Angiotech extends exclusive licensing agreement with Poly-Med for biomaterial technologies
14 April 2004 - 3:00PM
PR Newswire (US)
Angiotech extends exclusive licensing agreement with Poly-Med for
biomaterial technologies VANCOUVER, April 14 /PRNewswire-FirstCall/
-- Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX: ANP), a
specialty pharmaceutical company focusing on drug-coated medical
devices and biomaterials, today announced that it has licensed a
portfolio of biomaterial, drug delivery, and medical device
technologies from Poly-Med, Inc. This agreement will expand
Angiotech's relationship with Poly-Med, a developer of biomaterial
technologies, which it initially formalized in a June 2001
licensing agreement. Today's announced collaboration grants
Angiotech exclusive rights to several of Poly-Med's key
technologies, including a portfolio of absorbable and biodegradable
polymers and drug delivery technologies that are potentially useful
in several areas of interest to Angiotech, including tissue repair,
orthopedic surgery and vascular surgery. The two companies will
also collaborate on research to develop products derived from the
licensed technologies, and explore the application of these
technologies to drug-loaded medical device and biomaterial research
efforts already underway at Angiotech. Anderson, South
Carolina-based Poly-Med is devoted to the development of absorbable
and biodegradable materials for medical applications. Poly-Med is
headed by Shalaby W. Shalaby, Ph.D., who established the Johnson
& Johnson Polymer Technology Center, presently known as the
Advanced Biomaterials Center. The company's research team is
comprised of 20 experts in the fields of novel biomaterials,
biomedical textiles and drug delivery. Dr. Shalaby has been awarded
in excess of 100 U.S. patents during his career; he has published
nine books and more than 250 academic/technical articles. "We are
excited by the potential opportunities afforded us by this expanded
relationship with Poly-Med and Dr. Shalaby," said George Daniloff,
M.D., Ph.D., Angiotech's senior vice president of research and
development. "As underscored by our companies' collaboration on the
drug-loaded vascular wrap currently in clinical trials, Poly-Med's
technologies and research expertise substantially enhance our
portfolio of biomaterials, as well as our ability to exploit those
materials in the exploration and development of other novel
drug-loaded medical device products." "There is significant synergy
in the research expertise and focus of Angiotech and Poly-Med,"
said Dr. Shalaby. "We are confident that the strategic alignment of
the two companies' complimentary skills and 'know-how' will lead to
the development of many beneficial medical products." The licensed
Poly-Med technologies, coupled with technologies Angiotech obtained
via its recent acquisitions of Cohesion Technologies and STS
Biopolymers, provide Angiotech a substantial portfolio of
biomaterials and drug delivery vehicles that can be leveraged into
a broad array of drug-device combinations. Angiotech, the innovator
of the paclitaxel-coated coronary stent, is a recognized leader in
the burgeoning field of drug-coated medical devices.
Vancouver-based Angiotech Pharmaceuticals, Inc. 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/.
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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
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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;
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ability to attract and retain qualified personnel; existing
governmental regulations and changes in, or the failure to comply
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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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