakthrough," said Charles Butt, President and CEO of Forbes Medi-Tech Inc. "We believe that Europe offers a substantial opportunity for Forbes' cholesterol-lowering ingredients due to the distinct marketing advantage of our non-GMO sourced sterols," said Butt.
Phyto-Source LP, Forbes' 50-50 manufacturing joint venture, is currently the world's largest manufacturer of non-genetically modified (GMO) sourced sterols. The European market has demonstrated a preference for ingredients from non-genetically modified sources. The Company expects part of the recently announced increase in manufacturing capacity (See news release dated December 9, 2003) to be apportioned to the anticipated growth in demand for its sterol products once the pending labeling regulations and product approvals are in place.
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.
This News Release contains forward-looking statements, including statements about anticipated future European regulatory approvals for the Company's Reducol(TM), anticipated market demand forReducol(TM), and expected apportionment of the planned expansion of the Company's manufacturing facility. Forward-looking statements can be identified by the use of forward-looking terminology such as "opportunity", "expects", "anticipated", "to allow", 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, the need for further regulatory approvals and adoption by regulatory authorities of labeling regulations, which may not be obtained or adopted in a timely matter or at all; intellectual property risks; marketing/manufacturing and partnership/strategic alliance risks; the effect of competition; uncertainty of the size and existence of a market opportunity for the Company's products; construction risks; risks inherent in the development of pharmaceutical and nutraceutical research and the development of new products; the need for performance by buyers of the Company's products; environmental risks; the Company's need for additional future capital, which may not be available in a timely manner or at all; exchange rate fluctuations; product liability 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.
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.
Contacts
Forbes Medi-Tech Inc.
Investor Relations:
Darren Seed, 604-681-8976
dseed@forbesmedi.com
