Forbes Medi-Tech Inc.
OTC Bulletin Board : FMTI

October 03, 2005 08:00 ET

Forbes Medi-Tech Receives FDA Clearance to Initiate US Phase II Trial for Cholesterol-Lowering Drug, FM-VP4

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 3, 2005) - Forbes Medi-Tech Inc. (TSX:FMI)(NASDAQ:FMTI) today announced that the FDA has informed Forbes that it may proceed with its Phase II clinical trial of its cholesterol-lowering drug, FM-VP4, as set forth in the Investigational New Drug Application (IND). Forbes plans to initiate the US Phase II trial program later this month.

"This is a major milestone for the Company and further supports our commitment to the development of FM-VP4 and its potential as a cholesterol absorption inhibitor," said Charles Butt, President and CEO of Forbes Medi-Tech Inc. "I look forward to the initiation of this key clinical trial in FM-VP4's pharmaceutical development path."

About FM-VP4

FM-VP4 is a cholesterol absorption inhibitor, a new class in cholesterol-lowering drugs. FM-VP4 has demonstrated significant cholesterol-lowering and anti-atherosclerotic properties in pre-clinical studies. The cardiovascular market represents a significant opportunity as industry-wide sales of cardiovascular pharmaceuticals are estimated to grow to over $40 billion by 2011. (Datamonitor, 2004)

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 future development of the Company's drug candidate, FM-VP4, the Company's strategy and vision, and the future market for cardiovascular pharmaceuticals, which statements can be identified by the use of forward-looking terminology such as "plans", "potential", "look forward", "opportunity", "estimated", "vision", "will", "to develop" or comparable terminology referring to future events or results or terminology referring to future dates. 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 FM-VP4 phase II trial will be initiated later this month or at all or will be successful; uncertainty whether FM-VP4 will be commercialized; uncertainty whether the Company will realize is strategies and vision; the need for additional clinical trials, the occurrence and success of which is not assured; intellectual property risks; the need for regulatory approvals, which are not assured and which may be denied or withdrawn; manufacturing risks and the need to manufacture to regulatory standards; product liability and insurance risks; the risk of unknown side effects; intellectual property 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.

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