Angiotech announces termination of note purchase agreement with Ares Management and New Leaf Venture Partners
21 November 2008 - 2:30PM
PR Newswire (US)
EVALUATION OF VARIOUS FINANCIAL AND RESTRUCTURING ALTERNATIVES
ONGOING VANCOUVER, Nov. 21 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), a global
specialty pharmaceutical and medical device company, today
announced that the Company had been notified by Ares Management
(Ares) and New Leaf Venture Partners (New Leaf) that they had
elected to terminate the Note Purchase Agreement dated July 7,
2008. Angiotech had announced on September 22, 2008 that it had
notified Ares and New Leaf that it did not expect to satisfy the
condition in the Note Purchase Agreement with respect to the
minimum level of cash and cash equivalents required to be held at
the time of the transaction's close, and that it intended to take a
series of actions to reorganize and restructure its businesses.
Since the September 22 announcement, Angiotech and its Board of
Directors have been pursuing financing alternatives to address the
Company's working capital needs for its business initiatives, as
well as to address potential liquidity issues likely to arise in
the near term relating to the Company's current balance sheet
structure. As part of this process, the Company has engaged The
Blackstone Group to assist the Company in evaluating various
alternatives for its business and capital structure, including, but
not limited to, securing interim senior secured financing for
working capital and liquidity purposes, evaluating various
restructuring alternatives to pursue with the holders of the
Company's Senior Floating Rate Notes and its Senior Subordinated
Notes, and assisting the Company in evaluating proposals or
potential proposals from various financial parties regarding a
significant investment of capital in the Company. 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 fourth quarter 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, 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 and 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 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 ("SEC") and applicable Canadian regulatory
authorities. For a more thorough discussion of the risks associated
with our business, see the "Risk Factors" section in our annual
report for the year ended December 31, 2007 filed with the SEC on
Form 40-F and our quarterly report for the three months ended
September 30, 2008 filed with the SEC on Form 10-Q. 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. (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: DeDe Sheel, Investor Relations and Corporate
Communications, Angiotech Pharmaceuticals, Inc., (415) 293-4412,
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