VANCOUVER, May 31, 2013 /CNW/ - Angiotech Pharmaceuticals, Inc.
("Angiotech") announced today that a return of capital will be provided
to all holders of record, as at May 31, 2013, of its common shares, and
to employees holding restricted share units, in the amount of $6 in
cash per common share, or per restricted share unit.
The amount to be distributed reflects a substantial portion of the
remaining net proceeds received to date per Angiotech's recently
completed sale, as announced on April 15, 2013, of its Interventional
Products business to Argon Medical Devices, Inc., after the redemption
of $60,024,000 in aggregate principal amount of Angiotech's Senior
Secured Floating Rate Notes due 2013, the redemption of $229,413,000 in
aggregate principal amount of Angiotech's 9% Senior Notes Due 2016, and
the payment of certain transaction fees and expenses.
Amounts to be distributed will be provided in the form of a physical
check, and will be mailed on June 6, 2013 to shareholders of record as
of May 31, 2013 with a payment date of June 10, 2013.
Upon conclusion of the return of capital to shareholders, Angiotech
expects to have approximately $10 million in cash, restricted cash and
short term investments as at May 31, 2013, and no outstanding long-term
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
securities laws. All such statements are made pursuant to the "safe
harbor" provisions of applicable securities legislation. 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 March 28, 2013 on Form 10K.
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 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.
SOURCE: Angiotech Pharmaceuticals, Inc.
For further information:
Investor Relations and Corporate Communications
Angiotech Pharmaceuticals, Inc.