VANCOUVER, May 19 /CNW/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI,
TSX: ANP) today announced that its corporate partner, Boston Scientific
Corporation (NYSE: BSX) has launched the platinum chromium TAXUS(R)
Element(TM) Paclitaxel-Eluting Coronary Stent System in select markets
worldwide. The TAXUS Element Stent features a new platinum chromium alloy
engineered specifically for coronary stent applications and represents the
Company's third-generation drug-eluting stent (DES) technology.
The TAXUS Element Stent is built on the advanced platinum chromium
platform and is designed to provide interventional cardiologists improved
performance in treating patients with complex coronary artery disease. Boston
Scientific has reported that it anticipates CE Mark approval for the TAXUS
Element Stent in the fourth quarter of this year.
"Boston Scientific continues to make significant progress toward
improving the performance of TAXUS stents," said Dr. William Hunter, President
and CEO of Angiotech. "The launch of this third-generation TAXUS stent
demonstrates the efficacy and longevity of the paclitaxel platform in treating
patients with heart disease."
The platinum chromium alloy used in the Element Stent System was
engineered specifically for coronary stenting, delivering both strength and
flexibility. The Element Stent System platform also features a new stent
architecture with thinner struts, increased flexibility and a lower profile,
designed to improve radial strength, recoil and angiographic visibility.
Deliverability to complex lesions is further enhanced through the
incorporation of a new highly deliverable dilatation catheter technology.
"Our platinum chromium Element Stent series represents a significant leap
forward in drug-eluting stent innovation," said David McFaul, Boston
Scientific Senior Vice President, International. "This breakthrough technology
combines a new alloy designed for coronary stenting, an innovative stent
design and a new delivery system."
The TAXUS Element Stent System is currently being studied in the PERSEUS
clinical trial program, which compares the TAXUS Element Stent System to the
TAXUS(R) Express(2)(R) Stent System. The program includes the PERSEUS
Workhorse and the PERSEUS Small Vessel arms. Both have finished recruiting
patients and are estimated to be completed by the end of the year.
While the Element Stent platform represents Boston Scientific's
third-generation DES technology, the Company's fourth-generation DES is
currently under development. Initial clinical data were presented at the
Transcatheter Cardiovascular Therapeutics scientific symposium in 2008; global
pivotal trials are expected to begin in 2010. This DES employs the Labcoat
technology, which has an ultra thin biodegradable abluminal polymer that
delivers a very low dose of paclitaxel to the wall of the treated vessel, and
no polymer or drug on the inner surface of the stent. Integrating the Element
Stent architecture and a platinum chromium alloy with an optimized drug
release, the "Labcoat Element" Stent is designed to deliver a powerful
combination of procedural and clinical performance.
In the United States, the TAXUS Element Stent is an investigational
device and is limited by applicable law to investigational use only and is not
available for sale.
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 U.S. Private Securities Litigation
Reform Act of 1995 and "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 2009 and beyond, our strategies
or future actions, our targets, expectations for our financial condition and
the results of, or outlook for, our operations, research, development, 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 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, both nationally and in the regions in which we operate; market
demand; technological changes that could impact our existing products or our
ability to develop and commercialize future products; competition; existing
governmental regulations and changes in, or the failure to comply with,
governmental regulations; 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 and to expand
manufacturing and commercialization activities or consummate acquisitions; and
any other factors that may affect performance. In addition, our business is
subject to certain operating risks that may cause the actual 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
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 continued availability of
capital to finance our activities; and any other factors referenced in our
other filings with the Securities and Exchange Commission ("SEC") and
applicable Canadian regulatory authorities. 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, 2008 filed with the SEC on Form
10-K, and our quarterly report for the three months ended March 31, 2009 filed
with the SEC on Form 10-Q.
Given these uncertainties, assumptions and risk factors, readers 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.
About Angiotech Pharmaceuticals
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and
medical device company with over 1,500 dedicated employees. 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 (NASDAQ: ANPI, TSX: ANP),
please visit our website at www.angiotech.com.
For further information:
For further information: DeDe Sheel, Investor Relations and Corporate
Communications, Angiotech Pharmaceuticals, Inc., (415) 293-4412,