Concerned Shareholders of Biovail Pleased with Court Order for Biovail AGM



    TORONTO, July 16 /CNW/ - Eugene Melnyk and EM Holdings B.V. (The
"Concerned Shareholders") said today that they were pleased with the decision
of the Ontario Superior Court of Justice released this morning. The Court
denied the application brought by Biovail Corporation and its CEO, William
Wells, for an order validating the election of the board of directors at the
shareholder meeting convened on June 25, 2008. Further, the Court determined
that the Biovail Annual General Meeting was improperly constituted and must be
re-convened in order to allow for the election of directors at a meeting
complying with corporate law and the company's by-laws.
    "Biovail's AGM was not properly constituted and there was no quorum
present, as the court recognized," stated Mr. Brydon. "Remember, a majority of
shareholders did not cast their votes. This is a strong indication that
shareholders are deeply frustrated with the status quo at Biovail. Today's
court ruling means all shareholders will have an opportunity to further
evaluate the two very different visions for the future of Biovail."
    The Court ordered that the Annual General Meeting be re-convened as soon
as reasonably possible, but in any event, by September 23, 2008.
    Mr. Melnyk and Mr. Brydon are so confident in the strength of the plan
proposed by the Concerned Shareholders that they will move it forward no
matter what the outcome at Biovail's re-convened Annual General Meeting. The
plan will either be implemented through Biovail, if the Concerned
Shareholders' nominees are elected at the re-convened Annual General Meeting,
or through a new company, Trimel Biopharma, that Eugene Melnyk and Bruce
Brydon have already announced they will form if the Concerned Shareholders are
unsuccessful at the re-convened Annual General Meeting. Mr. Brydon will be
reaching out to Biovail shareholders during the coming weeks to further
discuss this plan, the opportunity to support it and benefit from its success
and the plan's ability to protect investment and enhance value for all Biovail
shareholders.
    In the coming days, the Concerned Shareholders encourage all shareholders
to visit www.betterbiovail.com to meet the proposed board members and review
the proposed plan that they believe will help secure the future of the
Company. The plan consists of four components with two overarching themes: a
commitment to excellence in corporate governance, and a commitment to enhance
shareholder value.




For further information:

For further information: Canadian Media: Duncan Fulton,
Fleishman-Hillard, (416) 645-3655, duncan.fulton@fleishman.ca; US Media: Mike
Sitrick, Sitrick And Company, (310) 788-2850, mike_sitrick@sitrick.com

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CONCERNED SHAREHOLDERS OF BIOVAIL

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A BETTER BIOVAIL

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