Angiotech's Corporate Partner, Boston Scientific, Reports Canadian Approval for TAXUS(R) Liberte(R) Stent System
19 April 2008 - 2:23AM
PR Newswire (US)
VANCOUVER, April 18 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), a global
specialty pharmaceutical and medical device company, today reported
that its corporate partner, Boston Scientific Corporation "BSC"
(NYSE:BSX) has received approval for the sale of its TAXUS Liberte
paclitaxel-eluting coronary stent system in Canada. BSC reported
that Health Canada's Therapeutic Products Directorate (TPD), the
authority that regulates pharmaceutical drugs and medical devices,
has approved its use. BSC said it plans to launch the product
immediately in Canada. "The TAXUS Liberte Stent is a major advance
in stent development and raises the bar for drug-eluting stent
systems," said Serge Doucet, M.D., Cathlab Director at the Montreal
Heart Institute. "It offers enhanced ability to conform to the
vessel wall and deliver across some of the most challenging
lesions. This innovation is welcome news for interventional
cardiologists and patients in Canada who suffer from coronary
artery disease." "As Boston Scientific develops new platforms, we
are excited to see that our technology continues to be leveraged in
the next-generation of drug-eluting stents and pleased that
Canadian physicians and patients can now benefit from the TAXUS
Liberte for the treatment of coronary artery disease," said Dr.
William Hunter, President and CEO of Angiotech. Currently the
leading drug-eluting stents worldwide, TAXUS Stent Systems have
been evaluated by the industry's most extensive randomized,
controlled clinical trial program, as well as studied in more than
35,000 real-world patients enrolled in post-approval registries. To
date, approximately four million TAXUS Stents have been implanted
worldwide. The TAXUS Liberte Stent has previously been approved for
sale in Europe and other international markets and is currently
awaiting approval by the U.S. Food and Drug Administration and is
not available for sale in the United States. 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 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; the
accuracy of our estimations of the size of the market, and the
potential market, for our products in specific disease areas; sales
numbers and future guidance publicly provided by Boston Scientific
Corporation regarding sales of their paclitaxel-eluting coronary
stent products; 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 ability of Boston
Scientific Corporation to successfully manufacture, market and sell
their paclitaxel-eluting coronary stent products; the continued
availability of capital to finance our activities; our ability to
achieve the financial benefits expected as a result of the
acquisition of American Medical Instruments Holdings, Inc.; 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 press release to reflect future results, events or
developments. BSC acquired worldwide exclusive rights from
Angiotech to use paclitaxel to coat its coronary stent products and
has co-exclusive rights to certain peripheral vascular and
non-vascular products. (R) Registered trademarks of Boston
Scientific Corporation 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: Deirdre Neary, Manager,
Investor Relations, Angiotech Pharmaceuticals, Inc., (604)
222-7056, DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT:
Deirdre Neary, Manager, Investor Relations, Angiotech
Pharmaceuticals, Inc., (604) 222-7056,
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