Eugene Melnyk Issues Statement on SEC and OSC Proceedings

Eugene Melnyk Issues Statement on SEC and OSC Proceedings

Monday March 24, 2008

TORONTO, March 24 - The following is a statement by Eugene Melnyk regarding the SEC and OSC proceedings announced today:
"I am disappointed by the proceedings commenced today by the U.S. Securities and Exchange Commission and Ontario Securities Commission. The vast majority of the allegations made by the SEC and OSC do not pertain to me. The only allegations made against me by the SEC pertain to a single missed shipment of Wellbutrin that occurred almost five years ago, in 2003, as well as to certain unrelated reporting issues that have already been resolved with the OSC and have been addressed in a regulatory filing with the SEC earlier this year.

The OSC's allegations against me also pertain to the single shipment of Wellbutrin. I intend to try to resolve the reporting issue, while denying and rejecting categorically the unfounded claims of the SEC and OSC that I misled Biovail investors in 2003 concerning this one-time and single shipment of Wellbutrin.

To the contrary, during a short, intense and chaotic period following a truck accident involving a shipment of Wellbutrin five years ago, I ensured that the key facts as I understood them were disclosed promptly to the investing public. I intend to vigorously contest the absolutely false allegations of the SEC and OSC and am confident that I will prevail once all the facts are heard."