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Posted AT 8:44 PM EST on 24/06/08

Melnyk loses fight for Biovail board

RICHARD BLACKWELL

From Wednesday's Globe and Mail

Biovail Corp. founder Eugene Melnyk has lost his bid to install a hand-picked slate of directors at the struggling pharmaceutical giant. While detailed results of the proxy battle that pitted Mr. Melnyk against the current management will not be released until the annual meeting this morning, sources said Tuesday that he was not able to get enough votes to displace the company's proposed directors with his own nominees.

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