VANCOUVER,
Dec. 22 /PRNewswire/ - Angiotech
Pharmaceuticals, Inc. (NASDAQ: ANPI; TSE: ANP) ("Angiotech" or the
"Company") today announced that it and U.S. Bank National
Association, as successor trustee under the Company's subordinated
note indenture, dated as of March 23,
2006 (as amended, supplemented or otherwise modified from
time to time, the "Subordinated Note Indenture"), at the direction
of a majority of the holders of the Company's 7.75% Senior
Subordinated Notes due 2014 (the "Subordinated Notes"), have
executed a supplement to the Subordinated Note Indenture (the
"Supplemental Indenture"). The Supplemental Indenture extends
the grace period applicable to interest payments due on the
Subordinated Notes from 90 days to 120 days before an event of
default occurs. The Subordinated Note Indenture was previously
amended on October 29, 2010 and
November 29, 2010 to extend this
grace period to 60 days and 90 days, respectively.
The Supplemental Indenture will be filed by the
Company on both SEDAR and EDGAR, and the description of the
Supplemental Indenture contained in this press release is qualified
by the full text of the Supplemental Indenture.
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 2010 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; 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,
2009 filed with the SEC on Form 10-K, as amended, and our
quarterly report for the 3rd quarter of 2010 filed with the SEC on
Form 10-Q.
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.
©2010 Angiotech Pharmaceuticals, Inc. All Rights
Reserved.
About Angiotech
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 (NASDAQ: ANPI; TSX: ANP), please visit our website at
www.angiotech.com.
SOURCE Angiotech Pharmaceuticals, Inc.
Copyright . 22 PR Newswire