Angiotech and Symphony Medical Announce Licensing Agreement
17 Januar 2008 - 10:05PM
PR Newswire (US)
New Clinical Program Under Development to Improve Outcomes of
Coronary Artery Bypass Grafting (CABG) and Cardiac Valve Surgeries
VANCOUVER, BC and LAGUNA HILLS, CA, Jan. 17 /PRNewswire-FirstCall/
-- Angiotech Pharmaceuticals, Inc.
(NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP) and privately held Symphony
Medical, Inc. today announced that they have entered into an
exclusive licensing agreement to employ one of Angiotech's
proprietary PEG-based biomaterials as part of a prophylactic
therapy envisioned to mitigate the onset of post-operative atrial
fibrillation (POAF) for patients undergoing coronary artery bypass
grafting and cardiac valve surgeries. "This agreement is another
example of our continuing effort to lessen the complications and
improve the outcomes of patients living with cardiovascular
disease," said Dr. Bill Hunter, President and CEO of Angiotech.
"Our innovative use of cutting edge, site-specific therapy has been
central to the development of coronary and peripheral drug-eluting
stents, anti-restenosis therapy in bypass surgery and hemodialysis
access procedures, and more recently, coronary stem cell therapy
and treatments for arrhythmias following open heart surgery," added
Dr. Hunter. Symphony Medical has been engaged in the development of
non-destructive biocompatible polymer therapies to treat
significant cardiac conditions such as atrial fibrillation and
congestive heart failure since 2003. Its lead program involves the
development of a prophylactic injection of biopolymer to prevent or
reduce the incidence of POAF that occur following coronary artery
bypass grafting (CABG) and cardiac valve surgeries. The product
under development is a kit which employs a biopolymer, applicator
and specialized electrical stimulation device. The concept is
protected by a number of patents which are currently pending. "We
are excited about the opportunity to work with Angiotech's
biomaterial to address a large unmet clinical need in POAF.
According to numerous clinical studies, on average, 40 percent of
patients who undergo CABG and coronary valve surgeries develop
atrial fibrillation. Based on the success of our preclinical animal
model, we have already received EU and Institutional Review Board
approval for our 60 patient multi-center 'randomized safety study'
in Germany and expect to begin enrolling patients in the first
quarter of 2008," said Raymond W. Cohen, CEO of Symphony. Under the
terms of the agreement, Angiotech has been granted an equity
position in Symphony Medical in exchange for the exclusive license
of Angiotech's technology in the field of POAF. In addition,
Angiotech will receive a royalty on end-user product sales should
the product receive regulatory approval and is commercialized.
About Post-Operative Atrial Fibrillation (AF)(1) Atrial
fibrillation is a common arrhythmia following open heart surgery
that is associated with increased morbidity and mortality. Patients
who develop postoperative atrial fibrillation are more likely to
have other postoperative complications such as peri-operative MI,
CHF and respiratory failure(2). Postoperative atrial fibrillation
is associated with longer ICU and hospital stays and consequently,
the economic cost can be considerable(3). About Angiotech Angiotech
Pharmaceuticals, Inc. is a global specialty pharmaceutical and
medical device company with over 1,600 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 http://www.angiotech.com/. About Symphony Medical Founded in
2003 and headquartered in Orange County, California, Symphony
Medical is a privately held, venture-backed company developing
proprietary products to address the unmet clinical needs of
millions of patients suffering from heart failure and cardiac
arrhythmias. The Company's products employ proprietary
biocompatible polymers injected directly into specific locations of
the heart during either open chest surgery or via a minimally
invasive procedure. The biopolymers are engineered to achieve
clinical benefit by locally modifying cardiac physiology. To find
out more about Symphony Medical, please visit
http://www.symphonymed.com/. 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," "could", "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 2008 and beyond, our strategies or future actions,
our targets, our estimation of potential market size, expectations
for our financial condition and the results of, or outlook for, our
operations, research development and further product and drug
development. Such forward-looking statements also 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 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; technological
changes that impact our existing products or our ability to develop
and commercialize future products; 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;
adverse results or unexpected delays in drug discovery and clinical
development processes; 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; dependence upon, and
relationships with strategic alliance partners to develop and
commercialize products and services based on our work; our ability
to obtain rights to technology from licensors; liability for patent
claims and other claims asserted against us; the requirement for
substantial funding to conduct research and development and to
expand commercialization activities or consummate acquisitions; the
size of the market and the potential market for our products in
specific disease areas, other factors referenced in our annual
information form and other filings with the applicable Canadian
securities regulatory authorities or the Securities and Exchange
Commission; 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
successfully complete preclinical and clinical development of our
products; the ability to obtain and enforce timely patent and other
intellectual property protection for our technology and products;
decisions, and the timing of decisions, made by health regulatory
agencies regarding approval of our technology and products; the
ability to complete and maintain corporate alliances relating to
the development and commercialization of our technology and
products; market acceptance of our technology and products; the
competitive environment and impact of technological change; and the
continued availability of capital to finance our activities. 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 report to reflect
future results, events or developments. -------------------------
(1) Description and statistics taken from Canadian Association of
Cardiac Rehabilitation website found at: http://www.cacr.ca/; Paus
Jenssen, L. Erik, Atrial Fibrillation Following Coronary Artery
Bypass Grafting. Canadian Association of Cardiac Rehabilitation
(CACR) newsletter: http://www.cacr.ca/news/news_0209.htm (2)
Almassi GH, Schowalter T, Nicolosi AC, Aggarwal A, Moritz TE,
Henderson WG, et al. Atrial fibrillation after cardiac surgery: a
major morbid event? Ann Surg 1997;226:501-11. (3) Aranski SF,
ShawDP, Adams DH, Rizzo RJ, Couper GS, VanderVliet M. Predictors of
atrial fibrillation after coronary artery surgery. Current trends
and impact on hospital resources. Circulation 1996;94:390-7.
CONTACT: Angiotech Contacts: Jodi Regts, Angiotech Pharmaceuticals,
Inc., (604) 221-7930, ; Symphony Medical Contact: Raymond Cohen,
Chief Executive Officer, Symphony Medical, Inc., (949) 348-1188;
Deirdre Neary, Angiotech Pharmaceuticals, Inc., (604) 222-7056,
DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT: Angiotech
Contacts: Jodi Regts, Angiotech Pharmaceuticals, Inc., (604)
221-7930, ; Symphony Medical Contact: Raymond Cohen, Chief
Executive Officer, Symphony Medical, Inc., (949) 348-1188; Deirdre
Neary, Angiotech Pharmaceuticals, Inc., (604) 222-7056,
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