VANCOUVER, Sept. 25 /CNW/ - Angiotech Pharmaceuticals, Inc. ("Angiotech")
(NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device
company, today reported that its corporate partner, Boston Scientific
Corporation (NYSE: BSX), has received U.S. Food and Drug Administration (FDA)
approval to market its TAXUS(R) Express(2)(TM) Atom(TM) Paclitaxel-Eluting
Coronary Stent System. The TAXUS Express Atom Stent is a highly deliverable
drug-eluting stent (DES) specifically designed for treating small coronary
vessels. It is the only DES approved by the FDA for use in vessels as small as
2.25 mm in diameter. BSC plans to launch the product immediately.
"The TAXUS Express Atom Stent will provide better options for U.S.
patients with coronary artery disease in small vessels," said Gregg Stone,
M.D., Chairman of the Cardiovascular Research Foundation and Professor of
Medicine at Columbia University Medical Center, and Principal Investigator of
the TAXUS IV and V clinical trials. "This is a welcome addition to the range
of available drug-eluting stents, since patients with small vessels who are
currently treated with bare-metal stents experience high rates of restenosis.
In the TAXUS V clinical trial, the TAXUS Express Atom Stent significantly
reduced the chance of restenosis and the need for repeat procedures compared
to bare-metal stents, in patients with small vessel disease."
"We congratulate Boston Scientific on further expanding the paclitaxel
DES portfolio to help interventional cardiologists address the unmet needs of
patients suffering from small vessel disease," said Dr. William Hunter,
President and CEO of Angiotech. "We believe this approval reflects the
progress Boston Scientific is making towards resolving the issues outlined two
years ago in the Corporate Warning Letter," he added.
Currently the leading drug-eluting stents worldwide, TAXUS Stent Systems
have been evaluated by the industry's most extensive randomized, controlled
clinical trial program, as well as studied in more than 35,000 real-world
patients enrolled in post-approval registries. To date, approximately 4.6
million TAXUS Stents have been implanted worldwide.
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.
BSC acquired worldwide exclusive rights from Angiotech to use paclitaxel
to coat its coronary stent products and has co-exclusive rights to certain
peripheral vascular and non-vascular products.
TAXUS(R) Express(2)(TM) Atom(TM) are trademarks of Boston Scientific
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,