VANCOUVER, April 4 /CNW/ - Angiotech Pharmaceuticals, Inc. ("Angiotech"
or the "Company") today announced that the affected creditors of
Angiotech and certain of its subsidiaries (collectively, the "Angiotech
Entities") have unanimously approved the Second Amended and Restated
Plan of Compromise or Arrangement (as amended from time to time, the
"Amended Plan") concerning, affecting and involving the Angiotech
Entities pursuant to the Companies' Creditors Arrangement Act (Canada).
The Angiotech Entities are scheduled to seek an order of the Supreme
Court of British Columbia (the "Court") sanctioning the Amended Plan on
April 6, 2011. Should the Court approve the Amended Plan, the Angiotech
Entities will proceed with the implementation of the Amended Plan
following the satisfaction or waiver of all conditions precedent.
At the meeting of affected creditors today, Alvarez & Marsal Canada Inc.
(the "Monitor"), in its capacity as the Court-appointed monitor,
reported that 100% of the votes registered by the Angiotech Entities'
affected creditors were in favour of the Amended Plan.
To be accepted, the Amended Plan required approval by a majority in
number representing at least two-thirds of the total value of the
affected creditors' voting claims.
More information about the Angiotech Entities' restructuring process 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 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 www.angiotech.com.
SOURCE Angiotech Pharmaceuticals, Inc.
For further information:
Investor Relations and Corporate Communications
Angiotech Pharmaceuticals, Inc.