VANCOUVER, March 31 /CNW/ - Angiotech Pharmaceuticals, Inc. (NASDAQ:
ANPI, TSX: ANP) today announced it has completed an Amended and Restated
Distribution and License Agreement with its partner Baxter International Inc.
(Baxter). As consideration for the Amended and Restated Distribution and
License Agreement, Angiotech will receive $25 million.
Angiotech and Baxter initially entered into a Distribution and License
Agreement in 2003 relating to certain intellectual property for Angiotech's
COSEAL(R) surgical sealant. The Distribution and License Agreement entitled
Baxter to market and sell COSEAL worldwide (excluding Japan), from which
Angiotech has derived royalty revenue from Baxter. The Distribution and
License Agreement also gave Baxter an option for distribution rights in Japan.
As a result of this transaction, Baxter will obtain worldwide rights to
COSEAL and certain additional fields of use for COSEAL, and expanded worldwide
rights to COSEAL derivatives. Baxter will owe no further royalty or milestone
obligations to Angiotech relating to the existing formulation of COSEAL or any
future products under the terms of the Amended and Restated Distribution and
License Agreement.Forward Looking Statements
--------------------------Statements contained in this press release that are not based on
historical fact, including without limitation statements containing the words
"believes," "may," "plans," "will," "estimates," "continues," "anticipates,"
"intends," "expects" and similar expressions, constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the meaning of
applicable Canadian securities laws. All such statements are made pursuant to
the "safe harbor" provisions of applicable securities legislation.
Forward-looking statements may involve, but are not limited to, comments with
respect to our objectives and priorities for 2009 and beyond, our strategies
or future actions, our targets, expectations for our financial condition and
the results of, or outlook for, our operations, research, development, product
and drug development. 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. Many such risks, uncertainties and other factors are taken into
account as part of our assumptions underlying these forward-looking statements
and include, among others, the following: general economic and business
conditions, both nationally and in the regions in which we operate; market
demand; technological changes that could impact our existing products or our
ability to develop and commercialize future products; competition; existing
governmental regulations and changes in, or the failure to comply with,
governmental regulations; adverse results or unexpected delays in pre-clinical
and clinical product development processes; adverse findings related to the
safety and/or efficacy of our products or products sold by our partners;
decisions, and the timing of decisions, made by health regulatory agencies
regarding approval of our technology and products; the requirement for
substantial funding to conduct research and development and to expand
manufacturing and commercialization activities or consummate acquisitions; and
any other factors that may affect performance. In addition, our business is
subject to certain operating risks that may cause the actual results expressed
or implied by the forward-looking statements in this press release to differ
materially from our actual results. These operating risks include: our ability
to attract and retain qualified personnel; our ability to successfully
complete pre-clinical and clinical development of our products; changes in
business strategy or development plans; our failure to obtain patent
protection for discoveries; loss of patent protection resulting from third
party challenges to our patents; commercialization limitations imposed by
patents owned or controlled by third parties; our ability to obtain rights to
technology from licensors; liability for patent claims and other claims
asserted against us; our ability to obtain and enforce timely patent and other
intellectual property protection for our technology and products; the ability
to enter into, and to maintain, corporate alliances relating to the
development and commercialization of our technology and products; market
acceptance of our technology and products; our ability to successfully
manufacture, market and sell our products; the continued availability of
capital to finance our activities; and any other factors referenced in our
other filings with the Securities and Exchange Commission ("SEC") and
applicable Canadian regulatory authorities. For a more thorough discussion of
the risks associated with our business, see the "Risk Factors" section in our
annual report for the year ended December 31, 2008 filed with the SEC on Form
10-K.
Given these uncertainties, assumptions and risk factors, readers are
cautioned not to place undue reliance on such forward-looking statements.
Except as required by law, we disclaim any obligation to update any such
factors or to publicly announce the result of any revisions to any of the
forward-looking statements contained in this press release to reflect future
results, events or developments.
(C)2009 Angiotech Pharmaceuticals, Inc. All Rights Reserved.
About Angiotech Pharmaceuticals
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and
medical device company with over 1,500 dedicated employees. Angiotech
discovers, develops and markets innovative treatment solutions for diseases or
complications associated with medical device implants, surgical interventions
and acute injury. To find out more about Angiotech (NASDAQ: ANPI, TSX: ANP),
please visit our website at www.angiotech.com.
For further information: DeDe Sheel, Investor Relations and Corporate
Communications, Angiotech Pharmaceuticals, Inc., (415) 293-4412,
dede.sheel@fdashtonpartners.com
