VANCOUVER, July 8 /PRNewswire-FirstCall/ - On July 6, 2010, Angiotech Pharmaceuticals, Inc.
(NASDAQ: ANPI, TSX: ANP) ("Angiotech") received a notice from The
Nasdaq Stock Market ("Nasdaq") stating that Angiotech is not in
compliance with Nasdaq's Listing Rule 5450(a)(1) because the bid
price for Angiotech's common shares closed below the required
minimum of $1.00 per share for the
previous 30 consecutive business days (May
21, 2010 to July 2, 2010). The
notice also indicated that, in accordance with Nasdaq's Listing
Rule 5810(c)(3)(A), Angiotech has a grace period of 180 calendar
days, until January 3, 2011, to regain compliance with Rule
5450(a)(1). If at any time during this grace period the bid price
for Angiotech's common shares closes at $1.00 per share or more for
a minimum of 10 consecutive business days, Nasdaq will notify
Angiotech that it has regained compliance with Rule 5450(a)(1). In
the event that Angiotech does not regain compliance with Rule
5450(a)(1) prior to the expiration of the grace period, Nasdaq will
notify Angiotech that its common shares are subject to delisting.
Alternatively, Angiotech may be eligible for an additional grace
period if it meets the initial listing standards, with the
exception of bid price, for The Nasdaq Capital Market. As
previously disclosed, Angiotech's management and Board of Directors
have been and are continuing to evaluate a broad range of
restructuring, reorganization and strategic activities. Angiotech
believes it may consummate such a transaction prior to the end of
the 180-day grace period to resolve this listing deficiency, but
there can be no assurance that any such transaction will be
consummated or that the consummation of any such transaction will
resolve the listing deficiency.
Forward Looking Statements
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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, as amended, and our
quarterly report for the first quarter of 2010 filed with the SEC
on Form 10-Q.
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.