Angiotech Announces Extension of the Expiration Date of its Tender Offer for Senior Floating Rate Notes Due 2013 and 7.75% Senior Subordinated Notes Due 2014

    VANCOUVER, Sept. 12 /CNW/ - Angiotech Pharmaceuticals, Inc. ("Angiotech")
(NASDAQ:   ANPI, TSX: ANP), a global specialty pharmaceutical and medical device
company, today announced that in connection with the previously announced
tender offer (the "Tender Offer") for its outstanding Senior Floating Rate
Notes Due 2013 (CUSIP No. 034918AF9) (the "First Priority Notes"), and its
outstanding 7.75% Senior Subordinated Notes Due 2014 (CUSIP No. 034918AC6)
(the "Second Priority Notes" and collectively with the First Priority Notes,
the "Notes"), that it has extended the date on which the tender offer will
expire (the "Expiration Date") from 12:00 midnight, New York City time, on
September 12, 2008, to 12:00 midnight, New York City time, on September 29,
2008. The Expiration Date is dependent on the date of the Angiotech
shareholders meeting that will be called to approve the investment in
Angiotech Pharmaceutical Interventions, Inc., a newly formed subsidiary of
Angiotech, by Ares Management LLP and New Leaf Venture Partners (the "API
Investment"), because the proceeds of the API Investment are needed to fund
the tender offer. The date of the shareholders meeting has not yet been
determined and the Expiration Date remains subject to extension by Angiotech
in its sole discretion.
    The Tender Offer is being made pursuant to the terms and conditions set
forth in the Offer to Purchase, dated July 7, 2008, and the accompanying
"Letter of Transmittal," which were previously sent to holders of Notes.
Further details about the terms and conditions of the tender offer are set
forth therein.
    Angiotech has retained Goldman, Sachs & Co. to act as the exclusive
dealer manager for the tender offer. Global Bondholder Services Corporation is
the Information Agent for the tender offer. Questions regarding the
transaction should be directed to Goldman, Sachs & Co. at (877) 686-5059
(toll-free) or (212) 357-0775 (collect). Requests for documentation should be
directed to Global Bondholder Services Corporation at (866) 387-1500
(toll-free) or (212) 430-3774 (collect).

    Cautionary Statement Regarding 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," "estimate," "continue," "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 the second half of 2008 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 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 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; and the
requirement for substantial funding to conduct research and development and to
expand manufacturing and commercialization activities or consummate
acquisitions. 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 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
(the "SEC"). 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.

    Additional Information and Where to Find It
    In connection with the proposed establishment of separate royalty and
operating businesses and the proposed API Investment, Angiotech filed a
preliminary proxy statement with the SEC. The preliminary proxy statement is
not yet final and will be amended. Noteholders and shareholders are urged to
read the final proxy statement (and all amendments and supplements to it) and
other materials that Angiotech may file with the SEC when they become
available in their entirety, because they contain important information about
the proposed transaction. The final proxy statement will be mailed to
Angiotech's shareholders. Noteholders and shareholders will be able to obtain
free copies of the final proxy statement, as well as Angiotech's other
filings, without charge, at the SEC's website ( when they become
available. Copies of the filings may also be obtained without charge from
Angiotech by directing a request to: Angiotech Pharmaceuticals, Inc., 1618
Station Street, Vancouver, British Columbia, Canada V6A 1B6, Attention:
Investor Relations (Tel: (604) 221-7676).

    Participants in Solicitation
    Angiotech and its directors, executive officers and other members of
management and employees may be deemed to be participants in the solicitation
of proxies from the holders of Angiotech common shares in respect of the
proposed API Investment. Information about the directors and executive
officers is set forth in Angiotech's Annual Report on Form 40-F for the most
recently ended fiscal year, which was filed with the SEC on March 31, 2008,
and Angiotech's proxy statement for its 2008 annual and special general
meeting of shareholders, filed with the SEC on July 22, 2008. Additional
information regarding the interests of such potential participants will be
included in the final proxy statement and the other relevant documents filed
with the SEC when they become available.

    About Angiotech

    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

For further information:

For further information: DeDe Sheel, Investor Relations and Corporate
Communications, Angiotech Pharmaceuticals, Inc., (415) 293-4412,; Steve Frankel, Joele Frank, Wilkinson Brimmer
Katcher, Office (212) 355-4449 x 119, Cell (917) 952-0676,,

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