Angiotech reaches agreement with Johnson & Johnson to settle outstanding patent litigation
17 September 2007 - 2:00PM
PR Newswire (US)
VANCOUVER, Sept. 17 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), announced
today that it reached a favourable agreement with Johnson &
Johnson's subsidiary, Conor Medsystems ("Conor") to settle all
outstanding patent litigation with respect to Conor's CoStar(R)
paclitaxel stent. "With this agreement now in place, Angiotech
expects that the resources required to defend and enforce our
intellectual property should decrease," said Dr. William Hunter,
President and CEO of Angiotech. At the time of the settlement,
there was ongoing litigation in three jurisdictions: the UK, the
Netherlands and Australia. Note on Forward Looking Statements:
Statements contained in this press release that are not based on
historical 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. Forward-looking statements may involve, but
are not limited to, comments with respect to our objectives and
priorities for 2007 and beyond, our strategies or future actions,
our targets, expectations for our financial condition and the
results of, or outlook for, our operations, research development
and product and drug development. 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. Many such risks, uncertainties and other factors are
taken into account as part of our assumptions underlying these
forward-looking statements and include, among others, the
following: general economic and business conditions, both
nationally and in the regions in which we operate; market demand;
technological changes that could impact our existing products or
our ability to develop and commercialize future products;
competition; existing governmental regulations and changes in, or
the failure to comply with, governmental regulations; adverse
results or unexpected delays in drug discovery and clinical
development processes; decisions, and the timing of decisions, made
by health regulatory agencies regarding approval of our technology
and products; the requirement for substantial funding to conduct
research and development and to expand commercialization activities
or consummate acquisitions; and any other factors that may affect
performance. In addition, our business is subject to certain
operating risks that may cause the actual results expressed or
implied by the forward-looking statements in this report to differ
materially from our actual results. These operating risks include:
our ability to attract and retain qualified personnel; our ability
to successfully complete preclinical and clinical development of
our products; changes in business strategy or development plans;
our failure to obtain patent protection for discoveries; loss of
patent protection resulting from third party challenges to our
patents; commercialization limitations imposed by patents owned or
controlled by third parties; our ability to obtain rights to
technology from licensors; liability for patent claims and other
claims asserted against us; our ability to obtain and enforce
timely patent and other intellectual property protection for our
technology and products; the ability to enter into, and to
maintain, corporate alliances relating to the development and
commercialization of our technology and products; market acceptance
of our technology and products; our ability to successfully
manufacture, market and sell our products; the continued
availability of capital to finance our activities; our ability to
continue to integrate into our business the operations of American
Medical Instruments Holdings, Inc. ("AMI"); our ability to achieve
the operational and other synergies and the other commercial or
financial benefits expected as a result of the acquisition of AMI;
and any other factors referenced in our annual information form and
other filings with the applicable Canadian securities regulatory
authorities or the SEC. Given these uncertainties, assumptions and
risk factors, readers are cautioned not to place undue reliance on
such forward-looking statements. We disclaim any obligation to
update any such factors or to publicly announce the result of any
revisions to any of the forward-looking statements contained in
this prospectus to reflect future results, events or developments.
About Angiotech Angiotech Pharmaceuticals, Inc. is a global
specialty pharmaceutical and medical device company with 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
(NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), please visit our website at
http://www.angiotech.com/. CONTACT: Jodi Regts, Sr. Manager,
Investor Relations and Corporate Communications, Angiotech
Pharmaceuticals Inc., (604) 221-7930, ; Deirdre Neary, Manager,
Investor Relations Angiotech Pharmaceuticals, Inc. (604) 222-7056,
DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT: Jodi Regts,
Sr. Manager, Investor Relations and Corporate Communications,
Angiotech Pharmaceuticals Inc., (604) 221-7930, ; Deirdre Neary,
Manager, Investor Relations Angiotech Pharmaceuticals, Inc. (604)
222-7056,
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