OSC FINDS EUGENE MELNYK DID NOT CONTRAVENE ONTARIO SECURITIES LAW

Eugene Melnyk comments on decision issued yesterday in the Biovail Corporation (NYSE/TSX: BVF) case by the Ontario Securities Commission:

TORONTO, Oct. 1 /PRNewswire/ - "The Commission's decision relates primarily to an earnings warning issued by Biovail in October 2003. I am pleased that the Commission found that Biovail acted appropriately in issuing an earnings warning and that numerous aspects of that earnings warning were accurate. I am also pleased with the Commission's finding that I did not contravene Ontario securities law at any time.

I am considering my position in respect of the Commission's remaining public interest findings."

SOURCE Eugene Melnyk