Benecol Competitor Announces Novartis Agreement.
Forbes Medi-Tech and Novartis Consumer Health Sign Strategic Alliance
and Exclusive Master License Agreement
VANCOUVER, BRITISH COLUMBIA--Forbes Medi-Tech Inc. (''Forbes'') (TSE:
FMI - news) today announced that it has signed a Strategic Alliance and
exclusive Master License Agreement with Novartis Consumer Health AG
(''Novartis'') regarding Forbes' unique plant-based sterol composition
FCP (Phytrol(TM)), a potential functional food ingredient for lowering
cholesterol. A letter of intent regarding this agreement was signed and
announced last month.
Under the Agreement, Novartis will have exclusive worldwide rights to
use or sub-license Phytrol(TM) for use in functional foods, dietary
supplements and over-the-counter products. Forbes will receive upfront
payment, royalties and milestone payments. Forbes will be responsible
for ingredient research and manufacturing in its collaboration with
Novartis. Novartis will be responsible for clinical trials, regulatory
approvals and commercialization of products.
The Agreement is for a term of five years, with a provision for
successive two-year renewal periods. The Agreement contains clauses
whereby either party can terminate the Agreement upon the occurrence of
certain events. Further business or financial terms were not disclosed.
ON BEHALF OF THE BOARD OF DIRECTORS OF FORBES MEDI-TECH INC.
Tazdin Esmail, President & CEO
NOVARTIS CONSUMER HEALTH AG is a division of Novartis SA, a world leader
in Life Sciences with core business in Healthcare, Agribusiness and
Nutrition. Headquartered in Basel, Switzerland, Novartis SA employs
about 87,000 people and operates in over 100 countries.
FORBES MEDI-TECH INC. is a Vancouver-based biotechnology company
dedicated to research, development and commercialization of
pharmaceutical and nutraceutical products. By extracting plant sterols
from tall oil soap, a pulping by-product, Forbes is developing
cholesterol-lowering agents to be used both as pharmaceutical
therapeutics and functional food ingredients, in the battle against
heart disease. Forbes is also developing innovative fermentation
technology that converts plant sterols into pharmaceutical fine
chemicals, essential in the manufacturing of various pharmaceutical
steroids.
CardioRex(TM) and Phytrol(TM) are trademarks of Forbes Medi-Tech Inc.
This News Release may contain certain forward-looking statements. There
can be no assurance that the Strategic Alliance and Master License
Agreement will create economic benefit for the Company or its
shareholders. Further, the business of the Company is subject to
numerous risk factors. Exemption from registration pursuant to Rule
12(g)3-2(b) 82-3139.
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Contact:
Forbes Medi-Tech Inc.
Don Lay
Investor Relations
(604) 681-8976
(604) 689-7641
E-mail: ir@forbesmedi-tech.com
Website: www.forbesmedi-tech.com |
