Angiotech completes acquisition of Lifespan(R) vascular graft product line from Edwards Lifesciences
01 Dezember 2005 - 3:00PM
PR Newswire (US)
VANCOUVER, Dec. 1 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP) today
announced that it has completed its acquisition of the Lifespan(R)
ePTFE vascular graft business, located in Laguna Hills, California,
from Edwards Lifesciences Corporation (NYSE:EW) for $14 million in
cash. The transaction includes a distribution agreement with
Edwards, whereby Edwards will continue to market and sell the
existing Lifespan product line for a period of up to five years,
and will be the exclusive distributor of Angiotech's Vascular
Wrap(TM) paclitaxel-eluting mesh product, packaged in combination
with Lifespan(R) vascular grafts, in the European Union for a
period of up to two years from the receipt of European regulatory
approval of the Vascular Wrap(TM) product. Per the agreement,
Angiotech retains all marketing and distribution rights with
respect to any and all Vascular Wrap(TM) paclitaxel-eluting mesh
related products in the United States, and has co-exclusive
marketing and distribution rights with respect to the standalone
Lifespan(R) product line in the United States. Along with the
presentation of positive safety data on November 17, 2005 at the
32nd annual VEITHsymposium(TM), Angiotech announced its plans to
initiate the PREVAIL (Paclitaxel Releasing Extra-Vascular
Anastamosis Implant & Lifespan(R) Graft) clinical trial in the
first half of 2006. PREVAIL will be designed to assess the efficacy
of Angiotech's pioneering Vascular Wrap(TM) product candidate
implanted in combination with Lifespan(R) grafts for hemodialysis
patients with renal disease who receive arteriovenous (AV) access
implants. The lives of patients with end-stage renal disease are
highly dependent on access to their circulatory system in order to
have their blood cleaned by hemodialysis. Today there are an
estimated 4.4 million people in the U.S. with end-stage renal
disease. Of these patients, 250,000 undergo hemodialysis treatment
and roughly half receive of these patients have synthetic grafts
for hemodialysis access. Synthetic grafts, however, have very
disappointing patency rates due to the complication of scar
formation in the graft. As a result of this scar formation, only
50% of these grafts remain open at one year and only 25% of these
are still open at two years. The cost of these graft failures is
also significant, with an added cost to the healthcare system of
US$55,000. Today, AV-access failure is responsible for 20% of all
hospitalizations of patients with end-stage renal disease in the
US, and the morbidity related to this failure comes with an annual
cost of over $1 billion per year. Angiotech's Vascular Wrap(TM)
paclitaxel-eluting mesh technology is designed to be used at the
site where the AV-access graft is attached to the native vessel,
which is where failure or blockage most typically occurs. The
Vascular Wrap(TM) product incorporates Angiotech's pioneering
paclitaxel technology, which is currently commercially available
only to interventional cardiologists in the TAXUS(TM)
paclitaxel-eluting coronary stent product line. The Vascular
Wrap(TM) product is a biodegradable mesh implant incorporating
Angiotech's paclitaxel technology in a novel biomaterial, and is
designed specifically for use by the vascular surgeon, with the
goal of mitigating scar formation and thereby potentially enhancing
graft patency rates in AV-access patients. Edwards Lifesciences,
headquartered in Irvine, Calif., is focused on specific
cardiovascular opportunities including heart valve disease,
peripheral vascular disease and critical care technologies. The
company's global brands, which are sold in approximately 100
countries, include Carpentier-Edwards, Cosgrove-Edwards, Fogarty,
LifeStent, PERIMOUNT and Swan-Ganz. Additional company information
can be found at http://www.edwards.com/. Vancouver-based Angiotech
Pharmaceuticals, Inc. is a specialty pharmaceutical company
pioneering the combination of pharmaceutical compounds with medical
devices and biomaterials to both create novel solutions for poorly
addressed disease states and dramatically improve surgical
outcomes. To find out more about Angiotech Pharmaceuticals, Inc.
(NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), please visit our website at
http://www.angiotech.com/. Statements contained herein that are not
based on historical or current fact, including without limitation
statements containing the words "anticipates," "believes," "may,"
"continue," "estimate," "expects," and "will" and words of similar
import, constitute "forward-looking statements" within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
events or developments to be materially different from any future
results, events or developments expressed or implied by such
forward-looking statements. Such factors include, among others, the
following: general economic and business conditions, both
nationally and in the regions in which the Company operates;
technology changes; competition; changes in business strategy or
development plans; the ability to attract and retain qualified
personnel; existing governmental regulations and changes in, or the
failure to comply with, governmental regulations; liability and
other claims asserted against the Company; and other factors
referenced in the Company's filings with the United States
Securities and Exchange Commission or the Canadian securities
regulators. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. The
Company does not assume the obligation to update any
forward-looking statements. FOR ADDITIONAL INFORMATION:
--------------------------- Analysts and Investors: Todd Young,
Vice President Investor Relations and Communications, Angiotech
Pharmaceuticals, Inc. (604) 221-7676 ext 6933 Analysts: Rui Avelar,
Senior Vice President Medical Affairs and Communications, Angiotech
Pharmaceuticals, Inc. (604) 221-7676 ext 6996 Media: Colleen
Beauregard, Waggener Edstrom Bioscience, (503) 443-7863, Email:
DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT: Analysts and
Investors: Todd Young, Vice President Investor Relations and
Communications, Angiotech Pharmaceuticals, Inc., (604) 221-7676 ext
6933; Analysts: Rui Avelar, Senior Vice President Medical Affairs
and Communications, Angiotech Pharmaceuticals, Inc., (604) 221-7676
ext 6996; Media: Colleen Beauregard, Waggener Edstrom Bioscience,
(503) 443-7863, Email:
Copyright
Angiotech Pharmaceuticals - Common Shares (MM) (NASDAQ:ANPI)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Angiotech Pharmaceuticals - Common Shares (MM) (NASDAQ:ANPI)
Historical Stock Chart
Von Jul 2023 bis Jul 2024