ANPI Angiotech Pharmaceuticals - Common Shares (MM)

Angiotech announces termination of license arrangement VANCOUVER, Nov. 24 /PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc. today announced that its license agreement with C.R. BARD, Inc. has been terminated by mutual agreement of the two companies. The license agreement, entered into in 1998, provided for the use of paclitaxel and other related compounds for the perivascular treatment of stenosis associated with peripheral vascular surgery. The parties' primary focus under the license agreement was a paclitaxel-loaded biodegradable vascular wrap for use in peripheral vascular surgery. The proprietary paclitaxel-loaded biodegradable wrap was developed by Angiotech and is being tested in a 60-patient clinical trial in Europe and the Dutch Antilles. Angiotech retains all rights to the program and intends to continue to independently develop the product. Angiotech has been responsible for all preclinical and clinical development of the vascular wrap under the previous license, and as such there will be no delays or disruptions to the program as a result of this agreement. Angiotech is in the business of enhancing the performance of medical devices and implants 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/. 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. Angiotech Pharmaceuticals Contact: Ian Harper (investors & media) ext. 6933 Rui Avelar (analysts) ext. 6996 Phone: (604) 221-7676 DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT: Ian Harper (investors & media) ext. 6933; Rui Avelar (analysts) ext. 6996, Phone: 604-221-7676

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