Forbes Medi-Tech Inc.
OTC Bulletin Board : FMTI

October 27, 2006 08:00 ET

Forbes Medi-Tech Closes TheraPei Acquisition

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 27, 2006) - Forbes Medi-Tech Inc. (TSX:FMI)(NASDAQ:FMTI) today announced that it has closed its acquisition of TheraPei Pharmaceuticals, Inc. originally announced October 25, 2006, and that Dr. John Nestor has now taken up his new position as Forbes' Chief Scientific Officer. Forbes issued a total of 94,672 common shares and paid cash of approximately US $400,000 on closing. Forbes also changed the name of TheraPei to "Forbes Medi-Tech (Research) Inc.".

For additional information concerning this acquisition and the appointment of Dr. John Nestor, please see the Company's press release dated October 25, 2006.

About Forbes Medi-Tech Inc.

Forbes Medi-Tech Inc. is a life sciences company dedicated to the research, development and commercialization of innovative products for the prevention and treatment of cardiovascular disease. Our vision is to develop and market products along a treatment continuum that cardiovascular disease consumers, healthcare professionals and specialized cardiovascular disease research and healthcare institutions will identify, recommend and seek. Our business strategy is to develop and commercialize proprietary compounds to address the unmet needs of patients within the cardiovascular disease market.

This News Release contains forward-looking statements regarding the Company and its business, which statements can be identified by the use of forward-looking terminology such as "vision", "to develop", "will", and "strategy". The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including uncertainty whether the Company will commercialize any products in addition to its food and dietary supplement ingredients currently marketed; research and development risks; uncertainty whether the Company will realize is strategies and vision; intellectual property risks; manufacturing risks and the need to manufacture to regulatory standards; product liability and insurance risks; the effect of competition; and the Company's need for future funding; any of which could cause actual results to vary materially from current results or the Company's anticipated future results. See the Company's reports filed with the Canadian and U.S. securities regulatory authorities from time to time for cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward-looking statements. The Company assumes no obligation to update the information contained in this News Release.

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.

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