Forbes Medi-Tech Receives Extension to Compliance Deadline

Market Wire, October, 2008

Forbes Medi-Tech Inc. (TSX: FMI)(NASDAQ: FMTI) ("Forbes" or "Company") announced today that the Company received a letter from The Nasdaq Stock Market ("NASDAQ") stating that NASDAQ has decided to temporarily suspend enforcement of the bid price and market value of publicly held share requirements, given the extraordinary current market conditions. As a result, Forbes will now have until June 22, 2009 to regain compliance with the minimum bid price requirement.

On October 16, 2008, NASDAQ filed an effective rule change with the Securities and Exchange Commission to implement the suspension immediately. As a result, all companies, including Forbes, who are presently in a bid price or market value of publicly held shares compliance period, will remain at that same stage of the process and will not be subject to being delisted for these concerns. These rules will be reinstated on Monday, January 19, 2009, and the first relevant trade date will be Tuesday, January 20, 2009.

As of October 16, 2008, Forbes had 154 calendar days remaining within its compliance period. Therefore, upon reinstatement of the rules, the Company will still have this number of days, or until June 22, 2009, to regain compliance. Forbes can regain compliance, either during the suspension or during the compliance period resuming after the suspension, by achieving a US$1 closing bid price for a minimum of 10 consecutive trading days.

About Forbes Medi-Tech

Forbes Medi-Tech Inc. (TSX: FMI)(NASDAQ: FMTI) is a life sciences company focused on evidence-based nutritional solutions. A leader in nutraceutical technology, Forbes is a provider of value-added products and cholesterol-lowering ingredients for use in functional foods and dietary supplements. Forbes successfully developed and commercialized its Reducol(TM) plant sterol blend, which has undergone clinical trials in various matrices and has been shown to lower "LDL" cholesterol levels safely and naturally. Building upon established partnerships with leading retailers and manufacturers across the globe, Forbes helps its customers to develop private label and branded products. For more information about Forbes Medi-Tech, please visit www.forbesmedi.com .

This News Release contains forward-looking statements and forward-looking information, within the meaning of applicable securities laws (collectively, "forward-looking statements"), regarding the Company's continued listing on Nasdaq. Forward-looking statements can be identified by forward-looking terminology such as "will", "can", "2009", and similar expressions or variations thereon. Forward-looking statements are inherently uncertain, and actual results may differ materially from the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, uncertainty whether the Company will regain compliance with the minimum bid price rule by June 22, 2009, failing which, the Company's securities will be delisted by Nasdaq; and the risk that delisting of the Company's securities may have a material adverse effect on the Company's share liquidity and trading price and on the Company's ability to obtain financing and continue its business. For a further discussion of these and other known risks and uncertainties affecting the Company and its business, please see our latest Annual Information Form / Form 20-F, and other documents filed by us with Canadian and U.S. securities regulatory authorities at www.sedar.com and www.sec.gov . Forward-looking statements are based on the beliefs, assumptions, and expectations of the Company's management at the time they are made, and the Company does not assume any obligation, except as required by law, to update its forward-looking statements if those beliefs, assumptions, or expectations or other circumstances should change.

Reducol(TM) is a trademark of Forbes Medi-Tech Inc.

Contacts: Forbes Medi-Tech Inc. Jodi Regts Director, Investor Relations and Communications (604) 681-8976 Email: jregts@forbesmedi.com Website: www.forbesmedi.com