Forbes Opens $3 Million Biotechnology Research Laboratories on University of British Columbia Campus.Business Editors NOTE TO MEDIA: Photo available on BW PhotoWire/AP PhotoExpress, NewsCom, PressLink and on Business Wire's Web site at www.businesswire.com VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 21, 2000 Vancouver adds another milestone towards its goal of becoming one of the leaders globally in pharmaceutical and nutraceutical research with today's opening of a CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $3 million, 10,000 square foot, state-of-the-art biotechnology research laboratory on the University of British Columbia (UBC UBC Uniform Building Code UBC University of British Columbia UBC Union of the Baltic Cities UBC United Brotherhood of Carpenters UBC Universal Battery Charger UBC Union of Baltic Cities UBC Universal Bibliographic Control UBC Used Beverage Cans ) campus by Forbes Medi-Tech Inc (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FMTI FMTI Forbes Medi-Tech Inc. (Vancouver, BC) ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :FMI FMI Fondo Monetario Internacional (Spanish: International Monetary Fund) FMI Fonds Monétaire International FMI For More Information FMI Food Marketing Institute FMI Fundo Monetário Internacional .) "This laboratory is unique in British Columbia because it brings together scientists from diverse disciplines such as chemistry, biology, medicine and food technology to develop innovative healthcare products for global pharmaceutical and nutraceutical markets," said Tazdin Esmail, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Forbes Medi-Tech Inc. The new research facility, which will employ 20 scientists, houses Forbes' chemistry and biology laboratories as well as pharmaceutical research, functional foods and nutraceuticals laboratories. Research at the new facility will focus on the development of novel medications to treat cardiovascular disease, innovative methods of developing high value steroid pharmaceuticals, as well as the development and evaluation of new science-based nutraceutical ingredients to be added to foods which will provide medicinal benefits. Forbes is an international leader in developing innovative nutraceutical and pharmaceutical products derived from nature. By extracting plant sterols sterols (ster´ôlz), n.pl steroids having one or more hydroxyl groups and no carbonyl or carboxyl groups (e.g., cholesterol). from pulping by-products, Forbes has developed cholesterol-lowering agents used both as functional food ingredients and pharmaceutical therapeutics in the battle against cardiovascular disease. Forbes cholesterol-lowering functional food ingredient Phytrol(tm) was recently incorporated into two food products which were test market launched in the United States and Australia. The Company also has two cardiovascular medications under development, CardioRex(tm) and FM-VP4. In addition, Forbes has developed proprietary fermentation technology that converts plant sterols into fine chemical intermediates Androstenedione androstenedione /an·dro·stene·di·one/ (-di-on) an androgenic steroid produced by the testis, adrenal cortex, and ovary; converted metabolically to testosterone and other androgens. and Androstadienedione used in the production of various steroid-based pharmaceuticals such as contraceptive agents and anti-inflammatories. "This new research facility will enable Forbes to take advantage of cross-disciplinary knowledge among researchers to diversify the application of products and to create novel compounds both for pharmaceutical and functional food applications," says Dr. James Kutney, Forbes' Vice President, Scientific Research and Development. "Research at Forbes is conducted under the direction of Advisory Boards comprised of recognized international experts in the areas of synthetic chemistry, medicine, pharmacology and food sciences. The Forbes Medi-Tech Research Laboratories will allow the Company to bridge the gap between academic research and commercial application with input from leading scientists around the world specifically devoted to the development of health-related products for global markets." The opening of this laboratory is also an important milestone for Industry Liaison Office at UBC, which licensed the original core sterol Sterol Any of a group of naturally occurring or synthetic organic compounds with a steroid ring structure, having a hydroxyl (—OH) group, usually attached to carbon-3. technology to Forbes in 1993. "It is gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see Forbes come full circle from licensing technology developed at UBC, developing and bringing products to market and now opening a state-of-the-art research facility on campus," said Angus Livingstone, Managing Director, University-Industry Liaison Office (UILO UILO University Industry Liaison Office (University of British Columbia) ). "Forbes has been a big supporter of the University, sponsoring approximately CDN $2.8 million in research projects." Since 1984 UILO has facilitated the growth of more than 91 companies employing over 2,500 people and generating CDN $1.3 billion in private investment. Forbes Medi-Tech Inc. is a diversified health sciences company dedicated to the research, development and commercialization of innovative nutraceutical and pharmaceutical products derived from nature. By extracting plant sterols from pulping by-products, Forbes is developing cholesterol-lowering agents to be used both as functional food ingredients and pharmaceutical therapeutics in the battle against heart disease. Forbes is also developing innovative fermentation technology that converts plant sterols into pharmaceutical fine chemicals, essential in the production of various pharmaceutical steroids such as contraceptive agents and anti-inflammatories. Phytrol(tm) and CardioRex(tm) are trademarks of Forbes Medi-Tech Inc. The NASDAQ National Market and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this News Release. This press release contains certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, which statements can be identified by the use of forward looking terminology, such as "may", "will", "expect", "anticipate", "estimate", "predict", "plans" or "continue" or the negative thereof or any other variations thereon or comparable terminology referring to future events or results. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including the risk of technical obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , intellectual property risks, marketing/manufacturing and partnership/strategic alliance risks, 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 Toronto Stock Exchange and the U.S. Securities and Exchange Commission 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 press release. PHOTO NOTE: A Coloured Photo is available on AP PhotoExpress, PressLink Online and Business Wire Website at www.businesswire.com. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.112100/bb8 PHOTO: bb8 |
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