Angiotech Enters License, Distribution and Supply Agreements for Fibrin and Thrombin Technologies with Haemacure Corporation

    Angiotech to Provide $2.5 Million Bridge Facility to Haemacure

    VANCOUVER, June 3 /CNW/ - Angiotech Pharmaceuticals, Inc. (NASDAQ:   ANPI,
TSX: ANP), a specialty pharmaceutical and medical device company, announced
today the completion of a collaboration transaction with Haemacure Corporation
(TSX:HAE), a specialty bio-therapeutics company, relating to certain of
Haemacure's proprietary fibrin and thrombin technologies, both of which are
currently in development.
    As part of this collaboration, Angiotech has agreed to provide to
Haemacure a senior secured bridge financing facility in the amount of US$2.5
million, with the option for Angiotech to invest an additional US$1 million in
the facility.
    "Our new collaboration with Haemacure provides Angiotech with access to
critically important technology for certain of our surgical product candidates
currently in preclinical development," said Dr. William Hunter, President and
CEO of Angiotech. "We believe we have assembled the majority of the key
components necessary to deliver on the next generation of innovations, adding
to our proprietary Quill SRS franchise for our surgical business, and we will
provide additional details as we prepare certain of these product candidates
for the clinical development and regulatory approval process."

    The collaboration will consist principally of the following three

    -  Fibrin Sealant Distribution Agreement. The parties have entered into a
       Distribution Agreement whereby Angiotech is granted non-exclusive,
       world-wide distribution rights to Haemacure's fibrin sealant product
       candidate in selected surgical indications. The distribution agreement
       has a term on a country-by-country and product-by-product basis of
       10 years from the date Haemacure receives United States Food and
       Drug Administration (FDA) approval or similar regulatory approval in
       countries outside of the United States of its fibrin selant, and has
       an option for Angiotech to renew for an additional five years, subject
       to certain performance adjustments. Any fibrin sealant product would
       be marketed and distributed by Angiotech's surgical sales organization
       upon regulatory approval. Haemacure will be responsible for all
       clinical development and related costs with respect to fibrin sealant
       product candidates.

    -  Drug-Loaded Fibrin Sealant License and Development Agreement. The
       parties have entered into a License and Development Agreement whereby
       Haemacure and Angiotech have agreed to jointly develop and
       commercialize a next generation, drug-loaded fibrin sealant product
       candidate. Angiotech and Haemacure will collaborate to create novel
       fibrin sealant technologies that, in addition to the haemastatic
       properties offered by the fibrin sealant itself, may target the
       prevention of infection, pain, or delivery of stem cells using
       Haemacure's fibrin sealant as a carrier of such therapies. The
       companies will jointly conduct research and clinical development, with
       each party contributing key personnel, technology and intellectual
       property. Collaboration costs will be shared based on each company's
       contribution to the program, and eventual profits will be shared
       pro-rata based on each company's contribution to collaboration
       expenses. This term of the agreement will expire on a collaboration
       product-by-collaboration product basis upon the later of 15 years
       after the first commercial sale of such collaboration product, and the
       last-to-expire valid claim applicable to such collaboration product.

    -  Thrombin Supply Agreement. The parties have entered into an exclusive
       Supply Agreement whereby Haemacure will supply thrombin to Angiotech
       for the development of certain Angiotech preclinical product
       candidates that may require thrombin. The Supply Agreement has a term
       of 10 years from the first commercial sale of an approved Angiotech
       product containing thrombin procured from Haemacure, and has an option
       for Angiotech to renew for an additional five years.

    The senior secured bridge loan from Angiotech to Haemacure will provide
US$2.5 million to Haemacure in multiple drawdowns. The loan will be senior to
all of Haemacure's existing and future indebtedness, subject to certain
exceptions; will bear interest at an annual rate of 10%, compounded quarterly
and have a term of two years. Angiotech may, at its sole discretion, advance
during a period of two years up to an additional US$1 million to Haemacure
from time to time, in multiple draw-downs, for a total loan of US$3.5 million.
The senior secured bridge loan also has certain equity conversion features and
rights to board representation, as described in detail in Haemacure's press
release dated May 22, 2009.

    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

    About Haemacure

    Haemacure Corporation is a specialty biotherapeutics company developing
high-value human plasma-derived protein products for commercialization.
Haemacure's research and development effort is driven by its proprietary
plasma protein extraction technology to develop next-generation products,
including surgical haemostats. Haemacure's proprietary, lead product candidate
is a fibrin sealant in late-stage clinical trials. Haemacure's proprietary,
second product candidate is thrombin, a component of its fibrin sealant, now
in preclinical stage. Follow-on development will focus on the use of fibrin
sealant in aesthetics, adhesion prevention, combination with biomaterials,
drug delivery, regenerative medicine, skin graft fixation for burn injuries,
and wound healing.

For further information:

For further information: DeDe Sheel, Investor Relations and Corporate
Communications, Angiotech Pharmaceuticals, Inc., (415) 293-4412,

Organization Profile

Angiotech Pharmaceuticals, Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890