Biovail Corporation

Biovail Corporation

March 04, 2005 08:30 ET

Biovail Updates Status of SEC Inquiry


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BIOVAIL CORPORATION

NYSE, TSX SYMBOL: BVF

MARCH 4, 2005 - 08:30 ET

Biovail Updates Status of SEC Inquiry

TORONTO--(CCNMatthews - Mar 4, 2005) -

Biovail Corporation (NYSE:BVF)(TSX:BVF) announced today that the U.S.
Securities and Exchange Commission (SEC) has issued a formal order of
investigation related to the previously disclosed informal inquiry
initiated in November 2003 which sought historical financial and related
information, including, but not limited to the Company's accounting and
financial disclosure practices for all of 2002 and up to November 2003.
The formal investigation continues to be primarily accounting practices,
however, the scope of the investigation is broader, and the period under
review now goes back to June 2001. The SEC has advised Biovail that the
investigation is confidential, and should not be construed as an
indication by the Commission, or its staff, that any violation of law
has occurred, nor should it be considered a reflection upon any person,
entity or security. As a result, the Company does not expect to comment
further on developments related to this matter, and disclaims any
intention, or obligation, to update any of the information contained in
this release -- except as may be required by law.

Biovail has been fully co-operating with the SEC, and will continue to
do so, in an effort to bring the investigation to a conclusion as
expeditiously as possible.

About Biovail Corporation

Biovail Corporation is an international full-service pharmaceutical
company, engaged in the formulation, clinical testing, registration,
manufacture, sale and promotion 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 ("FDA") and Canadian Therapeutic Products
Directorate ("TPD") 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,
availability of raw materials and finished products, third parties, the
regulatory environment, fluctuations in operating results and other
risks detailed from time to time in the company's filings with the
Securities and Exchange Commission ("SEC") and the Ontario Securities
Commission ("OSC"). Biovail Corporation undertakes no obligation to
update or revise any forward-looking statement.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Biovail Corporation
    Kenneth G. Howling, 905-286-3000