Angiotech Enters License, Distribution and Supply Agreements for Fibrin and Thrombin Technologies with Haemacure Corporation
03 Juni 2009 - 4:47PM
PR Newswire (US)
Angiotech to Provide $2.5 Million Bridge Facility to Haemacure
VANCOUVER, June 3 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), a
specialty pharmaceutical and medical device company, announced
today the completion of a collaboration transaction with Haemacure
Corporation (TSX:HAE), a specialty bio-therapeutics company,
relating to certain of Haemacure's proprietary fibrin and thrombin
technologies, both of which are currently in development. As part
of this collaboration, Angiotech has agreed to provide to Haemacure
a senior secured bridge financing facility in the amount of US$2.5
million, with the option for Angiotech to invest an additional US$1
million in the facility. "Our new collaboration with Haemacure
provides Angiotech with access to critically important technology
for certain of our surgical product candidates currently in
preclinical development," said Dr. William Hunter, President and
CEO of Angiotech. "We believe we have assembled the majority of the
key components necessary to deliver on the next generation of
innovations, adding to our proprietary Quill SRS franchise for our
surgical business, and we will provide additional details as we
prepare certain of these product candidates for the clinical
development and regulatory approval process." The collaboration
will consist principally of the following three agreements: -
Fibrin Sealant Distribution Agreement. The parties have entered
into a Distribution Agreement whereby Angiotech is granted
non-exclusive, world-wide distribution rights to Haemacure's fibrin
sealant product candidate in selected surgical indications. The
distribution agreement has a term on a country-by-country and
product-by-product basis of 10 years from the date Haemacure
receives United States Food and Drug Administration (FDA) approval
or similar regulatory approval in countries outside of the United
States of its fibrin selant, and has an option for Angiotech to
renew for an additional five years, subject to certain performance
adjustments. Any fibrin sealant product would be marketed and
distributed by Angiotech's surgical sales organization upon
regulatory approval. Haemacure will be responsible for all clinical
development and related costs with respect to fibrin sealant
product candidates. - Drug-Loaded Fibrin Sealant License and
Development Agreement. The parties have entered into a License and
Development Agreement whereby Haemacure and Angiotech have agreed
to jointly develop and commercialize a next generation, drug-loaded
fibrin sealant product candidate. Angiotech and Haemacure will
collaborate to create novel fibrin sealant technologies that, in
addition to the haemastatic properties offered by the fibrin
sealant itself, may target the prevention of infection, pain, or
delivery of stem cells using Haemacure's fibrin sealant as a
carrier of such therapies. The companies will jointly conduct
research and clinical development, with each party contributing key
personnel, technology and intellectual property. Collaboration
costs will be shared based on each company's contribution to the
program, and eventual profits will be shared pro-rata based on each
company's contribution to collaboration expenses. This term of the
agreement will expire on a collaboration product-by-collaboration
product basis upon the later of 15 years after the first commercial
sale of such collaboration product, and the last-to-expire valid
claim applicable to such collaboration product. - Thrombin Supply
Agreement. The parties have entered into an exclusive Supply
Agreement whereby Haemacure will supply thrombin to Angiotech for
the development of certain Angiotech preclinical product candidates
that may require thrombin. The Supply Agreement has a term of 10
years from the first commercial sale of an approved Angiotech
product containing thrombin procured from Haemacure, and has an
option for Angiotech to renew for an additional five years. The
senior secured bridge loan from Angiotech to Haemacure will provide
US$2.5 million to Haemacure in multiple drawdowns. The loan will be
senior to all of Haemacure's existing and future indebtedness,
subject to certain exceptions; will bear interest at an annual rate
of 10%, compounded quarterly and have a term of two years.
Angiotech may, at its sole discretion, advance during a period of
two years up to an additional US$1 million to Haemacure from time
to time, in multiple draw-downs, for a total loan of US$3.5
million. The senior secured bridge loan also has certain equity
conversion features and rights to board representation, as
described in detail in Haemacure's press release dated May 22,
2009. 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, and our quarterly report for the three months ended
March 31, 2009 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. 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/. About Haemacure Haemacure Corporation is
a specialty biotherapeutics company developing high-value human
plasma-derived protein products for commercialization. Haemacure's
research and development effort is driven by its proprietary plasma
protein extraction technology to develop next-generation products,
including surgical haemostats. Haemacure's proprietary, lead
product candidate is a fibrin sealant in late-stage clinical
trials. Haemacure's proprietary, second product candidate is
thrombin, a component of its fibrin sealant, now in preclinical
stage. Follow-on development will focus on the use of fibrin
sealant in aesthetics, adhesion prevention, combination with
biomaterials, drug delivery, regenerative medicine, skin graft
fixation for burn injuries, and wound healing. DATASOURCE:
Angiotech Pharmaceuticals, Inc. CONTACT: DeDe Sheel, Investor
Relations and Corporate Communications, Angiotech Pharmaceuticals,
Inc., (415) 293-4412,
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