VANCOUVER, April 7 /CNW/ - Angiotech Pharmaceuticals, Inc. ("Angiotech"
or the "Company") announced today that the Supreme Court of British
Columbia has issued a sanction order (the "Sanction Order") approving
Angiotech's second amended and restated plan of compromise or
arrangement (as amended from time to time, the "Amended Plan"). The
Amended Plan is designed to facilitate the completion of a
recapitalization transaction concerning, affecting and involving
Angiotech and certain of its subsidiaries (collectively, the "Angiotech
Entities") pursuant to the Companies' Creditors Arrangement Act (Canada). The Company also announced today that the United States
Bankruptcy Court for the District of Delaware has issued an order,
pursuant to Chapter 15 of title 11 of the United States Code,
recognizing and giving full force and effect to the Sanction Order in
the United States.
The Angiotech Entities expect to implement the Amended Plan no later
than April 30, 2011, subject to the satisfaction or waiver of all
conditions precedent contained in the Amended Plan.
As announced previously, the implementation of the Amended Plan and the
completion of this process will eliminate $250 million of Angiotech's
long-term debt obligations, and interest obligations related thereto,
allowing for significant improvements to Angiotech's balance sheet,
operating flexibility and liquidity outlook.
Further information about the Angiotech Entities' restructuring process,
including the particulars relating to the treatment of Angiotech's
existing shareholders and creditors under the Amended Plan, can be
found at www.angiotech.com and on the website of the Monitor, at http://www.alvarezandmarsal.com/angiotech.
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 Private
Securities Litigation Reform Act of 1995 and constitute
"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 the
remainder of 2011 and beyond, our strategies or future actions, our
targets, expectations for our financial condition and the results of,
or outlook for, our operations, research and development and 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 known 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 in the United
States, Canada and the other regions in which we operate; uncertainty
involved in Court proceedings and the implementation of the Amended
Plan under the CCAA; market demand; technological changes that could
impact our existing products or our ability to develop and
commercialize future products; competition; existing governmental
legislation and regulations and changes in, or the failure to comply
with, governmental legislation and regulations; availability of
financial reimbursement coverage from governmental and third-party
payers for products and related treatments; 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, to expand
manufacturing and commercialization activities; and any other factors
that may affect our performance. In addition, our business is subject
to certain operating risks that may cause any 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 our 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
availability of capital to finance our activities; our ability to
restructure and to service our debt obligations; and any other factors
referenced in our other filings with the applicable Canadian securities
regulatory authorities or the Securities and Exchange Commission
("SEC"). 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, 2010 filed with the SEC on Form 10-K.
Given these uncertainties, assumptions and risk factors, investors 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.
©2011 Angiotech Pharmaceuticals, Inc. All Rights Reserved.
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and
medical device company. 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, please visit our website at
SOURCE Angiotech Pharmaceuticals, Inc.
For further information:
Investor Relations and Corporate Communications
Angiotech Pharmaceuticals, Inc.