Angiotech announces acquisition of Afmedica, Inc.
13 September 2005 - 6:00PM
PR Newswire (US)
VANCOUVER, Sept. 13 /PRNewswire-FirstCall/ -- Angiotech
Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX: ANP) today announced that
it has entered into a definitive agreement to acquire Afmedica,
Inc., a private company developing perivascular technology using
the drug rapamycin to treat peripheral vascular disease, coronary
artery disease and end stage renal disease. The Afmedica
transaction strengthens Angiotech's market leadership with respect
to its Vascular Wrap(TM) product development program, where
Angiotech is currently conducting human clinical studies with its
paclitaxel-eluting Vascular Wrap(TM) product candidate. The
transaction enables Angiotech to potentially expand its research
platform with rapamycin in perivascular and other selected disease
indications. Terms of the transaction were not disclosed. "This
acquisition will extend our research and product development
platform in a variety of applications," said Rui Avelar, Senior
Vice President of Medical Affairs and Communications of Angiotech.
"It also enhances Angiotech's drug-eluting Vascular Wrap(TM)
program." Angiotech expects to complete the acquisition in the
fourth quarter of 2005. Afmedica, Inc. is a private company
developing products to prevent the excess scarring that can occur
inside blood vessels following vascular surgery and adhesions after
other surgical procedures focused around the extra- vascular
delivery of rapamycin and its analogs. 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 pharma-therapeutics. 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," "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. FOR ADDITIONAL
INFORMATION: --------------------------- Analysts and Investors:
Todd Young, Vice President, Investor Relations and Communications,
Angiotech Pharmaceuticals, Inc. (604) 221-7676 ext 6933 Analysts:
Rui Avelar, Senior Vice President, Medical Affairs and
Communications, Angiotech Pharmaceuticals, Inc. (604) 221-7676 ext
6996 Media: Wendy Carhart, Waggener Edstrom Bioscience, (503)
443-7354, Email: DATASOURCE: Angiotech Pharmaceuticals, Inc.
CONTACT: Analysts and Investors: Todd Young, Vice President,
Investor Relations and Communications, Angiotech Pharmaceuticals,
Inc., (604) 221-7676 ext 6933; Analysts: Rui Avelar, Senior Vice
President, Medical Affairs and Communications, Angiotech
Pharmaceuticals, Inc., (604) 221-7676 ext 6996; Media: Wendy
Carhart, Waggener Edstrom Bioscience, (503) 443-7354, Email:
Copyright