Angiotech Pharmaceuticals Completes Acquisition of Quill Medical, Inc.
28 Juni 2006 - 3:30PM
PR Newswire (US)
Creating New Markets in Aesthetics and Wound Closure Markets
VANCOUVER, June 28 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), a global
specialty pharmaceutical and medical device company, today
announced that it has completed its acquisition of privately held
Quill Medical, Inc. ("Quill") - including all of its technology and
intellectual property - for US $40 million in cash plus certain
future contingent payments based on product revenues, as previously
announced on May 25, 2006. In October 2004, Angiotech's Surgical
Specialties division and Quill entered into an exclusive
manufacturing and distribution agreement for the Contour
Threads(TM) product line to be used in minimally-invasive aesthetic
and cosmetic surgery. Unlike conventional sutures which are smooth,
the Contour Threads products have tiny teeth-like barbs or cogs
along the surface. Once inserted under the skin, these
self-anchoring sutures hold tissue in place to suspend sagging
tissue or close wounds. With the completion of the previously
announced acquisition of Quill, Angiotech now fully owns the rights
to develop novel applications of the Contour Threads product line
in a variety of aesthetic markets as well as other large,
non-aesthetic markets where sutures are commonly used, such as
wound closure and tendon repair for orthopaedic applications.
"Angiotech continues to execute on our strategy to capture value
through our own sales and distribution channels. Building on the
success of the minimally-invasive facelift procedure, our Contour
Threads product line can potentially offer "non-extreme" options
for a variety of other aesthetic procedures, such as breast lifts,
neck contouring, and other body contouring indications," said Dr.
William L. Hunter, President and CEO of Angiotech. "We will also
now be able to offer this innovative technology to surgeons for a
variety of general wound closure applications, such as orthopaedic,
cosmetic, vascular, and endoscopic surgery, which significantly
expands our potential markets." "Our Contour Threads sales team and
distribution network is rapidly growing, and to date approximately
2,400 physicians have been trained to perform procedures using
Contour Threads," said Pete Molinaro, President of the Surgical
Specialties division. "By the end of this year, we anticipate that
we will more than double our existing Contour Threads sales force,
create new distribution agreements in key markets, and further
expand our existing global distribution channels in Asia, Europe,
South Africa, and the UK." It is anticipated that Angiotech, in the
third quarter of 2006, will initiate a study investigating the use
of its Contour Threads products in certain aesthetic surgery
procedures for the breast. Looking at the potential breast
aesthetics market alone, in 2005 there were more than 290,000
breast augmentation procedures and over 90,000 breast lifts in the
United States. The Contour Threads product line allows Angiotech to
expand this market to include those patients who desire aesthetic
changes but are unwilling to have more invasive procedures, such as
implant surgery. In the area of wound closure, it is estimated that
over 280 million sutures are used annually, and the worldwide
market for suture-based wound closure is approximately US $2
billion. Quill's patented technology enables surgical sutures to
self-anchor in tissue without the need for suture knots.
Eliminating knot-tying saves time, minimizes the risk of infection,
and reduces wound leakage. Earlier this year, a bidirectional
version of the Contour Threads product was launched, further
eliminating the need to tie a suture knot when initially inserting
the product. Angiotech also aims to continue work on developing a
portfolio of next-generation Contour Threads products, including a
biodegradable version, which will be absorbed safely and relatively
quickly in the body. About Angiotech Pharmaceuticals Angiotech
Pharmaceuticals, Inc. is a global specialty pharmaceutical and
medical device company with 14 facilities in 6 countries and over
1,500 dedicated employees. Angiotech discovers, develops and
markets innovative treatment solutions for diseases or
complications associated with medical device implants, surgical
interventions and acute injury. To find out more about Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), please
visit our website at http://www.angiotech.com/. Note on Forward
Looking Statement: Statements contained in this press release or in
our other written or oral public communications that are not based
on historical or current fact, including without limitation
statements containing the words "believes," "may," "plans," "will,"
"estimate," "continue," "anticipates," "intends," "expects" and
similar expressions, constitute "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and constitute "forward-looking information" within the
meaning of applicable Canadian securities laws. All such statements
are made pursuant to the "safe harbor" provisions of applicable
securities legislation. Such forward-looking statements are based
on assumptions that 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. Forward-looking statements in this release include the
statements regarding; financial benefits to Angiotech to be
realized from the transaction, the ability of Angiotech to find
other potential uses for the Contour Threads product line, the
ability to develop and commercialize any new products, the accuracy
of information concerning the numbers of physicians who have been
trained or have performed procedures using Contour Threads, and the
accuracy of information concerning the size of the breast
augmentation, breast lift and the suture market. These statements
are also subject to risks and uncertainties that could cause actual
results to differ materially from those projected. These risks and
uncertainties include, among others; the timing of and safety and
efficacy results from clinical trials and decisions made by
Angiotech based on these results, the ability to obtain regulatory
approval to develop and commercialize new products, the ability to
manufacture sufficient quantities of product for development and
commercialization activities and to do so in a timely and cost
efficient manner, decisions by regulatory authorities related to
the development and commercialization of potential products, the
competitive environment for such products, the availability of
resources and funding, and the risks and uncertainties associated
with the business and described in Angiotech's filings with the
United States Securities and Exchange Commission or the Canadian
securities regulators. The forward looking statements are also
based on a number of assumptions, including; that other uses for
the Contour Threads product line exist, that any products or
therapies identified and developed by Angiotech will be able to
obtain regulatory approval, that funding and resources for research
and development will be available, and that there will be a market
for any products successfully developed by Angiotech. 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. Angiotech(R)
and Contour Threads(TM) are trademarks of Angiotech
Pharmaceuticals, Inc. and its subsidiaries. All rights reserved.
FOR ADDITIONAL INFORMATION: Analysts and Institutional Investors:
Janet Craig VP, Investor Relations and Corporate Communications
Angiotech Pharmaceuticals, Inc. (416) 997-9006 Media and Retail
Investors: Jodi Regts Manager, Corporate Communications Angiotech
Pharmaceuticals, Inc. (604) 221-7930 DATASOURCE: Angiotech
Pharmaceuticals, Inc. CONTACT: Analysts and Institutional
Investors: Janet Craig, VP, Investor Relations and Corporate
Communications, Angiotech Pharmaceuticals, Inc., (416) 997-9006, ;
Media and Retail Investors: Jodi Regts, Manager, Corporate
Communications, Angiotech Pharmaceuticals, Inc., (604) 221-7930,
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