If this is not your name, click here.
| | If this is not your name, click here. | | |
| | Contact Us | Order Now | Journals | Bookstore | Register a colleague | | |
| |  Forbes Medi-Tech Steroid Research Receives Science Council Award VANCOUVER, British Columbia-- Nov 29, 1996 -- Forbes Medi-Tech Inc (VSE FMI.) Forbes Medi-Tech Inc. is pleased to announce that the Science Council of British Columbia, based on the results of the first year's research, has awarded additional funding for continued research of new technologies in the production of important steroid drugs. The technologies developed during the first year's research, conducted at the University of British Columbia under Dr. James Kutney, Professor of Chemistry, were recently announced by the Company. These new technologies include the development of novel methods for the production of progesterone, estrogenic hormones, female contraceptive agents and Androstadienedione (ADD) from "tall oil," a by-product of the pulp and paper industry. These new technologies are complementary to the Company's existing steroid technologies currently undergoing industrial upscaling by Forbes' European partners. The Science Council is providing $128,000 of financial assistance in the second year of this project, bringing the total amount of assistance to $243,000. With the Company's matching contribution, this project is expected to receive over $500,000 in funding. "The mandate of the Council is to select and provide financial assistance to those companies with technologies that stimulate the development and application of innovative science for the economic benefit of the province," said Blair Heffelfinger of the Science Council's Technology Development Program. "All projects must demonstrate relevance to industry as determined by the potential for economic development. The Council has an expert independent peer review committee that scrutinizes each application to ensure that the critical criteria set by the Council are met prior to the approval of any financial assistance. The Council regards the Forbes' project as a positive and valuable contribution to scientific research and development in British Columbia." "We are pleased to receive continued assistance from the Science Council of B.C. for our research projects," said Dr. Egon Novak, Chief Executive Officer of Forbes. "If this research provides the results we are anticipating, Forbes will have a promising technology base and will make a positive contribution to the economy of British Columbia." Forbes Medi-Tech Inc is a bio-technology company involved in the research and development of valuable pharmaceutical products from the by-products of the pulp and forest industry. In addition to actively researching forest-derived phytosterols for the use as cholesterol lowering agents, the Company is devoting its efforts to the production and commercialization of Androstenedione, a starting material used for the manufacture of various pharmaceutical steroid drugs.
|
