Angiotech acquires manufacturing and intellectual property
rights to develop human biological adhesives, hemostats and
therapeutic proteins
VANCOUVER, April 7 /PRNewswire-FirstCall/ - Angiotech
Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a specialty
pharmaceutical and medical device company, today announced the
closing of its acquisition of certain product candidates and
technology assets of Haemacure Corporation ("Haemacure"). Haemacure
has been involved in proceedings under Canada's Bankruptcy and Insolvency Act and
Chapter 11 of the United States Bankruptcy Code.
Through an asset sale transaction, Angiotech has acquired all of
the relevant research and development activities, manufacturing
operations, key personnel, and intellectual property rights
necessary to pursue the commercialization of Haemacure's human
biomaterial product candidates, namely fibrin sealant and thrombin
hemostat. The proprietary fibrin sealant is made of two human
plasma proteins, fibrinogen and thrombin, which are extracted from
human blood plasma through a proprietary, high-yield, low-cost
extraction manufacturing process.
The surgical sealant and hemostat market is estimated to be in
excess of $500 million annually in
the U.S. The acquired fibrin sealant and thrombin hemostat product
candidates have applications in a wide array of surgical
specialties, including general and abdominal surgery,
cardiothoracic and vascular surgery, gynecology and urology surgery
and reconstructive and plastic surgery. In addition, Angiotech
believes that these biomaterials may be effective drug delivery
vehicles.
"We took an important step today by adding new technologies that
will provide multiple new product candidates for our surgical
business. We now have the capability to develop, manufacture and
commercialize fibrin sealant, fibrinogen and thrombin-based
biomaterials as competitive and compelling stand alone products,
and the ability to develop drug-loaded versions of these
biomaterials without relying on external suppliers," said Dr.
William Hunter, President and CEO of
Angiotech. "With these biologics assets and our proprietary
Quill(TM) SRS product line, we believe we have formed a surgical
franchise that can provide innovative products for patients and our
physician customers, as well as strong revenue growth, for many
years to come."
Prior to its acquisition, the fibrin sealant has been studied in
several clinical trials. Thus far clinical data have demonstrated
the fibrin sealant is well tolerated in patients. Efficacy data has
shown the fibrin sealant has potential as a hemostatic agent. As a
result of the change of manufacturing facilities for these product
candidates, additional phase III clinical testing will be required
by the FDA.
In June 2009, Angiotech provided
Haemacure a US$2.5 million senior
secured bridge loan as part of a collaboration that provided
Angiotech with certain technology and product distribution rights.
On January 11, 2010, Haemacure
announced that it had filed a notice of intention to make a
proposal to its creditors under the Bankruptcy and Insolvency Act
(Canada), and that its
wholly-owned U.S. subsidiary sought court protection under Chapter
11 of the Bankruptcy Code in the U.S. On March 22, 2010, Haemacure announced that it had
obtained authorization from the Superior Court of the Province of
Québec to sell its assets to Angiotech and that the U.S. Bankruptcy
Court had authorized the sale to Angiotech of the assets of
Haemacure's U.S. subsidiary.
At closing, Angiotech estimates that it will have funded
approximately US$1.5 million in
additional transaction-related expenses, which include the funding
of Haemacure's insolvency proceedings and day-to-day operations,
legal fees and expenses. Angiotech expects that modest additional
expenditures for research and development may be required in 2010,
depending upon final decisions as to product development timelines
and the operations and personnel of Haemacure's manufacturing
facility. These potential expenditures are not expected to
materially impact Angiotech's liquidity position and capital
resources in 2010. Additional information regarding the impact of
this transaction, and Angiotech's future plans regarding its
liquidity position and capital resources, will be provided upon the
release of our first quarter financial results in early
May 2010.
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 Private Securities Litigation Reform Act of 1995 and
constitute "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 remainder of 2010 and beyond, our strategies or future
actions, our targets, expectations for our financial condition and
the results of, or outlook for, our operations, research and
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 known 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 in the United States, Canada and the other 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 legislation and
regulations and changes in, or the failure to comply with,
governmental legislation and regulations; availability of financial
reimbursement coverage from governmental and third-party payers for
products and related treatments; 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, to expand
manufacturing and commercialization activities; and any other
factors that may affect our performance. 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
our 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 availability of
capital to finance our activities; our ability to restructure and
to service our debt obligations; and any other factors referenced
in our other filings with the applicable Canadian securities
regulatory authorities or the Securities and Exchange Commission
("SEC"). 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,
2009 filed with the SEC on Form 10-K.
Given these uncertainties, assumptions and risk factors,
investors 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)2010 Angiotech Pharmaceuticals, Inc. All Rights Reserved.
About Angiotech Pharmaceuticals
Angiotech Pharmaceuticals, Inc. is a global specialty
pharmaceutical and medical device company. 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: ANPI, TSX: ANP), please visit our website at
www.angiotech.com.
SOURCE Angiotech Pharmaceuticals, Inc.