Angiotech Pharmaceuticals, Inc. announces License Agreement with Baxter International Inc.
31 März 2009 - 2:30PM
PR Newswire (US)
VANCOUVER, March 31 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP) today
announced it has completed an Amended and Restated Distribution and
License Agreement with its partner Baxter International Inc.
(Baxter). As consideration for the Amended and Restated
Distribution and License Agreement, Angiotech will receive $25
million. Angiotech and Baxter initially entered into a Distribution
and License Agreement in 2003 relating to certain intellectual
property for Angiotech's COSEAL(R) surgical sealant. The
Distribution and License Agreement entitled Baxter to market and
sell COSEAL worldwide (excluding Japan), from which Angiotech has
derived royalty revenue from Baxter. The Distribution and License
Agreement also gave Baxter an option for distribution rights in
Japan. As a result of this transaction, Baxter will obtain
worldwide rights to COSEAL and certain additional fields of use for
COSEAL, and expanded worldwide rights to COSEAL derivatives. Baxter
will owe no further royalty or milestone obligations to Angiotech
relating to the existing formulation of COSEAL or any future
products under the terms of the Amended and Restated Distribution
and License Agreement. 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," "estimates," "continues," "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 2009 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, 2008 filed with the SEC on
Form 10-K. 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)2009 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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