Forbes Medi-Tech Inc. - 500 Beiträge pro Seite

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Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercializationof nutraceutical and pharmaceutical products for the prevention and treatment of cardiovascular and related diseases. For the 3 months ended 3/31/03, total revenues rose 40% to C$3.4M. Net income totaled C$143K vs. a loss of C$2.1M. Results reflect increased sales by the Phyto-Source joint venture and increased R&D tax credits. http://www.forbesmedi.com

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Speiseöl kämpft gegen Fett und Cholesterin



Mittelkettige Triglyceride kurbeln Stoffwechsel an

Wissenschaftler der McGill-University in Montreal haben ein neues Speiseöl entwickelt. Das "Super-Öl" soll nicht nur den Stoffwechsel ankurbeln, sondern auch den Cholesterinspiegel senken. Besonders Männer kommt das Öl laut Entwicklern zugute. In der Studie unterstützte es die Herren der Schöpfung beim Abnehmen. Das als "Functional Oil" getaufte Öl wird nicht als Körperfett gespeichert, sondern in der Leber metabolisiert und in Energie umgesetzt, heißt es in einer Aussendung der Universität.

Unter der Leitung von Peter Jones wurde das Öl aus mittelkettigen Triglyceriden (MCT) in zwei klinischen Studien an übergewichtigen Patienten getestet und mit Öl aus langkettigen Triglyceriden (LCT) verglichen. Sowohl bei Männern als auch bei Frauen reduzierte das Öl den Cholersterinspiegel um mehr als 13 Prozent. Olivenöl im Vergleich, das bislang als der beste Cholesterin-Killer galt, reduziert die Werte um 4,5 Prozent", betonte Jones.

Besonders Männern soll das Super-Öl zugute kommen. In der Studie verloren demnach die männlichen Probanden durchschnittlich ein halbes Kilogramm pro Monat. "In einem Jahr könnte ein Mann somit sechs Kilogramm abnehmen", so Jones. Bei weiblichen Probanden mit durchschnittlich 13 Kilogramm Übergewicht wurde zwar der Stoffwechsel angekurbelt. Eine messbare Reduktion des Körperfetts blieb aber aus.

Das "Functional Oil" besteht zu 67 Prozent aus tropischen Ölen, zu 13 Prozent aus Olivenöl, zu sechs Prozent aus Kokosnussöl und zu fünf Prozent aus Leinsamenöl. Zu Nebenwirkungen soll es nicht gekommen sein, berichten die Entwickler in Publikationen in gleich vier Fachzeitschriften: "International Journal of Obesity", "Journal of Nutrition", "Obesity Research" und "Metabolism". Die "Functional Oil"-Study wurde vom Unternehmen Forbes Medi-Tech und den Dairy Farmers of Canada (DFC) finanziert. Das Biotech-Unternehmen Forbes Medi-Tech hält das Öl-Patent und führt derzeit weitere Tests durch, bevor das Super-Öl den Weg in die Supermarkt-Regale findet.

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Forbes Medi-Tech up 26 percent on sales target
Monday July 7, 3:04 pm ET


(All figures in U.S. dollars unless otherwise noted)
TORONTO, July 7 (Reuters) - Shares in Forbes Medi-Tech (Toronto:FMI.TO - News; NasdaqSC:FMTI - News) jumped 26 percent on Monday and analysts said the Canadian biotech firm was generating more interest for its food additive and cholesterol-lowering chemical.

Vancouver, British Columbia-based Forbes Medi-Tech gained 46 Canadian cents to C$2.25 at 2.40 p.m. on the Toronto Stock Exchange (News - Websites). About 700,000 shares changed hands.

The stock has more than doubled in value since June 27, when the firm raised its 2003 sales forecast to $11 million from $9 million, crediting increased orders from food manufacturers and dietary supplement makers for phytosterol, its cholesterol-lowering agent. The stock stood at 99 Canadian cents on June 26, prior to the new sales guidance.

"There is renewed interest in the company as the market is beginning to recognize that their products are attracting more clients," said biotech analyst Karen Boodram at Pacific International Securities, who owns Forbes Medi-Tech stock.

"The stock price movement is based on the perception about their sales forecast. They are also more streamlined and focused," she told Reuters.

Boodram said things looked good for the remainder of the year, but said the financial results expected next month would be key.

"All the elements are getting into place. They are at full plant capacity. A lot of good steps have been taken and they are getting there," she added.

Last February, the company won U.S. approval to advertise the health benefits of phytosterol, which can be added to everyday foods such as margarine, yogurt and even chocolate.

The U.S. Food and Drug Administration (News - Websites) allowed the food industry to include advertising statements about the health benefits of phytosterol, found in wood pulp byproducts.

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Market Cap: 48.78M
Employ­ees: 16
Rev. Growth (ttm): 107.30%
Total Cash (mrq): 812.00K
Total Cash Per Share (mrq): 0.03
Total Debt (mrq)²: 1.13M
Total Debt/Equity (mrq): 0.079
Current Ratio (mrq): 1.102
Book Value Per Share (mrq): 0.62

Earnings Per Share 2003
1st Quarter $0.01
2nd Quarter $0.09

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VANCOUVER, British Columbia, Aug 19, 2003 (BUSINESS WIRE) -- Forbes Medi-Tech Inc. (FMTI, Trade) today announced its financial results for the three and six-month periods ended June 30, 2003. Comparative periods for these statements are the three months and six months ended June 30, 2002 respectively. All amounts are in Canadian Dollars unless otherwise noted.

Second Quarter 2003 Highlights


-- Increased revenues to $3.5 million for the three months ended
June 30, 2003 compared to $2.7 million for the three months
ended June 30, 2002

-- Increased revenues to $6.9 million for the six months ended
June 30, 2003 compared to $5.1 million for the six months
ended June 30, 2002

-- Reported net income of $0.09 per share for the three months
ended June 30, 2003 and $0.10 per share for the six months
ended June 30, 2003

-- Sold AD & ADD technology for US$1.9 million

-- Increased revenue guidance from US$9 million to US$11 million
based on growth in sterol sales

"Our financial results demonstrate Forbes` continued commitment to streamline operations and improve the bottom line", said Charles Butt, President and CEO of Forbes Medi-Tech Inc. "The revenue growth is indicative of growing demand for our cholesterol-lowering ingredients in both the food and dietary supplement market. The increase in revenue and progress in our pharmaceutical research program to date reflects the Company`s ability to achieve the targeted milestones", said Butt.

Revenues

Demand for the Company`s products, Reducol(TM) and Phyto-S Sterols (non-branded sterols), has exceeded the 2003 initial target as a result of increased orders from existing customers in both the food manufacturing and dietary supplement businesses; consequently, Forbes increased its projected revenue guidance for fiscal 2003 from US$9 million to US$11 million.

For the three months ended June 30, 2003, revenues totaled $3.5 million, compared with $2.7 million for the quarter ended June 30, 2002. For the six months ended June 30, 2003, total revenues were $6.9 million compared with $5.1 million for the six months ended June 30, 2002.



Revenues (summary) 3 mos - 3 mos - 6 mos - 6 mos -
Jun-03 Jun-02 Jun-03 Jun-02
--------------------------------------------------------------------
Sales $ 3,440 $ 2,146 $ 6,787 $ 4,040
Licensing 35 470 72 941
--------------------------------------------------------------------
Phytosterol revenues $ 3,475 $ 2,616 6,859 4,981
Interest and other 54 38 54 91
--------------------------------------------------------------------
Total revenues $ 3,529 $ 2,654 $ 6,913 $ 5,072
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Phytosterol revenues, including direct sales of phytosterol products and the amortization of license fees, made up the majority of the Company`s revenue.

Financial Results

For the three months ended June 30, 2003, the Company reported a net profit of $2.1 million ($0.09 per share) compared with $3.0 million ($0.14 per share) for the quarter ended June 30, 2002. Included in net income for the quarter ended June 30, 2003 is a gain on the divestiture of the AD/ADD technology in the amount of $2.2 million. Included in net income for the three months ended June 30, 2002, is a one-time gain of $6.1 million on settlement of licensing arrangements.

For the six months ended June 30, 2003, the Company reported a net profit of $2.2 million ($0.10 per share) compared with a net profit of $0.9 million ($0.04 per share) for the six months ended June 30, 2002. The increase in net income for the six months ended June 30, 2003 is due to the Company`s share of sales by the Phyto-Source joint venture, cost containment measures in the areas of administrative and non-core R&D expenditures, and the receipt of Quebec provincial investment tax credits in the first quarter in the amount of $0.6 million.

Outlook

Based on existing sales contracts, and assuming that forecasted supply requirements will be ordered and shipped, the Company maintains its revenue guidance for 2003 of US$11 million. This figure represents a combination of the projected revenue of the Company`s sales contracts and the Company`s share of the sales from the Phyto-Source joint venture. The Company is currently in discussions with several other companies regarding possible new major sterol contracts and will review its revenue guidance throughout the year if significant supply agreements are signed.

Based on the recent funding through the advance loan payment from the Phyto-Source manufacturing joint venture, supply forecasts provided by customers pursuant to current supply agreements, other receivables, projected expenditure levels, and the divestiture of the Company`s AD/ADD technology (see the Company`s press release dated April 29, 2003), Forbes believes it will have sufficient capital to operate and fund its core development projects through the end of 2004. The Company is also continuing to look at various financing opportunities to further develop its pipeline of products and to provide alternate sources of funding in the event that expenditures or receivables are not realized as planned.

Pharmaceutical Research

Forbes` pharmaceutical research program is targeting a $21 billion dollar market opportunity. In pursuing this market, Forbes is dedicated to the development of its novel therapeutic and cholesterol absorption inhibitor, FM-VP4. The safety and efficacy of this cholesterol absorption inhibitor is currently being tested in Phase II human clinical trials at the Academic Medical Center in Amsterdam and is anticipated to complete by the end of 2003. Based on preclinical and Phase I data, Forbes has initiated a strategic plan to secure a multinational pharmaceutical partner for the further development of FM-VP4.

In addition to FM-VP4, Forbes` FM-VPx Library of Compounds may have additional indications including: cholesterol and triglyceride-lowering, HDL (good cholesterol) increasing, anti-obesity, anti-diabetic, and anti-inflammatory. The Company intends to pursue some or all of these indications as soon as appropriate resources are available, including additional financing.

Expenses:



Expenses(i) (summary) 3 mos - 3 mos - 6 mos - 6 mos -
Jun-03 Jun-02 Jun-03 Jun-02
--------------------------------------------------------------------
Cost of sales, marketing &
product development $ 1,569 $ 2,631 $ 3,522 $ 4,490
Research & development 480 925 276 1,969
General & administrative 1,109 1,643 2,044 2,731
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Total expenses $ 3,158 $ 5,199 $ 5,842 $ 9,190
--------------------------------------------------------------------
(i) excluding depreciation and amortization

Cost of sales, marketing and development - For the three months ended June 30, 2003, cost of sales, marketing & product development costs ("Cost of Sales") totaled $1.6 million vs. $2.6 million for the quarter ended June 30, 2002. For the six months ended June 30, 2003, Cost of Sales were $3.5 million compared with $4.5 million for the six months ended June 30, 2002. The decrease in Cost of Sales to June 30, 2003 relates primarily to improvements in manufacturing and economies of scale.

Research and development; General and administrative - For the three months ended June 30, 2003, net research and development ("R&D") expenses totaled $0.5 million compared with $0.9 million for the quarter ended June 30, 2002. The Company continues to focus its core research and development on cardiovascular and, specifically, cholesterol-lowering compounds such as FM-VP4. R&D expenditures, through 2003 and into 2004, will primarily be in the areas of pre-clinical and clinical development, including the Phase II trial of FM-VP4. Additional funding will be required in order for Forbes to be able to pursue the discovery and/or development of non-core compounds in 2003 and 2004.

For the six months ended June 30, 2003, R&D expenses were $0.3 million compared to $2.0 million for the six months ended June 30, 2002. Included in R&D is an amount of $0.6 million of Quebec investment tax credits received in the first quarter of 2003 in respect of prior years` research activities conducted in that Province. As the Company no longer has manufacturing facilities or offices in Quebec, further investment tax credits from that Province, if any, are expected to be minimal.

For the three months ended June 30, 2003, general and administrative ("G&A") expenditures totaled $1.1 million compared to $1.6 million for the second quarter 2002. For the six months ended June 30, 2003, G&A totaled $2.0 million compared with $2.7 million for the six months ended June 30, 2002.

Liquidity & Capital Resources

As at June 2003, the Company`s net cash and cash equivalents were $1.09 million ($1.07 million at March 31, 2003) compared with $0.4 million as at December 31, 2002. The Company`s working capital at June 30, 2003 improved to $0.7 million from a working capital deficit of $2.3 million at March 31, 2003 and a working capital deficit of 3.5 million at December 31, 2002. The working capital position has improved mainly due to increased revenues, a reduction in accounts payable and an increase in short-term receivables under contractual commitments.

During the three months ended June 30, 2003, the Company used $1.3 million of cash in operations compared with $0.3 million in the quarter ended June 30, 2002. Investing activities generated $1.5 million of cash primarily from the sale of the Company`s AD/ADD technology compared with $0.1 million of cash used in the second quarter ended June 30, 2002. Financing activities in the quarter ended June 2003 used $0.2 million of cash compared with $0.8 million used in the second quarter ended June 30, 2002. This improvement is due to reduced notes payable and demand loans.

During the six months ended June 30, 2003, $0.4 million of cash was used in operating activities compared with $4.2 million in the six months ended June 30, 2002. This improvement is primarily a result of the increase in phytosterol sales during the period, reduction of expenses, receipt of deferred revenues under the Pharmavite agreement, reduction of inventories and increase in accounts receivable. Investing activities provided $1.4 million of net cash primarily from proceeds received from the disposal of the pilot plant compared with $0.4 million during the six months ended June 30, 2002 which resulted largely from proceeds of short-term investments. Net cash used in financing activities during the six months ended June 30, 2003 was $0.3 million compared with $1.7 million cash used during the same period in 2002.

Subsequent Events - Phyto-Source Financing

Subsequent to quarter-end, Forbes announced it would receive a US$3.0 million advance payment from Phyto-Source LP, its manufacturing joint venture with Chusei (USA) Inc. The payment is made towards a US$4.0 million loan made by Forbes Medi-Tech during the formation of the joint venture. Phyto-Source has secured funding for the advanced payment from the Southwest Bank of Texas by way of a US$3.0 million, three year term loan at a fixed interest rate of 6%. The financial institution has also agreed to set up a US$1.5 million revolving line of credit for the joint venture. Re-payment of the term loan and any funds drawn on the line of credit will be the responsibility of Phyto-Source, secured against the joint venture`s assets and will be guaranteed by Phyto-Source`s joint venture partners Forbes Medi-Tech and Chusei USA. In August 2003, Phyto-Source, LP closed its US$3 million term loan facility and US$1.5 million line of credit and made the US$3.0 million advance loan payment to Forbes.

Nasdaq SmallCap

In July 2003, Forbes received a letter from the Nasdaq Stock Market confirming that the Company has regained compliance with the minimum bid price requirement for continued inclusion of its securities on the Nasdaq SmallCap Market.

Conference Call

A conference call and webcast to discuss these financial results will be held on Tuesday, August 19, 2003 at 2:00p.m. Pacific Time. (5:00p.m. Eastern Time). To participate in the conference call, please dial 1-416-695-9757 or 1-888-789-0089. For those investors unable to participate in the call, the live webcast can be accessed through the Company`s website at www.forbesmedi.com. The call will also be available for replay until September 10, 2003 by calling 1-416-252-1143 or 1-866-518-1010. The webcast link will be archived on the Forbes website afterwards.

Second Quarter 2003 Report

This news release includes by reference the Company`s unaudited financial statements for the second quarter ended June 30, 2003, including the full Management Discussion & Analysis (MD&A). The MD&A and financial statements are being filed with applicable Canadian and U.S. regulatory authorities.

About Forbes Medi-Tech Inc.

Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative prescription pharmaceutical and nutraceutical products for the prevention and treatment of cardiovascular and related diseases. Forbes` scientific platform is based on core sterol technology. By extracting plant sterols from by-products of the forestry industry, Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.

This News Release contains forward-looking statements concerning anticipated developments in the Company`s business and projected sales volumes, revenues, capital, and other information in future periods. Forward-looking statements are frequently, but not always, identified by words such as "revenue guidance", "growing", "forecasted", "projected", "believes", "based", "if", "continuing", "further", "planned", "realized, "targeting", "pursuing", "anticipated", "initiated", "may have", "intends", "as soon as", "future", "outlook", "new", "will", "in the event that", "planned", "opportunity", "developing", "would allow", "would be", "will", "subject to", "due by", "possible", "expects", "intends," "estimates," "potential", and similar expressions or variations thereon, or statements that events, conditions or results "will," "may," "could" or "should" occur or be achieved or refer to a future dates or events. Forward-looking statements are statements about the future and are inherently uncertain and the Company`s actual results could differ materially from those anticipated in those forward-looking statements as a result of numerous factors, including without limitation, the risk that buyers will not order their forecasted amounts of the Company`s products; uncertainty as to the Company`s ability to generate projected sales volumes and product prices, and ship its products to the buyers; uncertainty that the Phyto-Source LP manufacturing facility will function as planned or be able to repay the Southwest loan in a timely manner; the need for performance by buyers of contractual obligations; manufacturing risks; partnership/strategic alliance risks; risks related to shipment of the product; the need for regulatory approval which may be withdrawn, not be obtained in a timely manner, or at all; the need to control costs and the possibility of unanticipated expenses; uncertainty as to whether the plant can be expanded in a cost-effective and timely manner; the risk of technical obsolescence; intellectual property risks; the effect of competition, uncertainty of the size and existence of a market opportunity for the Company`s products and the buyer`s products; marketing risks; the Company`s need for additional future capital, which may not be available in a timely manner or at all; foreign exchange risk; product liability risks; as well as a description of other risks and uncertainties affecting the Company and its business, as contained in news releases and filings with the United States Securities and Exchange Commission and Canadian Securities Regulatory Authorities, any of which could cause actual results to vary materially from current results or the Company`s anticipated future results. Forward-looking statements are based on the beliefs, opinions and expectations of the Company`s management at the time they are made, and the Company does not assume any obligation to update its forward -looking statement if those beliefs, opinions or expectations, or other circumstances should change.



FORBES MEDI-TECH INC.
CONSOLIDATED BALANCE SHEETS
in thousands of Canadian dollars
-------------------------------------------------------------------
June 30 December 31
2003 2002
(unaudited) (audited)
ASSETS
Current Assets
Cash and cash equivalents $ 1,094 $ 413
Accounts receivable 5,364 4,190
Inventories 413 952
Prepaid expenses and deposits 569 537
-------------------------------------------------------------------
7,440 6,092
Property, plant and equipment 11,804 11,932
Intangible and other assets 7,937 9,393
-------------------------------------------------------------------
$ 27,181 $ 27,417
-------------------------------------------------------------------
-------------------------------------------------------------------
LIABILITIES and SHAREHOLDERS` EQUITY
Current liabilities
Accounts payable and accrued
liabilities $ 2,932 $ 4,740
Deferred revenues and royalties
payable 2,490 3,155
Current portion of long-term debt 1,328 1,691
-------------------------------------------------------------------
6,750 9,586
Long-term liabilities
Deferred revenues 229 -
Long-term debt 197 217
Tenure allowance 614 614
-------------------------------------------------------------------
7,790 10,417
Shareholders` equity
Share Capital $ 72,427 $ 71,472
Special warrants - 887
Contributed surplus 98 20
Deficit (53,134) (55,379)
-------------------------------------------------------------------
19,391 17,000
-------------------------------------------------------------------
$ 27,181 $ 27,417
-------------------------------------------------------------------
-------------------------------------------------------------------
Approved on Behalf of the Board:
Director - Charles Butt Director - Tazdin Esmail
FORBES MEDI-TECH INC.
CONSOLIDATED STATEMENTS OF OPERATIONS and DEFICIT
in thousands of Canadian dollars except per share values
(unaudited)
--------------------------------------------------------------------
Three months ended Six months ended
June 30 June 30 June 30 June 30
2003 2002 2003 2002
--------------------------------------------------------------------
REVENUES
Sales $ 3,440 $ 2,146 $ 6,787 $ 4,040
Licensing 35 470 72 941
--------------------------------------------------------------------
Phytosterol revenues 3,475 2,616 6,859 4,981
Interest and other 54 38 54 91
--------------------------------------------------------------------
3,529 2,654 6,913 5,072
EXPENSES
General and administrative 1,109 1,643 2,044 2,731
Cost of sales, marketing
and product development 1,569 2,631 3,522 4,490
Research and development 480 925 276 1,969
Depreciation and amortization 516 591 1,073 1,129
--------------------------------------------------------------------
3,674 5,790 6,915 10,319
--------------------------------------------------------------------
Gain on settlement of
licensing arrangements - 6,105 - 6,105
Gain on divestiture of AD/ADD
technology 2,247 - 2,247 -
--------------------------------------------------------------------
Net income for the period $ 2,102 $ 2,969 $ 2,245 $ 858
Deficit, beginning of period (55,236) (53,370) (55,379) (51,259)
--------------------------------------------------------------------
Deficit, end of period $(53,134) $(50,401) $(53,134) $(50,401)
--------------------------------------------------------------------
--------------------------------------------------------------------
Basic and diluted income
per share $ 0.09 $ 0.14 $ 0.10 $ 0.04
--------------------------------------------------------------------
--------------------------------------------------------------------
FORBES MEDI-TECH INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
in thousands of Canadian dollars
(unaudited)
--------------------------------------------------------------------
Three months ended Six months ended
June 30 June 30 June 30 June 30
2003 2002 2003 2002
--------------------------------------------------------------------
OPERATIONS
Net income for the period $ 2,102 $ 2,969 $ 2,245 $ 858
Adjustment to reconcile
net loss to cash flow
provided by (used in)
operations:
Depreciation and
amortization 516 591 1,073 1,129
Amortization of deferred
license revenues (36) (451) (73) (941)
Gain on settlement of
licensing arrangements - (6,105) - (6,105)
Gain on divestiture of
AD/ADD technology (2,247) - (2,247) -
Stock-based compensation
expense 64 - 78 -
Foreign exchange
translation 29 - 9 -
Changes in:
Accounts receivable (580) 1,205 (213) 753
Inventories (14) 1,498 539 1,731
Prepaid expenses and
deposits 189 601 (18) 629
Accounts payable and
accrued liabilities (1,010) 67 (1,884) (1,622)
Royalties payable (329) 3,046 (372) 3,046
Increase (decrease) in
tenure allowance in excess
of amount funded - 19 12 70
Deferred revenues - (3,752) 452 (3,752)
--------------------------------------------------------------------
(1,316) (312) (399) (4,204)
INVESTMENTS
Acquisition of property,
plant & equipment (71) (205) (251) (651)
Acquisition of intangible
& other assets - - - -
Proceeds on disposal of
pilot plant 377 - 403 -
Proceeds on disposal of
fixed assets - 100 65 100
Proceeds on divestiture of
AD/ADD technology 1,189 - 1,189 -
Short-term investments - - - 983
--------------------------------------------------------------------
1,495 (105) 1,406 432
FINANCING
Issuance of common shares 39 - 69 -
Repayment of capital lease
obligations (20) - (20) -
Repayment of notes payable (174) (32) (375) (65)
Repayment of demand loans - (797) - (1,593)
--------------------------------------------------------------------
(155) (829) (326) (1,658)
--------------------------------------------------------------------
Increase (decrease) in cash
and cash equivalents 24 (1,246) 681 (5,430)
Cash and cash equivalents,
beginning of period 1,070 1,526 413 5,710
--------------------------------------------------------------------
Cash and cash equivalents,
end of period $ 1,094 $ 280 $ 1,094 $ 280
--------------------------------------------------------------------
--------------------------------------------------------------------

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.

SOURCE: Forbes Medi-Tech Inc.


Forbes Medi-Tech Inc.
Darren Seed, 604-681-8976
[e-mail]
or
Patricia E. Pracher, 604-689-5899
[e-mail]
www.forbesmedi.com

(c) 2003 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.

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VANCOUVER, British Columbia, Sep 5, 2003 (BUSINESS WIRE) -- Forbes Medi Tech Inc. (FMTI, Trade) announced today it has raised US$4.65 million by way of a Private Placement, resulting in the issuance of approximately 3.13 million common shares at a price of US$1.485 per share (approximately CDN$2.05, based on current exchange rates), with approximately 1.16 million warrants attached. Each warrant entitles the holder to purchase one common share of the Company at US$1.85 for 3 years from the date of closing. A final subscription for an additional 109,090 common shares and 38,182 warrants for gross proceeds of US$162,000 has been accepted by the Company which will bring the total placement to US$4.81 million. BioAsia Investments, LLC of Palo Alto, California acted as the lead investor.

"This financing provides the Company with the necessary resources to expand our pharmaceutical pipeline and ensure that funds are available for the continued development of our cholesterol-lowering compound, FM-VP4," said Charles Butt, President & CEO of Forbes Medi-Tech Inc. "The strength of these investors and terms of the private placement are indicative of the investment opportunity that Forbes represents," said Butt.

"After completing an extensive amount of due diligence on Forbes, we are excited about the prospects for FM-VP4 as well as the growth of Forbes` nutraceutical business," said Dr. Albert Cha, Partner at BioAsia Investments, LLC.

Placement proceeds will be used by Forbes to fund continued research on FM-VP4, further development of the FM-VPx library of compounds and for operational purposes. Based upon the Company`s financial position, future revenue and operational outlook, Forbes anticipates that it will have sufficient funds to operate through the end of 2005.

Investment banker`s warrants and cash commissions payable for this Private Placement amount to 254,458 and US$264,637 respectively. The broker warrants have the same terms as the warrants issued to investors.

About BioAsia

BioAsia Investments, LLC is a Palo Alto, California-based venture firm formed in 1997 for the purpose of managing the Biotechnology Development Funds, which invest in private and public life sciences companies primarily in the United States. BioAsia makes investment decisions for the Funds and, in addition, helps its portfolio companies to develop corporate strategy, recruit key management personnel, and acquire new products and technology to accelerate growth. BioAsia focuses on investments in companies with clinically proven products in development for unmet medical needs. Additional information on BioAsia can be found on the internet at www.bioasia.com.

About Forbes Medi-Tech Inc.

Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative prescription pharmaceutical and nutraceutical products for the prevention and treatment of cardiovascular and related diseases. Forbes` scientific platform is based on core sterol technology. By extracting plant sterols from by-products of the forestry industry, Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.

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. This News Release contains forward-looking statements about the Company`s future revenue, sales and production, which statements can be identified by the use of forward-looking terminology such as "expand", "continued", "opportunity", "growth", "prospects", "will be", "further", "based", "future revenue", "outlook", "anticipate", or the negative thereof or any other variations thereon or comparable terminology referring to future dates, events or results. Forward-looking statements are statements about the future and are inherently uncertain, and the Company`s actual results could differ materially from those anticipated in those forward-looking statements as a result of numerous factors, including without limitation, the funds for the final subscription of 109,090 common shares may not be received in a timely manner or at all; the risk that buyers will not order their forecasted amounts of the Company`s products; uncertainty as to the Company`s ability to generate projected sales volumes and product prices; uncertainty that the Phyto-Source LP manufacturing facility will function as planned; the need for performance by buyers of contractual obligations; manufacturing risks; partnership/strategic alliance risks; the need to control costs and the possibility of unanticipated expenses; uncertainty as to whether the plant can be expanded in a cost-effective and timely manner; the risk of technical obsolescence; intellectual property risks; the effect of competition, uncertainty of the size and existence of a market opportunity for the Company`s products and the buyer`s products; marketing risks; risks inherent in the development of pharmaceutical and nutraceutical research and the development of new products the Company`s need for additional future capital, which may not be available in a timely manner or at all; exchange rate fluctuations; product liability risks; as well as a description of other risks and uncertainties affecting the Company and its business, as contained in news releases and filings with the United States Securities and Exchange Commission and Canadian Securities Regulatory Authorities, any of which could cause actual results to vary materially from current results or the Company`s anticipated future results. Forward-looking statements are based on the beliefs, opinions and expectations of the Company`s management at the time they are made, and the Company does not assume any obligation to update its forward-looking statement if those beliefs, opinions or expectations, or other circumstances should change.

SOURCE: Forbes Medi-Tech Inc.


Forbes Medi-Tech Inc.
Darren Seed, 604-681-8976
[e-mail]

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#6 der Top 10 der 1 Jahresperformance bei Bio/Pharma.

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Neues Hoch?

[southbound]

Neues Hoch!

Reuters
Forbes Medi-Tech shares soar on U.S. interest
Monday February 2, 3:53 pm ET


TORONTO, Feb 2 (Reuters) - Shares of Forbes Medi-Tech (Toronto:FMI.TO - News; NasdaqNM:FMTI - News) soared more than 21 percent on Monday, capping a 80 percent rise in two weeks that have seen increased interest from U.S. investors in the Canadian biotech company.
Shares of Forbes Medi-Tech, known for its cholesterol reducing product Reducol, rose more than 21 percent on the Nasdaq and climbed 19 percent on the Toronto Stock Exchange (News - Websites) .

"I would have to expect some kind of speculative investors," Darren Seed, a spokesman for Vancouver, British Columbia-based Forbes Medi-Tech said.

Three U.S. funds have bought chunks of Forbes Medi-Tech in the past few weeks.

Palo Alto, California-based BioAsia investments IV LLC, the general partner of the Biotechnology Development Fund IV, bought 14 percent of Forbes Medi-Tech`s series A voting shares. Great Point Partners LLC, the investment manager of Biomedical Value Fund L.P., out of Greenwich, Connecticut, bought 27 percent of the series A voting shares.

And Theory Capital LLC, based in Washington, DC, also bought 18.6 percent of the series A voting preferred shares.

Seed said investors are awaiting phase II results of its lead compound FM-VP4, which lowers cholesterol. The trial`s results are expect toward the end of the first quarter.

Shares of Forbes were up C$1.07 at C$6.05 in Toronto. On Nasdaq, they were up 72 cents at $4.50.

($1=$1.34 Canadian)

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