VANCOUVER, July 28 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), a global
specialty pharmaceutical and medical device company, today
announced its financial results for the second quarter ended June
30, 2008. "Our operating businesses continued to deliver results in
the second quarter, with our Medical Products segment sales
exceeding $50 million," said Dr. William Hunter, President and CEO
of Angiotech. "Our various promoted brands again exhibited strong
sales performance in the quarter, and we believe that we can
achieve our full year objectives for sales growth, margin
improvement and new product introductions." Significant Recent
Developments On July 7, 2008, we announced that our Board of
Directors authorized a transaction to establish separate operating
and royalty businesses. For further information, please refer to
the preliminary proxy statement filed with the SEC on July 22,
2008, available at http://www.sec.gov/. Second Quarter Financial
Highlights - Total revenue was $76.1 million. - Net product sales
were $50.5 million. - Royalty revenue was $25.5 million. - Adjusted
EBITDA (earnings before interest, taxes, depreciation and
amortization, adjusted to exclude certain non-cash and
non-recurring items) was $5.9 million. - GAAP net loss and net loss
per share from continuing operations were $26.1 million and $0.31,
respectively. - Adjusted net loss from continuing operations and
adjusted net loss per share from continuing operations (GAAP net
loss as adjusted to exclude certain non-cash and non-recurring
items) were $7.4 million and $0.09, respectively. - As of June 30,
2008, cash and cash equivalents and long-term investments were
$81.0 million and net debt was $494.0 million. Second Quarter
Business Highlights - Promoted Brand Strategy. Sales of our group
of currently marketed promoted brand products continued to
demonstrate higher revenue growth as compared to our overall
product portfolio, consistent with the prior quarter. Revenue
growth in our group of promoted brand products was approximately
54%, contributing to an aggregate growth rate of approximately 11%
in total product revenue in the second quarter of 2008 as compared
to the comparable quarter of 2007. During the second quarter, we
launched our HemoStream(TM) chronic dialysis catheter in the U.S.
as part of our promoted brands group, taking our total number of
promoted brands available for sale to six, and we expect HemoStream
to begin to contribute to sales of our Interventional business more
significantly in the second half of 2008 and thereafter. - Base
Medical Products Sales. Sales of products outside of our promoted
brand product group also experienced growth during the quarter.
Revenue growth in our base Surgical, Interventional and Specialties
businesses (excluding promoted brands) was approximately 6% in the
second quarter of 2008 as compared to the second quarter of 2007,
reflecting the continued benefits of the realignment of our sales
force completed at the end of 2007 and continued customer stability
and growth in our Specialties business, which primarily sells
medical devices and medical device components to other third party
medical device makers. - Quill(TM) SRS. Adoption of our Quill Self
Retaining System ("SRS") product line continued in the second
quarter, consistent with the trends observed in the first quarter
of 2008. On June 13, 2008, we announced the market launch of
Monoderm, a new line of our Quill SRS product line made from a
rapidly resorbing polymer, which is intended primarily for
superficial wound closure applications. The product is now
available for distribution and sale in the U.S. and Europe. - 5-FU
Central Venous Catheter. On April 17, 2008 our 5-FU-eluting central
venous catheter (CVC) product received 510(k) marketing clearance
from the U.S. Food and Drug Administration (FDA). We currently
expect to commercially launch our 5-FU CVC in the U.S. in the
second half of 2008 under the brand name MicrobX. - Bio-Seal(TM)
Lung Biopsy Tract System. On June 3, 2008, we announced the
completion of our U.S. clinical trial enrolment for our novel
Bio-Seal lung biopsy tract plug. Bio-Seal is a novel technology
designed to reduce the incidence of post-operative pneumothorax
(collapsed lung) in patients who undergo lung biopsy procedures.
The primary endpoint of the Bio-Seal study is a reduction in the
incidence of pneumothorax in patients undergoing lung biopsy
procedures when compared with patients who do not receive the Bio-
Seal product. The product has already received CE Mark approval and
is available for commercial sale in Europe. - Zilver(R) PTX(TM)
Paclitaxel-eluting Peripheral Stent. On June 11, 2008, our partner
Cook Group Incorporated reported positive interim results from the
registry arm of a clinical study designed to measure the efficacy
of the Zilver PTX in treating peripheral arterial disease (PAD).
The results were reported by trial investigators at the 2008 SVS
Vascular Annual Meeting, and revealed clinical improvement,
excellent durability and fracture resistance, high rates of
event-free survival ("EFS") and freedom from target lesion
revascularization ("TLR"). Interim data was compiled at six and 12
months using 435 patients and 200 patients, respectively. The
corresponding EFS rates were 94 percent and 84 percent, and freedom
from TLR was 96 percent and 88 percent. Evaluation of stent x-rays
is ongoing, and currently suggests stent fractures in approximately
one percent of cases at six months and less than two percent of
cases at 12 months. In addition, the Zilver PTX stent exhibited no
safety concerns and results were better than expected for TASC
class C and D lesions, occlusions, in-stent restenosis and lesions
greater than seven centimeters. Follow-up to the registry arm of
the study is expected to continue through two years. Financial
Information --------------------- This press release contains the
condensed financial statements derived from the unaudited
consolidated interim financial statements for the three- and six-
month periods ended June 30, 2008, and 2007. Full unaudited
consolidated interim financial statements and Management's
Discussion and Analysis for the three- and six-month periods ended
June 30, 2008, will be filed with the relevant regulatory agencies,
as well as posted on our website at http://www.angiotech.com/.
Amounts, unless specified otherwise, are expressed in U.S. dollars.
Financial results are reported under GAAP unless otherwise noted.
All per share amounts are stated on a diluted basis unless
otherwise noted. Use of Certain Non-GAAP Financial Measures
------------------------------------------ Certain financial
results presented in this press release include non-GAAP measures
that exclude certain items. Adjusted net loss from continuing
operations, adjusted net loss per share from continuing operations
and adjusted earnings before interest, taxes, depreciation and
amortization ("Adjusted EBITDA") exclude certain non-cash and
non-recurring items such as acquisition related amortization
charges, acquired in-process research and development relating to
license agreements and acquisitions, stock-based compensation
expense, foreign exchange gains or losses relating to translation
of foreign currency cash and investment balances and other
non-recurring items. Adjusted net loss from continuing operations,
adjusted net loss per share from continuing operations and Adjusted
EBITDA also exclude litigation expenses related to defending
intellectual property claims. Revenue, as adjusted, excludes
non-recurring, non-operating revenue derived from license
agreements and other license revenue, net of license fees due to
licensors and excludes amounts accrued for costs incurred. Adjusted
net loss from continuing operations, adjusted net loss per share
from continuing operations, revenue, as adjusted, and Adjusted
EBITDA do not have any standardized meaning prescribed by GAAP and
therefore may not be comparable to similar measures presented by
other issuers. Management uses these non-GAAP or adjusted operating
measures to establish operational goals, and believes that these
measures may assist investors in analyzing the underlying trends in
our business over time. Investors should consider these non-GAAP
measures in addition to, not as a substitute for, or as superior
to, financial reporting measures prepared in accordance with GAAP.
We have provided a reconciliation of these measures to GAAP in the
attached tables. The financial outlook referred to above presents
certain forward-looking, non-GAAP financial information for which
at this time there is no calculable comparable GAAP measure. As a
result, such non-GAAP financial information cannot be
quantitatively reconciled to comparable GAAP financial information.
Specifically, the estimates for certain operating expenses referred
to above exclude estimates of certain expenses that are inherently
unpredictable or subject to significant fluctuation for reasons
unrelated to our business performance, including stock-based
compensation expenses, certain litigation expenses and foreign
exchange gains or losses. Conference Call Information
--------------------------- A conference call to discuss these
financial results will be held today, Monday July 28, 2008 at 8:00
AM PT (11:00 AM ET). Dial-in information: North America (toll
free): (800) 706-7745 International: (617) 614-3472 Enter passcode:
52264044 A replay archive of the conference call will be available
until August 4, 2008 by calling (888) 286-8010 (in North America)
or (617) 801-6888 (International) and entering passcode 85663575. A
live webcast will be available to all interested parties through
the Investors section of Angiotech's website:
http://www.angiotech.com/ ANGIOTECH PHARMACEUTICALS, INC. CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands of
U.S.$, except share and per Three months ended Three months ended
share data) 30-Jun-08 30-Jun-07
-------------------------------------------------------------------------
Adjust- Adjust- Reported ment Adjusted Reported ment Adjusted
REVENUE Royalty revenue $ 25,536 $ - $ 25,536 $ 29,878 $ - $ 29,878
Product sales, net 50,533 - 50,533 42,421 2,980 a 45,401 License
fees 53 (53)b - 53 (53)b -
-------------------------------------------------------------------------
76,122 (53) 76,069 72,352 2,927 75,279
-------------------------------------------------------------------------
EXPENSES License and royalty fees 3,661 - 3,661 4,268 - 4,268 Cost
of products sold 26,809 (28)d 26,781 25,085 (927)c 24,158 Research
and development 18,584 (1,366)e 17,218 13,458 (781)e 12,677
Selling, general and administra- tive 25,813 (2,167)f 23,646 24,363
(4,774)f 19,589 Depreciation and amort- ization 8,539 (7,593)g 946
8,328 (7,459)g 869 In-process research and development - - - 8,000
(8,000)h -
-------------------------------------------------------------------------
83,406 (11,154) 72,252 83,502 (21,941) 61,561
-------------------------------------------------------------------------
Operating (loss) income $ (7,284) $11,101 $ 3,817 $(11,150) $24,868
$ 13,718
-------------------------------------------------------------------------
Other income (expenses): Foreign exchange gain (loss) 140 (140)i -
(505) 505 i - Investment and other income 686 12 j 698 (994) 1,933
j 939 Loss on sale/ write-down of investments (10,660) 10,660 k - -
- - Interest expense on long-term debt (10,941) 559 l (10,382)
(12,896) 568 l (12,328)
-------------------------------------------------------------------------
(20,775) 11,09 1 (9,684) (14,395) 3,006 (11,389)
-------------------------------------------------------------------------
(Loss) income from continuing operations before income taxes
$(28,059) $22,192 $ (5,867) $(25,545) $ 27,874 $ 2,329 Income tax
(recovery) expense (1,988) 3,563 m 1,575 (10,500) 7,857 m (2,643)
-------------------------------------------------------------------------
(Loss) income from continuing operations (26,071) 18,629 (7,442)
(15,045) 20,017 4,972 Net loss from discontinued operations, net of
income taxes - - - (170) 170 -
-------------------------------------------------------------------------
Net (loss) income for the period $(26,071) $18,629 $ (7,442)
$(15,215) $ 20,187 $ 4,972
-------------------------------------------------------------------------
Basic and diluted net loss per common share from continuing
operations $ (0.31) $ (0.09) $ (0.18) $ 0.06
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average shares outstanding (000's) - basic and diluted
85,122 85,122 85,014 85,014
-------------------------------------------------------------------------
-------------------------------------------------------------------------
a. Amounts incurred for costs incurred, and potential future costs,
related to our discontinuation of the Contour Threads brand
product. b. Non-recurring, non-operating license revenue, net of
license fees due to licensors. c. Change in estimate of accounting
for excess and obsolete inventory resulting from the alignment
during the second quarter of 2007 of inventory policies across our
various manufacturing operations. d. Non-recurring
supply/distribution agreement termination costs. e. Research and
development adjustments:
---------------------------------------------------------------------
Three months Three months ended ended Jun 30, 2008 Jun 30, 2007
----------------------------------- Stock-based compensation $
(189) $ (531) Termination and reorganization costs (677) (250)
Non-recurring supply/distribution agreement termination costs (500)
-
---------------------------------------------------------------------
$ (1,366) $ (781) ----------------------------------- f. Selling,
general and administrative adjustments:
---------------------------------------------------------------------
Three months Three months ended ended Jun 30, 2008 Jun 30, 2007
----------------------------------- Stock-based compensation $
(418) $ (774) Termination and reorganization costs (1,026) (1,846)
Litigation expenses relating to defending intellectual property
claims (691) (2,154) Non-recurring supply/distribution agreement
termination costs (32) -
---------------------------------------------------------------------
$ (2,167) $ (4,774) ----------------------------------- g.
Amortization of acquisition related intangible assets and medical
technologies. h. Non-recurring in-process research and development
expense relating to payments made to licensors and collaborators.
i. Foreign exchange fluctuations on foreign currency net monetary
assets. j. Write off of uncollectible tax receivable and write off
of certain capitalized costs. k. Loss on write down of investments.
l. Amortization of deferred financing costs. m. Tax effects of
adjustments a. through l. for the period, including the reversal of
tax reserves previously booked. ANGIOTECH PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in
thousands of U.S.$, except share and per Six months ended Six
months ended share data) 30-Jun-08 30-Jun-07
-------------------------------------------------------------------------
Adjust- Adjust- Reported ment Adjusted Reported ment Adjusted
REVENUE Royalty revenue $ 54,465 $ - $ 54,465 $ 62,878 $ - $ 62,878
Product sales, net 98,259 - 98,259 84,907 2,980 a 87,887 License
fees 106 (106)b - 525 (525)b -
-------------------------------------------------------------------------
152,830 (106) 152,724 148,310 2,455 150,765
-------------------------------------------------------------------------
EXPENSES License and royalty fees 8,032 - 8,032 9,709 - 9,709 Cost
of products sold 52,658 (28)c 52,630 47,877 (1,727)c 46,150
Research and development 34,889 (2,932)d 31,957 27,221 (3,890)d
23,331 Selling, general and administra- tive 53,654 (6,718)e 46,936
47,818 (10,021)e 37,797 Depreciation and amortization 17,017
(15,178)f 1,839 16,483 (14,734)f 1,749 In-process research and
development 2,500 (2,500)g - 8,000 (8,000)g -
-------------------------------------------------------------------------
168,750 (27,356) 141,394 157,108 (38,372) 118,736
-------------------------------------------------------------------------
Operating (loss) income $(15,920) $27,250 $ 11,330 $ (8,798)
$40,827 $ 32,029
-------------------------------------------------------------------------
Other income (expenses): Foreign exchange gain (loss) 563 (563)h -
(403) 403 h - Investment and other income 1,442 12 i 1,454 7,808
(5,577)i 2,231 Loss on sale/ write-down of investments (10,660)
10,660 k - (8,157) 8,157 j - Interest expense on long-term debt
(23,061) 1,118 l (21,943) (25,695) 1,126 l (24,569)
-------------------------------------------------------------------------
(31,716) 11,227 (20,489) (26,447) 4,109 (22,338)
-------------------------------------------------------------------------
(Loss) income from continuing operations before income taxes
$(47,636) $38,477 $ (9,159) $(35,245) $44,936 $ 9,691 Income tax
(recovery) expense (5,802) 7,961 m 2,159 (13,529) 10,301 m (3,228)
-------------------------------------------------------------------------
(Loss) income from continuing operations (41,834) 30,516 (11,318)
(21,716) 34,635 12,919 Net loss from discontinued operations, net
of income taxes - - - (5,791) 5,791 -
-------------------------------------------------------------------------
Net (loss) income for the period $(41,834) $30,516 $(11,318)
$(27,507) $40,426 $ 12,919
-------------------------------------------------------------------------
Basic and diluted net (loss) income per common share from
continuing operations $ (0.49) $ (0.13) $ (0.25) $ 0.15
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average shares outstanding (000's) - basic and diluted
85,114 85,114 85,008 85,008
-------------------------------------------------------------------------
-------------------------------------------------------------------------
a. Amounts incurred for costs incurred, and potential future costs,
related to our discontinuation of the Contour Threads brand
product. b. Non-recurring, non-operating license revenue, net of
license fees due to licensors. c. Change in estimate of accounting
for excess and obsolete inventory resulting from the alignment
during the second quarter of 2007 of inventory policies across our
various manufacturing operations, and non-recurring
supply/distribution agreement termination costs. d. Research and
development adjustments:
---------------------------------------------------------------------
Six months Six months ended ended Jun 30, 2008 Jun 30, 2007
----------------------------------- Stock-based compensation $
(500) (973) License fees due to licensors related to non-recurring
license revenue - (419) Termination and reorganization costs
(1,307) (849) Non-recurring supply/distribution agreement
termination costs (500) (899) Non-recurring in-process research and
development expenses and intellectual property license agreement.
(625) (750)
---------------------------------------------------------------------
$ (2,932) $ (3,890) ----------------------------------- e. Selling,
general and administrative adjustments:
---------------------------------------------------------------------
Six months Six months ended ended Jun 30, 2008 Jun 30, 2007
----------------------------------- Stock-based compensation $
(924) $ (1,392) Termination and reorganization costs (2,755)
(3,385) Litigation expenses relating to defending intellectual
property claims (2,289) (4,994) Non-recurring supply/distribution
agreement termination costs (751) (250)
---------------------------------------------------------------------
$ (6,718) $(10,021) ----------------------------------- f.
Amortization of acquisition related intangible assets and medical
technologies. g. Non-recurring in-process research and development
expense. h. Foreign exchange fluctuations on foreign currency net
monetary assets. i. Write off of uncollectible tax receivable and
write off of certain capitalized costs. j. Net impact of loss and
gain on redemption of investments of common share holdings in
Orthovita Inc. and NuVasive Inc. respectively. k. Loss on write
down of investments. l. Amortization of deferred financing costs.
m. Tax effects of adjustments a. through l. for the period,
including the reversal of tax reserves previously booked. ANGIOTECH
PHARMACEUTICALS, INC. CALCULATION OF ADJUSTED EBITDA (Unaudited)
Three months Six months ended June 30 ended June 30 (in thousands
of U.S.$) 2008 2007 2008 2007
-------------------------------------------------------------------------
Net (loss) income on a GAAP basis $ (26,071) $ (15,215) $ (41,834)
$ (26,096) Interest expense on long-term debt 10,941 12,896 23,061
25,695 Income tax expense (recovery) (1,988) (10,649) (5,802)
(17,420) Depreciation and amortization 9,723 9,524 19,172 18,775
-------------------------------------------------------------------------
EBITDA $ (7,395) $ (3,444) $ (5,403) $ 954
-------------------------------------------------------------------------
Adjustments: Net loss from discontinued operations, excluding
depreciation, amortization and income tax expense included above $
- $ 159 $ - $ 9,379 In-process research and development - 8,000
2,500 8,000 Non-recurring research and development - - 625 750
Non-recurring revenue, net of license fees (53) (53) (106) (106)
Stock-based compensation 607 1,305 1,425 2,364 Litigation expenses
691 2,154 2,289 4,994 Foreign exchange gain (140) 505 (563) 403
Investment and other income (686) (939) (1,442) (2,231) Severance
1,762 1,846 4,840 3,984 Supply/distribution agreement termination
costs - 250 - 2,199 E&O inventory adjustment - 927 - 927
Contour Threads return costs accrual - 2,980 - 2,980 Write off of
capitalized costs 500 280 500 280 Write off uncollectible tax
receivable - 2,250 - 2,250 Accrued interest income - (597) - (597)
Writedown/loss on redemption of investments 10,660 - 10,660 647
-------------------------------------------------------------------------
Adjusted EBITDA $ 5,946 $ 15,623 $ 15,325 $ 37,177
-------------------------------------------------------------------------
ANGIOTECH PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited) As at June 30, December 31, (in thousands of
U.S.$) 2008 2007
-------------------------------------------------------------------------
ASSETS Cash and cash equivalents $ 62,915 $ 91,326 Accounts
receivable 28,681 22,678 Inventories 36,240 33,647 Deferred income
taxes 4,843 5,964 Other current assets 4,964 7,070
-------------------------------------------------------------------------
Total current assets $ 137,643 $ 160,685
-------------------------------------------------------------------------
Long-term investments $ 18,092 $ 24,456 Property and equipment, net
61,279 59,187 Intangible assets, net 213,158 225,889 Goodwill
667,624 659,511 Deferred income taxes 2,988 - Deferred financing
costs 12,481 13,600 Other assets 8,921 6,780
-------------------------------------------------------------------------
Total assets $1,122,186 $1,150,108
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 63,630 $
62,940 Long-term debt 575,000 575,000 Deferred income taxes 55,657
59,368 Other tax liabilities 5,534 4,693 Other long-term
liabilities 5,701 6,035 Stockholders' equity 416,664 442,072
-------------------------------------------------------------------------
Total liabilities and stockholders' equity $1,122,186 $1,150,108
-------------------------------------------------------------------------
-------------------------------------------------------------------------
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 the second half of 2008 and beyond, and 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 pre-clinical
and clinical product development processes; adverse findings
related to the safety and/or efficacy of our products or products
sold by our partners; 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, to expand manufacturing and
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 press release 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 service our debt obligations; and any other factors
referenced in our annual information form and other filings with
the applicable Canadian securities regulatory authorities or the
Securities and Exchange Commission. Given these uncertainties,
assumptions and risk factors, readers are cautioned not to place
undue reliance on such forward-looking statements. Except as
required by law, 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. Additional
Information and Where to Find It
------------------------------------------- In connection with the
proposed establishment of separate royalty and operating
businesses, Angiotech filed a preliminary proxy statement with the
SEC. The preliminary proxy statement is not yet final and will be
amended. Shareholders are urged to read the final proxy statement
(and all amendments and supplements to it) and other materials that
Angiotech may file with the SEC when they become available in their
entirety, because they contain important information about the
proposed transaction. The final proxy statement will be mailed to
Angiotech's shareholders. Shareholders will be able to obtain free
copies of the final proxy statement, as well as Angiotech's other
filings, without charge, at the SEC's Web site
(http://www.sec.gov/) when they become available. Copies of the
filings may also be obtained without charge from Angiotech by
directing a request to: Angiotech Pharmaceuticals, Inc., 1618
Station Street, Vancouver, British Columbia, Canada V6A 1B6,
Attention: Investor Relations (Tel: (604) 221-7676). Participants
in the Solicitation -------------------------------- Angiotech and
its directors, executive officers and other members of management
and employees may be deemed to be participants in the solicitation
of proxies from the holders of Angiotech common shares in respect
of the proposed transaction. Information about the directors and
executive officers is set forth in Angiotech's Annual Report on
Form 40-F for the most recently ended fiscal year, which was filed
with the SEC on March 31, 2008, and Angiotech's proxy statement for
its 2008 annual and special general meeting of shareholders, filed
with the SEC on July 22, 2008. Additional information regarding the
interests of such potential participants will be included in the
final proxy statement and the other relevant documents filed with
the SEC when they become available. Quill(TM) is a trademark of
Quill Medical, Inc., a wholly-owned subsidiary of Angiotech
Pharmaceuticals, Inc. BioSeal(TM) is a trademark of Medical Device
Technologies, Inc., a wholly-owned subsidiary of Angiotech
Pharmaceuticals, Inc. Zilver(R) PTX(TM) is a trademark of Cook
Group Incorporated. HemoStream(TM) is a trademark of Rex Medical,
LP, used under license by Angiotech Pharmaceuticals, Inc. (C) 2008
Angiotech Pharmaceuticals, Inc. All Rights Reserved. About
Angiotech Pharmaceuticals ------------------------------- 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/. DATASOURCE:
Angiotech Pharmaceuticals, Inc. CONTACT: Sage Baker, Investor
Relations and Corporate Communications, Angiotech Pharmaceuticals,
Inc., (604) 221-6933,
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