Angiotech closes $25 million equity investment in Orthovita
07 Juli 2004 - 1:37AM
PR Newswire (US)
Angiotech closes $25 million equity investment in Orthovita
VANCOUVER, July 6 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP) today
announced that it has completed its purchase of 5,681,818 common
shares of Orthovita, Inc. ('Orthovita') for US$25 million. The
equity investment was originally announced on June 24, 2004.
Orthovita is a specialty orthopedics company that develops and
markets synthetic biomaterials for use in fracture repair and
orthopedic trauma, spine surgery including spinal fusion, repair of
osteoporosis-related fractures of the spine and other orthopedic
applications. Orthovita's products represent fully synthetic
alternatives to the use of autograft or cadaver-derived bone
material in orthopedic and spine surgery. Vancouver-based Angiotech
Pharmaceuticals, Inc., a specialty pharmaceutical company focusing
on drug-coated medical devices and biomaterials, is dedicated to
enhancing the performance of medical devices and biomaterials
through the innovative uses of pharmacotherapeutics. To find out
more about Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX:
ANP), please 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," 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. FOR ADDITIONAL
INFORMATION: --------------------------- Analysts: Rui Avelar,
Angiotech Pharmaceuticals, Inc. (604) 221-7676 ext 6996 Investors:
Ian Harper, Angiotech Pharmaceuticals, Inc. (604) 221-7676 ext 6933
Media: Eric Starkman, Starkman & Associates (212) 252-8545 ext
12 DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT: Analysts:
Rui Avelar, Angiotech Pharmaceuticals, Inc., (604) 221-7676 ext
6996; Investors: Ian Harper, Angiotech Pharmaceuticals, Inc., (604)
221-7676 ext 6933; Media: Eric Starkman, Starkman & Associates,
(212) 252-8545 ext 12
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