Biovail Acknowledges Chairman's Filing of Report with the Ontario Securities Commission



    TORONTO, June 22 /CNW/ - Biovail Corporation (NYSE:  BVF)(TSX:BVF) today
acknowledged that its Chairman, Eugene Melnyk, has today filed with the
Ontario Securities Commission (OSC) a report that discloses historical trading
in Biovail common shares and call options to acquire Biovail common shares by
certain trusts that were settled by Mr. Melnyk. The report was filed with the
OSC by Mr. Melnyk in accordance with a Settlement Agreement between Mr. Melnyk
and Staff of the OSC, which was approved by the OSC on May 18, 2007.

    Based solely in reliance on the disclosure contained in Mr. Melnyk's
report, as filed with the OSC, if the Biovail common shares and the call
options to acquire Biovail common shares that were held by such trusts were
reported in the Company's annual disclosure documents from January 1, 2002
until June 22, 2007 (being the period covered by the report), the following
items would have been included in addition to the disclosure regarding Mr.
Melnyk's holdings:

    Holdings in Trusts Settled by Mr. Melnyk:

    --  Management Information Circular (dated May 14, 2002), 12,817,667
common shares and 171,000 common shares under options as at April 30, 2002;

    --  Form 20-F (dated May 17, 2002), 12,817,667 common shares and 171,000
common shares under options as at April 30, 2002;

    --  Management Information Circular (dated May 15, 2003), 12,736,517
common shares as at April 30, 2003;

    --  Form 20-F (dated May 20, 2003), 12,736,517 common shares as at April
30, 2003;

    --  Management Information Circular (dated May 14, 2004), 9,715,512
common shares and 227,500 common shares under options as at April 30, 2004;

    --  Form 20-F (dated May 14, 2004), 9,715,512 common shares and 227,500
common shares under options as at April 30, 2004;

    --  Management Information Circular (dated May 10, 2005), 9,710,432
common shares as at May 10, 2005;

    --  Form 20-F (dated June 30, 2005), 9,710,432 common shares as at June
14, 2005;

    --  Management Information Circular (dated May 15, 2006), 9,408,232
common shares and 300,000 common shares under options as at May 15, 2006;

    --  Form 20-F (dated March 31, 2006), 9,408,232 common shares and 300,000
common shares under options as at March 15, 2006;

    --  Management Information Circular (dated March 19, 2007), 9,408,232
common shares and 300,000 common shares under options as at March 19, 2007;

    --  Form 20-F (dated March 21, 2007), 9,408,232 common shares and 300,000
common shares under options as at March 19, 2007; and

    --  Form 20-F/A (Amendment No. 1) (dated May 22, 2007), 9,408,232 common
shares and 300,000 common shares under options as at March 19, 2007.

    A copy of the Settlement Agreement, which includes information concerning
Mr. Melnyk's relationship with the trusts, is available on the OSC Web site.

    About Biovail Corporation

    Biovail Corporation is a specialty pharmaceutical company, engaged in the
formulation, clinical testing, registration, manufacture, and
commercialization of pharmaceutical products utilizing advanced drug-delivery
technologies. For more information about Biovail, visit the Company's Web site
at www.biovail.com.

    For further information, please contact Nelson F. Isabel at 905-286-3000
or send inquiries to ir@biovail.com.




For further information:

For further information: Biovail Corporation Nelson F. Isabel,
905-286-3000 Vice-President, Investor Relations and Corporate Communications

Organization Profile

BIOVAIL CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890