Angiotech completes acquisition of STS Biopolymers
04 Dezember 2003 - 7:53PM
PR Newswire (US)
Angiotech completes acquisition of STS Biopolymers VANCOUVER, Dec.
4 /PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc. today
announced that it has completed its acquisition of STS Biopolymers,
Inc. ('STS') for an all cash transaction of approximately US $23
million. STS is a privately owned company located in Henrietta, New
York, specializing in the development and manufacturing of
state-of-the-art biocompatible coatings for medical devices. STS
has been developing and manufacturing biocompatible coatings for
medical devices since 1991. STS coatings are in commercial use on a
range of medical devices including vascular, neurointerventional
catheters, dilators, cannulae, gastroenteral feeding tubes, urinary
catheters, blood filters, infusion catheters, and guidewires. They
also license a series of hydrophilic lubricious (SLIP-COAT(R)),
drug delivery (MEDI-COAT(R)) and medical imaging (ECHO-COAT(R))
coatings to a wide variety of medical device partners. "STS has
coating technology adaptable to the many applications we are
developing for next-generation drug-loaded medical devices," said
William L. Hunter, President and CEO of Angiotech. "With over a
decade of operations as a biopolymer company and a highly skilled
workforce, Angiotech's internal capabilities are significantly
enhanced." "We're delighted shareholders of STS voted in favour of
the acquisition by Angiotech," said Richard Richmond, former CEO of
STS Biopolymers. "As a part of Angiotech, STS can leverage its
expertise in a new growth industry, the convergence of medical
devices and therapeutics." 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/. Statements in this press release
regarding the transaction between Angiotech and STS, future
financial and operating results, benefits and synergies of the
transaction, future opportunities for the combined company,
discovery and development of products, potential acquisitions,
strategic alliances and intellectual property, and any other
statements about Angiotech or STS managements' future expectations,
beliefs, goals, plans or prospects constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any statements that are not statements of
historical fact (including statements containing the words
"believes", "plans", "anticipates","expects", "estimates" and
similar expressions) should also be considered to be
forward-looking statements. There are a number of important factors
that could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including: the
inability of Angiotech to successfully integrate STS' operations
and employees; the inability to realize anticipated synergies and
cost savings; the inability to successfully develop STS technology;
adverse results in drug discovery and clinical development
processes; failure to obtain patent protection for discoveries;
commercialization limitations imposed by patents owned or
controlled by third parties; dependence upon strategic alliance
partners to develop and commercialize products and services based
on our work; difficulties or delays in obtaining regulatory
approvals to market products and services resulting from the
combined company's development efforts; the requirement for
substantial funding to conduct research and development and to
expand commercialization activities; and any other factors that may
affect performance. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Angiotech and STS 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 herein to reflect
future results, events or developments. Company Contacts: Ian
Harper (Investors) ext.6996 Rui Avelar (Media) ext. 6901 Phone:
(604) 221-7676 DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT:
Ian Harper, (Investors) ext. 6996; Rui Avelar, (Media) ext. 6901,
Phone: 604-221-7676
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