Biovail Waives Proxy Voting Cut-Off

TORONTO--(Business Wire)--
Biovail Corporation (NYSE, TSX: BVF) announced today that its
Board of Directors has extended the proxy deposit deadline for the
Corporation's Reconvened Annual Meeting to be held on Friday, August
8, 2008. Proxies may now be deposited with CIBC Mellon Trust Company
up to 10:00 a.m. (Toronto time) on August 8, 2008 (the date of the
Reconvened Meeting). The proxy deposit extension will allow all
shareholders who have not yet had an opportunity to vote to complete
and submit their proxy for the Reconvened Meeting.

About Biovail Corporation

Biovail Corporation is a specialty pharmaceutical company engaged
in the formulation, clinical testing, registration, manufacture, and
commercialization of pharmaceutical products. The Company is focused
on the development and commercialization of medicines that address
unmet medical needs in niche specialty central nervous system (CNS)
markets.

For more information about Biovail, visit the Company's Web site
at www.biovail.com. For further information, please contact Nelson F.
Isabel at 905-286-3000 or send inquiries to ir@biovail.com.

Biovail Corporation
Nelson F. Isabel, 905-286-3000
Vice-President, Investor Relations
& Corporate Communications

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