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www.fdanews.com/articles/81548-biovail-updates-status-of-previously-disclosed-osc-investigation

BIOVAIL UPDATES STATUS OF PREVIOUSLY DISCLOSED OSC INVESTIGATION

October 11, 2005

Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced that the Ontario Securities Commission (OSC) has advised that, in addition to the matters most recently disclosed in the Company's second quarter financial statements, the OSC is investigating the Company's revenue recognition for accounting purposes for each of the four quarters of 2002 and 2001, and related disclosure issues. Biovail has co-operated fully, and will continue to co-operate fully, with the OSC in these matters.

CCN Matthews (http://www.ccnmatthews.com/news/releasesfr/show.jsp?action=showRelease&actionFor=561854)