Good news from Europe for Forbes Medi-Tech

- Last updated on GMT

Related tags: Forbes medi-tech, Phytosterol, European food safety authority, Stock market, Forbes

Canadian firm Forbes Medi-Tech saw shares jump 10 per cent this
week following the announcement by the European Food Safety Agency
(EFSA) that its cholesterol-lowering ingredient Reducol is safe.

The EFSA concluded that Forbes' product Reducol is acceptable for use in foodstuffs, providing that total phytosterol intakes do not exceed 3g per day. This is a significant first step in a three-part process to allow the company to sell its cholesterol-lowering ingredients in Europe.

Shares in the Vancouver based company jumped as high as $3.10 before falling back to $3.07, gaining 8.8 per cent or 25 Canadian cents overall by mid-afternoon on Monday, according to the Toronto Stock Exchange.

Forbes Medi-Tech is hoping that Reducol, derived from non-GMO plant sterols, will gain interest from the European market.

The second step in the process is the approval and publishing of labeling regulations for phytosterol products by the European Commission and the last step is the approval of Reducol for use in specific food matrices, such as milk drinks, margarine and cheese.

Forbes extracts plant sterols from by-products of the forestry industry. The company's stock has climbed more than 400 per cent this year, largely due to its Reducol ingredient.

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