Eugene Melnyk Issues Statement on SEC and OSC Proceedings

    TORONTO, March 24 /CNW/ - 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
    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."

For further information:

For further information: Canadian media - Duncan Fulton, (416) 645-3655,; U.S. media - Michael Sitrick, (310) 788-2850;

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