Former Banc of America Securities Analyst David Maris Comments on Decision by Biovail to Drop Its Claims Against Him; Denies That He is Cooperating With Biovail

Thursday, September 13, 2007 General News J E 4
NEW YORK, Sept. 12 The following is a statement issuedSeptember 12 by former Banc of America Securities research analyst David Marisregarding a decision by Biovail Corp. (NYSE: BVF) to drop its lawsuit againsthim that had been proceeding in a New Jersey state court.

"I am pleased that Biovail has dropped the baseless lawsuit it concoctedagainst me and given me a complete release of claims," Mr. Maris said.

"However, contrary to the suggestion in a press release issued by Biovailon September 10, I am not cooperating with Biovail," he added.

"Under my Settlement Agreement with Biovail and the company's formerchairman and CEO Eugene Melnyk, I have no obligation to cooperate with Biovailor to answer any questions unless Biovail seeks to depose me," Mr. Mariscontinued.

If Biovail does seek to depose him, Mr. Maris said he will respondtruthfully to questions asked by all parties, including Biovail.

"Although Biovail is free to depose me, I don't believe my answers willassist the company in its cause. To the contrary, I am unaware of anyconspiracy against Biovail and do not believe any such conspiracy everexisted," Mr. Maris's statement concluded.

Mr. Maris is represented by Carl Loewenson in the New York office of lawfirm Morrison & Foerster LLP.Contact: Allan Ripp (212) 262-7477

SOURCE Morrison & Foerster LLP and David Maris


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