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