Forbes Medi-Tech Inc. announced a European Commission decision has been issued authorizing the use of Forbes' cholesterol-lowering ingredient, Reducol, in milk-based beverages. The approval of Reducol in milk-based products creates a major opportunity for Forbes Medi-Tech to attract new contracts, drive revenue growth and increase shareholder value. Plant sterol sales in Europe are estimated to grow at a rate of 15% annually until 2010 in Europe, according to a recent Frost & Sullivan report.
"We now have the ability to pursue sales of Reducol in Europe and expand our global ingredient business," said Charles Butt, president and CEO of Forbes Medi-Tech Inc. "Currently, being the largest approved source of wood sterols in the world, we are in a favorable position to capitalize on EU countries' preference for non-GMO ingredients." The number of member countries in the European Union has recently been expanded to 25 with the addition of 10 countries in May of this year.