VANCOUVER, April 28 /CNW/ - Angiotech Pharmaceuticals, Inc. ("Angiotech"
or the "Company") today announced that it has extended its offer (the
"Exchange Offer") to exchange new senior secured floating rate notes
due 2013 (the "New Floating Rate Notes") for all of its outstanding
Senior Floating Rate Notes due 2013 (the "Existing Floating Rate
Notes") to 12:00 a.m. New York City time on May 12, 2011. The Exchange
Offer was last scheduled to expire at 11:59 p.m. New York City time on
May 9, 2011.
The Company also announced that it delivered a supplement (the
"Supplement") to the Offering Memorandum and Consent Solicitation
Statement, dated February 10, 2011 and supplemented on March 3, 2011
(the "Offering Memorandum"), to holders of the Existing Floating Rate
Notes. The Supplement amends certain provisions of the Offering
Memorandum relating to the Company's proposed intercreditor
The extension of the Exchange Offer has been made to allow holders of
outstanding Existing Floating Rate Notes who have not yet tendered
their Existing Floating Rate Notes for exchange to do so. As of the
close of business on April 27, 2011, approximately $299,800,000 in
aggregate principal amount of the Existing Floating Rate Notes had been
validly tendered for exchange and not withdrawn.
As previously announced, the Exchange Offer will be open to all
qualifying holders of the Existing Floating Rate Notes.
This announcement does not constitute an offer to sell or buy any
security or a solicitation of any offer to buy securities.
More information about Angiotech's restructuring process can be found at
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 Company's
restructuring under the Companies' Creditors Arrangement Act (Canada);
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.