Sale allows Forbes to focus on functional foods

by Jeff Gelski
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Forbes Medi-Tech Inc., Vancouver, B.C., has sold its pharmaceutical and business unit in San Diego to Transition Therapeutics Inc., Toronto. Forbes will receive an upfront payment of $1 million and potential future payments of $6 million.

"As highlighted in a recent news release, this initiative will reduce the company’s burn rate while allowing Forbes to clearly focus on further developing its nutraceutical business — through both organic growth and merger and acquisition initiatives within the functional food and dietary supplement markets," said Charles Butt, president and chief executive officer of Forbes Medi-Tech, when the deal was announced Aug. 18.

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