Angiotech Enters Fast Growing Orthopedic and Spinal Surgery Arena Through Acquisition of NeuColl
24 Juni 2004 - 4:02PM
PR Newswire (US)
Angiotech Enters Fast Growing Orthopedic and Spinal Surgery Arena
Through Acquisition of NeuColl VANCOUVER, June 24
/PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI; TSX: ANP) today announced that it has entered into an
agreement to acquire NeuColl, Inc., a company engaged in the
development and commercialization of collagen-based products for
orthopedic and spinal applications. NeuColl is a privately-held
orthobiologics company based in Los Gatos, California. Previously,
Angiotech had obtained an equity interest in NeuColl through the
acquisition of Cohesion Technologies, Inc. on January 31, 2003.
Under the terms of the agreement, Angiotech will acquire the
remainder of NeuColl's equity for approximately US$13 million in
cash. Angiotech expects to complete the acquisition in the third
quarter of 2004. NeuColl will form one of the cornerstones for
Angiotech's emerging orthopedics franchise. Its initial product
platform is a synthetic bone graft substitute comprised of
collagen, a composite material of hydroxyapatite and tricalcium
phosphate. Zimmer, Inc. has distribution rights for the two lead
products, COLLAGRAFT(R) and NEUGRAFT(R) Bone Graft Matrixes in the
United States, Japan and other countries. COLLAGRAFT is sold
through independent distributors in Europe. These synthetic
biomaterials eliminate the trauma created when a second operative
site is required to harvest the patient's own bone (known as
"autograft" material) to complete a bone graft procedure. NeuColl's
materials exhibit excellent biocompatibility and closely mimic the
composition of natural bone. Typical medical applications include
total joint replacement surgery, spinal fusion procedures, fracture
repair, use as an autograft extender and to fill the defect left
when bone is harvested. "With NeuColl we are acquiring a robust
product line, a strong distribution partner, and intellectual
property that will allow us to immediately develop novel therapies
in orthopedics and spine," said Jeanne M. Bertonis, Chief Business
Officer of Angiotech. Upon closing of the transaction, NeuColl will
be a wholly-owned subsidiary of Cohesion Technologies, Inc., a
wholly-owned subsidiary of Angiotech Pharmaceuticals, Inc.
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
include, for example, statements about completion of the NeuColl
transaction, product performance and applications and the Company's
ability to successfully distribute and sell products. 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. COLLAGRAFT(R)
is a registered trademark of Zimmer, Inc. NEUGRAFT(R) is a
registered trademark of NeuColl, Inc. 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
Copyright