Vancouver,  British  Columbia -- January 27,  2003  Forbes  Medi-Tech  Inc. (TSE:FMI  and NASDAQ:FMTI) today announced results  from the Phase I safety study of  its  novel  pharmaceutical,  FM-VP4.  The  results  have  clearly established  the  safety and tolerability of  FM-VP4  over the dose  ranges studied.  Even at the highest dosage levels, no serious adverse events were reported emphasizing the excellent safety profile of the drug.

The Phase  I study consisted of  six dosing groups of five healthy males (4 active and 1 placebo) with mild  or moderate hypercholesterolemia (elevated blood  cholesterol). Subjects  were  administered single  doses  of  FM-VP4 ranging from 100 mg to 2000 mg. After receiving the medication each subject was monitored over  a  24-hour period  and periodically  over the following seven days. The last subject, last visit  for the Phase 1 trial was on  Dec 16th 2002 and all of the 30 subjects completed the trial.

"I am impressed with FM-VP4's very favorable Phase I  safety profile," said Dr.  John Kastelein, Professor of Medicine, Academic Medical Center  of the University of Amsterdam and study director. "This  is  a critical milestone to  achieve and certainly  enhances the Company's ability  to  move through Phase II and III clinical trials." Dr. Kastelein, a world opinion leader on the  treatment  of  high   blood   cholesterol   and  the   prevention   of atherosclerosis, is currently: Chairman, Department of Vascular Medicine at the Academic Medical Center of the University of Amsterdam; an  established Investigator for the Dutch Heart  Foundation; and  Director, Lipid Research Group and Lipid Research Clinic at the Academic Medical Center.

About FM-VP4
FM-VP4,  an amphipathic  (water  and  lipid-soluble) synthetic analogue  of phytostanols,  represents a new class in cholesterol-lowering  drugs calledcholesterol  transport  inhibitors.   FM-VP4  has   demonstrated   dramaticcholesterol-lowering and  anti-atherosclerotic  properties in  pre-clinical studies. In five animal models, FM-VP4  reduced total cholesterol levels by 52-75  per  cent.    The  medication  also   reduced   the  development  ofatherosclerotic lesions in apolipoprotein E-deficient (ApoE) mice by 75 per cent. The cardiovascular  market represents  a  significant  opportunity as sales of  cardiovascular  pharmaceuticals  are  expected  to  exceed  US$30 billion by 2007. (Datamonitor, March 2001)

About Forbes Medi-Tech Inc.
Forbes  Medi-Tech  Inc.  is a biopharmaceutical  company dedicated  to  the research, development  and commercialization of innovative  pharmaceuticals and   nutraceutical   products   for  the  prevention  and   treatment   of cardiovascular and related diseases. By extracting plant sterols from  wood pulping by-products, Forbes has developed cholesterol-lowering agents to be used  as  pharmaceutical therapeutics,  dietary supplements and  functional food ingredients.

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  press release contains  certain  forward-looking statements concerning the Company's ability  to move through Phase II and III clinical trials, the expected size of  the cardiovascular pharmaceutical market, and use of  the Company's pharmaceutical agents. The  Company's actual  results could differ materially  from those anticipated  in  these  forward-looking statements as a result of numerous factors,  including without  limitation, research and development  risks; uncertainty  whether FM-VP4  will enter or complete further trials or, even  if  such trials are completed, whether it will be fully  developed and marketed; the risk of technical  obsolescence; and uncertainty whether sales of cardiovascular  pharmaceuticals will reach expected levels.  See  the  Company's reports filed with  the Toronto Stock Exchange,  the  B.C.  and  Ontario  Securities Commissions,  and  the  U.S. Securities  and  Exchange  Commission  from  time  to  time  for cautionary statements  identifying  other  important  factors  with  respect   to  the Company's  forward-looking  statements,   including   certain   risks   and uncertainties, that could cause  actual results to  differ materially  from results referred to in  forward-looking statements. The Company assumes  no obligation to update the information contained in this press release.