VANCOUVER, April 30 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP) today
announced its financial results for the first quarter ended March
31, 2009. "We were pleased to post solid results for our first
quarter in what has been a difficult business environment for many
companies," said Dr. William Hunter, President and CEO of
Angiotech. "Sales in our proprietary Surgical and Interventional
business areas continued to show very promising growth, with Quill
SRS in particular garnering greater acceptance in new hospitals and
surgical disciplines, and we continued to realize expense
reductions as compared to the prior quarter. Additionally, our
royalty revenue increased as compared to the fourth quarter of last
year, indicating an improved market position for our partner Boston
Scientific and higher sales of paclitaxel-eluting stents." First
Quarter Financial Highlights - Total revenue was $88.3 million.
Total revenue was $63.2 million on an adjusted basis, excluding
one-time license revenue of $25 million received from our partner
Baxter International Inc. ("Baxter") relating to our amended and
restated Distribution and License Agreement, as announced on March
31, 2009. - Net product sales were $46.1 million. - Royalty revenue
was $17.1 million. - Adjusted EBITDA (earnings before interest,
taxes, depreciation and amortization, adjusted to exclude certain
non-cash and non-recurring items) was $14.6 million. - Research and
development expenses were $6.1 million, and as adjusted to exclude
non-cash stock-based compensation expenses and non-recurring
termination related costs were $5.7 million. These results compare
to $7.7 million and $6.9 million, respectively, in the fourth
quarter of 2008 and to $16.3 million and $14.7 million,
respectively, in the first quarter of 2008, reflecting a reduction
in expenses of 17.4% in a single quarter and 61.2% as compared to
the first quarter in 2008, both on an adjusted basis. - Selling,
general and administrative expenses were $19.6 million, and as
adjusted to exclude non-cash stock-based compensation expenses,
non-recurring termination related costs, certain litigation costs
and non-recurring financing fees were $17.0 million. These results
compare to $21.4 million and $19.0 million, respectively, in the
fourth quarter of 2008 and to $27.8 million and $23.3 million,
respectively, in the first quarter of 2008. - GAAP net income and
net income per share from continuing operations for the quarter
were $12.4 million and $0.14, respectively, compared to a net loss
of ($15.7) million and ($0.19) for the first quarter of 2008. The
increase in net income of $28.1 million is due primarily to an
increase in license revenue as a result of the one-time payment of
$25.0 million received relating to our amended and restated
Distribution and License Agreement with Baxter as announced on
March 31, 2009, a $10.5 million decrease in research and
development costs deriving primarily from the completion or
termination of various of our human clinical trial activities and
from certain cost reduction initiatives that were implemented
during 2008, a decrease in general and administrative costs
deriving primarily from certain cost reduction initiatives that
were implemented during 2008, and a lower interest rate incurred on
our senior floating rate notes. These factors were partially offset
by a reduction of $12.3 million in royalty revenue derived from
Boston Scientific Corporation's ("BSC") sales of paclitaxel-eluting
coronary stent systems as compared to the first quarter of 2008. -
As of March 31, 2009, cash and short-term investments were $66.2
million and net debt was $508.8 million. First Quarter Highlights
New Senior Secured Term Loan and Credit Facilities. In March 2009
we announced that we had obtained a new senior secured term loan
and revolving credit facility. Wells Fargo Foothill, LLC is the
sole arranger, administrative agent and lender for both the term
loan and revolving credit facility. This financing includes a
delayed draw secured term loan facility of up to $10 million, and a
secured revolving credit facility with a borrowing base derived
from the value of certain of our finished goods inventory and
accounts receivable, providing up to an additional $22.5 million in
available credit, subject to certain terms and conditions. Any
borrowings outstanding under the term loan and revolving credit
facility bear interest ranging from LIBOR + 3.25% to LIBOR +3.75%,
with a minimum base LIBOR rate of 2.25%. The purpose of this
financing is to provide additional liquidity and capital resources
for working capital and general corporate purposes. As of March 31,
2009, we have not drawn on any portion of the term loan facility or
the revolving credit facility. Distribution and License Agreement
with Baxter. In March 2009 we announced that we had entered into an
Amended and Restated Distribution and License Agreement with our
partner Baxter. As consideration for the Amended and Restated
Distribution and License Agreement, we received an up-front payment
of $25.0 million. We initially entered into a Distribution and
License Agreement with Baxter in 2003 relating to certain
intellectual property for our COSEAL(R) surgical sealant. The
Distribution and License Agreement entitled Baxter to market and
sell COSEAL worldwide (excluding Japan), from which we have derived
royalty revenue from Baxter. The Distribution and License Agreement
also gave Baxter an option for distribution rights in Japan. As a
result of amendment, 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 us no
further royalty or milestone obligations to us relating to the
existing formulation of COSEAL or any future products under the
terms of the Amended and Restated Distribution and License
Agreement. Proprietary Medical Products. Certain of our product
lines, which constitute our Proprietary Medical Products, are
marketed and sold by our two direct sales groups. We believe these
product lines contain technology advantages that may provide for
more substantial revenue growth potential as compared to our
overall product portfolio. Our significant currently marketed
Proprietary Medical Products include (i) our Quill(TM) SRS wound
closure product line, which is marketed and sold by our Surgical
Products Sales Group, and (ii) our HemoStream(TM) dialysis
catheter, our Skater line of drainage catheters, our BioPince(TM)
full core biopsy device, and our V+Pad(TM) hemostatic pad which are
marketed and sold by our Interventional Products Sales Group. Our
Proprietary Medical Products continued to demonstrate higher
revenue growth as compared to our overall product portfolio,
consistent with recent prior quarters. Revenue growth for these
products in the first quarter of 2009 was approximately 28% as
compared to the first quarter of 2008 and 10% as compared to the
fourth quarter of 2008. Excluding the impact of foreign currency
changes between the respective periods, the revenue growth figures
indicated above would have been 35% and 10% respectively. Base
Medical Products. Certain of our product lines, which constitute
our Base Medical Products, represent more mature finished goods
product lines in the general surgery and ophthalmology areas or
medical device components manufactured by us and sold to other
third party medical device manufacturers who assemble those
components into finished medical devices. Sales of our Base Medical
Products are supported by a small group of direct sales personnel,
as well as a network of independent sales representatives and
medical product distributors. Sales of our Base Medical Products
tend to exhibit greater volatility or slower relative growth,
particularly our sales of components to third party medical device
manufacturers, which may be impacted by customer concentration and
the business issues that certain of our large customers may face,
as well as to a more limited extent by economic and credit market
conditions. Sales of our Base Medical Products declined by
approximately 12% in the first quarter of 2009 as compared to the
first quarter of 2008, and declined by approximately 3% as compared
to the fourth quarter of 2008. Excluding the impact of foreign
currency changes between the respective periods, revenue would have
declined by 7% and 3% as compared to the first quarter of 2008 and
the fourth quarter of 2008, respectively. The decline in our Base
Medical Products sales as compared to the first quarter of 2008 is
due primarily to lower sales of medical device components to other
third party medical device manufacturers, particularly sales of
surgical needles to one of our largest customers, and to a more
limited extent due to negative currency impact relating to sales of
certain of our Base Medical Product lines outside of the United
States. Manufacturing of surgical needles, as of November 2008, was
fully transferred to our facility in Aguadilla, Puerto Rico from
our facility in Syracuse, New York. We believe that the closure of
our Syracuse production facility in November and the finalization
of our move of surgical needle production to Aguadilla, combined
with the difficult economic and credit market environment, may have
impacted our level of Base Medical Product sales during the first
quarter of 2009 as compared to the first quarter of 2008. We
currently expect that certain of our customers may increase their
order levels later in 2009; however, there can be no assurance that
we will record sales of surgical needles to these customers at
levels observed in prior periods. New TAXUS Regulatory Submissions,
Clinical Data. In February 2009 we announced that our BSC had
submitted the final modules for pre-market approval ("PMA") for
both its TAXUS Liberte(R) Atom(TM) Paclitaxel-Eluting Coronary
Stent System and its TAXUS Liberte Long(TM) Paclitaxel-Eluting
Coronary Stent System to the U.S. Food and Drug Administration
("the FDA"). If approved, the TAXUS Liberte Atom Stent will become
BSC's second 2.25 millimeter diameter drug-eluting stent ("DES")
available in the United States. It will then likely succeed the
TAXUS Express(TM) Atom Stent, which is BSC's first approved small
stent and the only DES currently approved by the FDA to treat small
blood vessels. The TAXUS Liberte Long Stent is designed to be the
first 38 millimeter drug-eluting stent available in the United
States and will further expand this leading DES portfolio. These
PMA submissions include clinical data from the global, multi-center
TAXUS ATLAS Small Vessel ("SV") and Long Lesion ("LL") studies,
designed to compare the performance of the TAXUS Liberte Atom and
TAXUS Liberte Long Stents with BSC's first-generation TAXUS Express
Stent. While the second-generation TAXUS Liberte Stent uses
identical drug dose, polymer and release kinetics as the TAXUS
Express Stent, it features thinner struts and a uniform
architecture specifically designed for drug delivery. One-year
results from the TAXUS ATLAS SV and LL studies were published in
the December 2008 issue of the Journal of American College of
Cardiology. The studies both met their primary endpoint of
noninferior, nine-month, in-segment diameter stenosis (narrowing of
a blood vessel) versus the TAXUS Express Stent control group. They
reported a significant reduction in small vessel in-stent
restenosis (re-narrowing of a blood vessel) and major adverse
coronary events in patients treated with the TAXUS Liberte Atom
Stent, and a significantly reduced rate of myocardial infarction
(heart attack) in patients with long lesions treated with the TAXUS
Liberte Long Stent. TAXUS Liberte Approval in Japan. In January
2009 we announced that BSC had received approval from the Japanese
Ministry of Health, Labor and Welfare to market the TAXUS Liberte
in Japan. BSC plans to launch the product in Japan once
reimbursement approval is granted. TAXUS Liberte is the only
second-generation drug-eluting stent approved for use in Japan. The
TAXUS Liberte stent will replace the TAXUS Express2 stent, marketed
in Japan since May 2007. Financial and Strategic Alternatives
Process. Over the last two years, revenue in our Pharmaceutical
Technologies segment has declined significantly, primarily due to
lower royalties derived from sales by BSC of TAXUS coronary stent
systems. This decline in royalty revenue has negatively and
materially impacted our liquidity and results of operations. During
2008, our management and Board of Directors decided to explore and
pursue various restructuring and cost reduction actions as well as
various financial and strategic transactions that could potentially
reduce or eliminate our existing debt obligations and improve our
working capital position. On November 21, 2008, we announced that
we had engaged The Blackstone Group to assist us in evaluating
various alternatives for our 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
our Senior Floating Rate Notes due 2013 and our 7.75% Senior
Subordinated Notes due 2014, and assisting us in evaluating
proposals or potential proposals from selected parties regarding
various financial or strategic alternatives. Our management and
Board of Directors continue to believe a transaction of significant
size and scope may be necessary to meaningfully address liquidity
concerns and the working capital needs of our business. There can
be no assurance that we will be able to complete any transaction,
or that any transaction could be pursued or would be able to be
completed on favorable terms. Our cash inflows and the amounts of
expenditures that will be necessary to execute our business plan
are subject to numerous uncertainties, including but not limited
to: changes in drug-eluting coronary stent markets, including the
impact of new competitive entrants into such markets, and the sales
achieved in such markets by our partner BSC, the amount, timing and
success of product sales and marketing initiatives and new product
launches, the timing and success of our research, product
development and clinical trial activities, the timing of completing
certain operational initiatives, our ability to effect reductions
in certain aspects of our budgets in an efficient and timely
manner, and changes in interest rates. These and other
uncertainties may adversely affect our liquidity and capital
resources to a significant extent and may force us to further
reduce our expenditures on research and development or on our
various new product and sales and marketing initiatives in order
for us to continue to service our debt obligations. Such further
reductions in our budgeted expenditures may have an adverse effect
on our new product development and sales growth initiatives and
reduce our ability to achieve the revenue growth targets, product
launch or new product development timelines in our current
operating plan. There can also be no assurance that such reductions
in expenditures will be adequate to provide enough cash flow to
continue to service our current level of debt obligations. In
particular, should our royalties received from BSC or our product
sales decline significantly in future periods, our liquidity may be
adversely affected, and we may be forced to explore alternative
funding sources through debt, equity or other public or private
securities offerings, or to pursue certain reorganization,
restructuring or other strategic alternatives. There can be no
assurance that if we pursue such financing activities that
alternative sources of funding would be available to us on
attractive terms, if at all. In addition, we may not be able to
complete any restructuring, reorganization or strategic activities
on terms that would be favorable for us or our shareholders.
Capital markets conditions have deteriorated significantly during
2008 and 2009, including a significant and material decline in the
level of corporate lending activity, combined with a significant
increase in the cost of any such lending. Current market conditions
may have a material impact on our ability to secure any alternative
source of funding, our ability to secure interim financing or to
complete any of the activities as described on favorable terms, if
at all. Financial Information --------------------- This press
release contains the condensed financial statements derived from
the unaudited interim consolidated financial statements for the
quarter ended March 31, 2009. Full unaudited interim consolidated
financial statements and Management's Discussion and Analysis for
the quarter ended March 31, 2009 will be filed on Form 10-Q on or
before May 15, 2009. Amounts, unless specified otherwise, are
expressed in U.S. dollars. Financial results are reported under
U.S. 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 income
(loss) from continuing operations, adjusted net income (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, goodwill
and financing charges, write downs, 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 denominated items and other non-recurring
items. Adjusted net income (loss) from continuing operations,
adjusted net income (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 income (loss) from continuing operations, adjusted net income
(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 evaluating the
results of the business and 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. Conference Call Information
--------------------------- A conference call to discuss these
financial results will be held today, Thursday April 30, 2009 at
8:00 AM PT (11:00 AM ET). Dial-in information: North America
(toll-free): (800) 901-5247 International: (617) 786-4501 Enter
Passcode: 72734002 An archived replay of the call will be available
until May 7, 2009. North America (toll-free): (888) 286-8010
International: (617) 801-6888 Enter Passcode: 95526962 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 Three months
ended share and per share data) March 31, 2009
-------------------------------------------------------------------------
Reported Adjustment Adjusted REVENUE Royalty revenue $ 17,111 $ - $
17,111 Product sales, net 46,136 - 46,136 License fees 25,053
(25,053) a - -----------------------------------
------------------------------------- 88,300 (25,053) 63,247
-----------------------------------
------------------------------------- EXPENSES License and royalty
fees 2,905 - 2,905 Cost of products sold 23,966 - 23,966 Research
and development 6,097 (414) b 5,683 Selling, general and
administrative 19,572 (2,583) c 16,989 Depreciation and
amortization 8,265 (7,381) d 884 In-process research and
development - - - -----------------------------------
------------------------------------- 60,805 (10,378) 50,427
-----------------------------------
------------------------------------- Operating income (loss)
27,495 (14,675) 12,820 -----------------------------------
------------------------------------- Other income (expenses):
Foreign exchange gain 732 (732) f - Investment and other income
(15) 40 g 25 Interest expense on long-term debt (10,044) 618 h
(9,426) -----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- (9,327) (74) (9,401)
-----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- Income (loss) before income
taxes 18,168 (14,749) 3,419 Income tax expense (recovery) 5,724
(3,194) i 2,530 -----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- Net income (loss) for the
period 12,444 (11,555) 889 -----------------------------------
------------------------------------- Basic net income (loss) per
common share $ 0.15 $ 0.01 Diluted net income (loss) per common
share $ 0.14 $ 0.01 -----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- Weighted average shares
outstanding (000's) - basic 85,121 85,121 Weighted average shares
outstanding (000's) - diluted 87,414 87,414
-----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- (in thousands of U.S.$,
except Three months ended share and per share data) March 31, 2008
-------------------------------------------------------------------------
Reported Adjustment Adjusted REVENUE Royalty revenue $ 28,929 $ - $
28,929 Product sales, net 47,727 - 47,727 License fees 53 (53) a -
-----------------------------------
------------------------------------- 76,709 (53) 76,656
-----------------------------------
------------------------------------- EXPENSES License and royalty
fees 4,371 - 4,371 Cost of products sold 25,849 - 25,849 Research
and development 16,305 (1,566) b 14,739 Selling, general and
administrative 27,843 (4,552) c 23,291 Depreciation and
amortization 8,477 (7,585) d 892 In-process research and
development 2,500 (2,500) e - -----------------------------------
------------------------------------- 85,345 (16,203) 69,142
-----------------------------------
------------------------------------- Operating income (loss)
(8,636) 16,150 7,514 -----------------------------------
------------------------------------- Other income (expenses):
Foreign exchange gain 423 (423) f - Investment and other income 756
756 Interest expense on long-term debt (12,120) 559 h (11,561)
-----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- (10,941) 136 (10,805)
-----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- Income (loss) before income
taxes (19,577) 16,286 (3,291) Income tax expense (recovery) (3,814)
4,397 i 583 -----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- Net income (loss) for the
period (15,763) 11,889 (3,874) -----------------------------------
------------------------------------- Basic net income (loss) per
common share $ (0.19) $ (0.05) Diluted net income (loss) per common
share $ (0.19) $ (0.05) -----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- Weighted average shares
outstanding (000's) - basic 85,106 85,106 Weighted average shares
outstanding (000's) - diluted 85,106 85,106
-----------------------------------
-------------------------------------
-----------------------------------
------------------------------------- a. One time payment from
Baxter International Inc. related to amended and restated
Distribution and License Agreement and certain other non-recurring,
non-operating license revenue. b. Research and development
adjustments:
----------------------------------------------------------------------
Three months Three months ended ended March 31, 2009 March 31, 2008
-------------------------------- Stock-based compensation $ (101) $
(311) Termination and reorganization costs - (630) Non-recurring
research and development expenses and intellectual property license
agreement (313) (625)
----------------------------------------------------------------------
$ (414) $ (1,566) -------------------------------- c. Selling,
general and administrative adjustments:
----------------------------------------------------------------------
Three months Three months ended ended March 31, 2009 March 31, 2008
-------------------------------- Stock-based compensation $ (283) $
(506) Termination and reorganization costs (934) (2,448) Litigation
expenses (747) (1,598) Non-recurring transaction fees (619) -
----------------------------------------------------------------------
$ (2,583) $ (4,552) -------------------------------- d.
Amortization of acquisition related intangible assets and medical
technologies. e. Non-recurring in-process research and development
expense relating to payments made to licensors and collaborators.
f. Foreign exchange fluctuations on foreign currency net monetary
assets. g. Realized loss on write-down of assets. h. Amortization
of deferred financing costs. i. Tax effects of adjustments a.
through h. for the period. ANGIOTECH PHARMACEUTICALS, INC.
CALCULATION OF ADJUSTED EBITDA (unaudited) Three months ended March
31, (in thousands of U.S.$) 2009 2008
--------------------------------------------
---------------------------- Net loss on a GAAP basis $ 12,444
(15,763) Interest expense on long-term debt 10,044 12,120 Income
tax expense (recovery) 5,724 (3,814) Depreciation and amortization
9,161 9,448 --------------------------------------------
---------------------------- EBITDA 37,373 1,991 Adjustments:
Non-recurring revenue, net of license fees (25,053) (53) In-process
research and development - 2,500 Non-recurring research and
development 313 625 Stock-based compensation 384 817 Litigation
expenses 747 1,598 Foreign exchange loss (gain) (732) (423)
Investment and other income 15 (756) Severance and restructuring
934 3,078 Non-recurring financing costs 619 0
--------------------------------------------
----------------------------
--------------------------------------------
---------------------------- Adjusted EBITDA $ 14,600 9,377
--------------------------------------------
----------------------------
--------------------------------------------
---------------------------- CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) As at March 31, December 31, (in thousands of U.S.$)
2009 2008
-------------------------------------------------------------------------
ASSETS Cash and short-term investments $ 66,218 $ 39,800 Accounts
receivable 28,270 25,524 Inventories 39,530 38,594 Deferred income
taxes 3,834 3,820 Other current assets 3,842 5,234
-------------------------------------------------------------------------
Total current assets 141,694 112,972
-------------------------------------------------------------------------
Long-term investments 1,561 1,561 Assets held for sale 8,422 8,422
Property and equipment, net 47,860 49,108 Intangible assets, net
187,224 195,477 Deferred financing costs 13,692 11,363 Other assets
708 6,294
-------------------------------------------------------------------------
Total assets $ 401,161 $ 385,197
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities $ 66,367
$ 61,415 Long-term debt 575,000 575,000 Deferred income taxes
38,955 40,577 Other tax liabilities 3,160 3,145 Other long-term
liabilities 5,027 4,933 Shareholders' deficit (287,348) (299,873)
-------------------------------------------------------------------------
Total liabilities and shareholders' deficit $ 401,161 $ 385,197
-------------------------------------------------------------------------
-------------------------------------------------------------------------
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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