Biovail Corporation
NYSE : BVF
TSX : BVF

Biovail Corporation

October 07, 2005 17:55 ET

Biovail Updates Status of Previously Disclosed OSC Investigation

TORONTO--(CCNMatthews - Oct 7, 2005) -

Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced that the Ontario Securities Commission (OSC) has advised that, in addition to the matters most recently disclosed in the Company's second quarter financial statements, the OSC is investigating the Company's revenue recognition for accounting purposes for each of the four quarters of 2002 and 2001, and related disclosure issues.

Biovail has co-operated fully, and will continue to co-operate fully, with the OSC in these matters.

The Company cannot predict the outcome or timing of when these matters may be resolved. Biovail is not in a position to comment further on these matters at this time.

About Biovail Corporation

Biovail Corporation is a specialty pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. For more information about Biovail, visit the Company's Web site at www.biovail.com.

For further information, please contact Ken Howling at 905-286-3000 or send inquiries to ir@biovail.com.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

To the extent any statements made in this release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current expectations and projections about future events. Our actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements include, but are not necessarily limited to, risks and uncertainties, including the difficulty of predicting U.S. Food and Drug Administration and Canadian Therapeutic Products Directorate approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, tax rate assumptions, availability of raw materials and finished products, the regulatory environment, the outcome of legal proceedings, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission and the Ontario Securities Commission. Biovail undertakes no obligation to update or revise any forward-looking statement.

Contact Information

  • Biovail Corporation
    Kenneth G. Howling, 905-286-3000