VANCOUVER, April 15, 2013 /CNW/ - Angiotech Pharmaceuticals, Inc.
("Angiotech") announced today that on April 12, 2013 it completed its
transaction, as previously announced on March 25, 2013, to sell certain
of its subsidiaries, comprising Angiotech's Interventional Products
Business, to Argon Medical Devices, Inc. ("Argon"), a portfolio company
of RoundTable Healthcare Partners, and certain of its affiliates.
Angiotech received shareholder approval to conclude the transaction on
April 8, 2013.
Angiotech will use a portion of the net proceeds received from the
transaction to redeem its remaining outstanding debt, and also expects
to make a cash distribution in the form of a return of capital to
shareholders, in an amount to be determined by Angiotech's Board of
Directors. Such return of capital is expected to be concluded at or
around the date of the redemption of Angiotech's outstanding debt.
Such redemption is scheduled to be concluded on May 13, 2013.
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 in 2013 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 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; market
demand; competition; technological changes that could impact our
existing products or our ability to develop and commercialize future
products; 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 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
successfully manufacture, market and sell our products; changes in our
business strategy or development plans; our ability to attract and
retain qualified personnel; our ability to successfully complete
pre-clinical and clinical development of our products; 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; the availability of capital to finance our
activities; our ability to service our debt obligations; and any other
factors referenced in our other filings with the 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, 2012 filed with the SEC on Form 10K on March 28, 2013.
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.
©2013 Angiotech Pharmaceuticals, Inc. All Rights Reserved.
Angiotech develops, manufactures and markets medical device products and
technologies, primarily within the areas of interventional oncology,
wound closure and ophthalmology. Our strategy is to utilize our precision manufacturing capabilities and
our highly targeted sales and marketing capabilities to offer novel or
differentiated medical device products to patients, physicians and
other medical device manufacturers or distributors. For additional
information about Angiotech, please visit our website at www.angiotech.com.
About Argon Medical Devices
Argon Medical is a global manufacturer of specialty medical products
headquartered in Plano, Texas. Argon offers a broad line of medical
devices for interventional radiology, vascular surgery, interventional
cardiology and critical care procedures. Argon's newest products
include the Option™ Inferior Vena Cava Filter, Cleaner Rotational
Thrombectomy System, and UltraStream™ Chronic Dialysis Catheter. Argon
also offers complete lines of PICC and midline catheters,
endomyocardial biopsy forceps, introducer sheaths, pressure transducers
and other vascular products. Argon's products are sold globally through
a combination of direct sales representatives and premier distributors.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, based in Lake Forest, IL, is an
operating-oriented private equity firm focused exclusively on the
healthcare industry. RoundTable partners with companies that can
benefit from its extensive industry relationships and proven operating
and transaction expertise. RoundTable has established a successful
track record of working with owner / founders, family companies,
management teams, entrepreneurs and corporate partners who share a
vision and believe in the value creation potential of its partnership
model. RoundTable currently manages $1.9 billion in capital, including
three equity funds totaling $1.5 billion and two subordinated debt
funds totaling $400 million.
SOURCE: Angiotech Pharmaceuticals, Inc.
For further information:
Investor Relations and Corporate Communications
Angiotech Pharmaceuticals, Inc.