Biovail Corp. said Friday that Ontario’s securities regulator has named chairman Eugene Melnyk in connection with its probe into trading activity of the company’s stock.

The Ontario Securities Commission has been looking into insider trading activity at the company since 2003, but Melnyk’s name had not been raised until today.

“The OSC has further advised that its investigation includes looking at trading issues, and reporting and disclosure issues in relation to the trading of Biovail common shares in several accounts in which Eugene Melnyk may have direct or indirect beneficial ownership of, or control or direction over,” Biovail said in a release.

“The company cannot predict the outcome or the timing of when this matter may be resolved,” Biovail said.

Melnyk used to be Biovail’s CEO, he is also the owner of the Ottawa Senators NHL club.

The company also said a U.S. Securities and Exchange Commission probe into Biovail’s past accounting practices is continuing.

In addition to updates on the investigations, Biovail also boosted its profit expectations after the pharmaceutical company’s third-quarter earnings more than doubled.

Biovail said it made US$101.7 million, or 64¢ a share, up from US$49.6 million, or 31¢ a share a year earlier.

As a result of the better-than-expected performance in the third quarter, Biovail increased its earnings outlook for all of 2005 by five cents to a new range of $1.80 to $1.85 a share for the full year.