Angiotech issues clarification on fourth quarter conference call
18 November 2003 - 3:57AM
PR Newswire (US)
Angiotech issues clarification on fourth quarter conference call
VANCOUVER, Nov. 17 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPI; TSX:ANP) The company wishes to
clarify an item of apparent confusion in today's 4th quarter
conference call. In May of 2003, Angiotech received its expected
coated stent sales milestone fee from Boston Scientific totaling US
$ 4.3 million. This amount was reported in Q3 as a deferred revenue
liability and posted in our Q3 report. It was not reported in Q3 as
a revenue item, as it is a creditable prepayment of royalties.
Specifically, fifty percent of royalties payable by Boston
Scientific are creditable against this liability account until it
is exhausted. Therefore the Q4 royalty revenue line reported today
does consist of the entire royalty owed by Boston Scientific.
Functionally, one-half of the cash came from Boston Scientific this
quarter and one-half from the deferred revenue liability account as
per the Boston Scientific agreement and as per generally accepted
accounting principles for revenue recognition. This specific
deferred revenue account will be entirely exhausted once a
cumulative amount of US $8.6 million in royalties has been reached.
Also, these royalties are for Boston's April 1st to June 30th, 2003
sales period. We hope this explanation will clarify any confusion
that may have arisen from today's conference call and question and
answer period. Angiotech Pharmaceuticals, Inc. is dedicated to
enhancing the performance of medical devices and biomaterials
through the innovative use of pharmacotherapeutics. To find out
more about Angiotech Pharmaceuticals, Inc
(NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP), visit our website at
http://www.angiotech.com/. Angiotech Pharmaceuticals Contacts: Ian
Harper (investors and media) ext. 6933 Rui Avelar (analysts) ext.
6996 Phone: (604) 221-7676 Statements contained herein that are not
based on historical or current fact, including without limitation
statements containing the words "anticipates," "believes," "may,"
"continue," "estimate," "expects," "may" and "will" and words of
similar import, constitute "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. 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. Such factors include, among others, the
following: general economic and business conditions, both
nationally and in the regions in which the Company operates;
technology changes; competition; changes in business strategy or
development plans; the ability to attract and retain qualified
personnel; existing governmental regulations and changes in, or the
failure to comply with, governmental regulations; liability and
other claims asserted against the Company; and other factors
referenced in the Company's filings with the United States
Securities and Exchange Commission or the Canadian securities
regulators. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. The
Company does not assume the obligation to update any
forward-looking statements. DATASOURCE: Angiotech Pharmaceuticals,
Inc. CONTACT: Angiotech Pharmaceuticals Contacts: Ian Harper
(investors and media) ext. 6933, Rui Avelar (analysts) ext. 6996,
Phone: 604-221-7676
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