ANPI Angiotech Pharmaceuticals - Common Shares (MM)

PERSEUS clinical program to evaluate TAXUS(R) Element(TM) Platinum Chromium Stent VANCOUVER, Oct. 8 /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 (NYSE:BSX), has completed enrollment in the PERSEUS trial, designed to evaluate the third-generation TAXUS(R) Element(TM) paclitaxel-eluting coronary stent. The Element Stent platform features the proprietary Platinum Chromium Alloy, and is designed to enable thinner struts for increased flexibility, a lower profile and improved radial strength, recoil and radiopacity. "The new alloy and stent design of TAXUS Element provides improved deliverability and visibility, even in patients with complex and challenging anatomy," said Dean J. Kereiakes, M.D., Medical Director at the Christ Hospital Heart and Vascular Center and the Lindner Research Center in Cincinnati, the principal investigator for the trials. "I am very enthusiastic about the potential the TAXUS Element Stent offers me to treat a broader range of patients." 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. The PERSEUS clinical program has enrolled nearly 1,500 patients at 100 U.S. and international centers since July 2007, and will compare the TAXUS Element Stent to the prior-generation TAXUS(R) Express(2)(TM) Stent marketed in the United States since 2004. "We congratulate our partner, Boston Scientific, on completing enrollment in this historic and innovative study," said Dr. William Hunter, President and CEO of Angiotech. "This is an important milestone and represents another step towards expanding our paclitaxel franchise into next-generation stent systems and strengthening our world-class portfolio of drug-coated devices." The TAXUS Element Stent is an investigational device and is limited by Federal law to investigational use only and is not available for sale. Boston Scientific currently anticipates achieving CE Mark approval for the European markets in 2009. Cautionary Statement Regarding 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 "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, 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; and the requirement for substantial funding to conduct research and development and to expand manufacturing and commercialization activities or consummate acquisitions. In addition, our business is subject to certain operating risks that may cause any 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 pre-clinical 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; and any other factors referenced in our other filings with the Securities and Exchange Commission (the "SEC"). 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. Boston Scientific Corporation acquired worldwide exclusive rights from Angiotech to use paclitaxel on its coronary stent products and has co-exclusive rights to certain peripheral vascular and non-vascular products. TAXUS(R) Element(TM) and Express(2)(TM) are 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/. DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT: DeDe Sheel, Investor Relations and Corporate Communications, Angiotech Pharmaceuticals, Inc., (415) 293-4412,

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