Forbes Medi-Tech, a Canadian developer of nutraceuticals and pharmaceuticals has received two-year sterols supply agreements valued at up to C$40 million (€26m) from undisclosed customers, reports Dow Jones this week.
In a press release on Thursday, the biopharmaceutical company said new and existing contracts will increase its revenue starting in the fourth quarter, leading it to boost its revenue projection for full-year 2002 to C$8 million.
Earlier this summer the company had said that it expects C$7 million in phytosterol sales in 2002.
The Dow Jones report continues that Forbes Medi-Tech hopes to recognise about 60 per cent to 70 per cent of the total revenue as part of the supply agreements on its income statement. The agreements include a supply agreement between Forbes Medi-Tech's manufacturing venture, Phyto- Source, and an undisclosed large multinational company.