VANCOUVER, Dec. 4 /PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc. today announced that it has completed its acquisition of STS Biopolymers, Inc. ('STS') for an all cash transaction of approximately US $23 million. STS is a privately owned company located in Henrietta, New York, specializing in the development and manufacturing of state-of-the-art biocompatible coatings for medical devices.
STS has been developing and manufacturing biocompatible coatings for medical devices since 1991. STS coatings are in commercial use on a range of medical devices including vascular, neurointerventional catheters, dilators, cannulae, gastroenteral feeding tubes, urinary catheters, blood filters, infusion catheters, and guidewires. They also license a series of hydrophilic lubricious (SLIP-COAT(R)), drug delivery (MEDI-COAT(R)) and medical imaging (ECHO-COAT(R)) coatings to a wide variety of medical device partners.
"STS has coating technology adaptable to the many applications we are developing for next-generation drug-loaded medical devices," said William L. Hunter, President and CEO of Angiotech. "With over a decade of operations as a biopolymer company and a highly skilled workforce, Angiotech's internal capabilities are significantly enhanced."
"We're delighted shareholders of STS voted in favour of the acquisition by Angiotech," said Richard Richmond, former CEO of STS Biopolymers. "As a part of Angiotech, STS can leverage its expertise in a new growth industry, the convergence of medical devices and therapeutics."
Angiotech Pharmaceuticals, Inc. is dedicated to enhancing the performance of medical devices and biomaterials through the innovative use of pharmacotherapeutics. To find out more about Angiotech Pharmaceuticals, Inc , visit our website at http://www.angiotech.com/.
Statements in this press release regarding the transaction between Angiotech and STS, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined company, discovery and development of products, potential acquisitions, strategic alliances and intellectual property, and any other statements about Angiotech or STS managements' future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes", "plans", "anticipates","expects", "estimates" and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the inability of Angiotech to successfully integrate STS' operations and employees; the inability to realize anticipated synergies and cost savings; the inability to successfully develop STS technology; adverse results in drug discovery and clinical development processes; failure to obtain patent protection for discoveries; commercialization limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialize products and services based on our work; difficulties or delays in obtaining regulatory approvals to market products and services resulting from the combined company's development efforts; the requirement for substantial funding to conduct research and development and to expand commercialization activities; and any other factors that may affect performance. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Angiotech and STS 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 herein to reflect future results, events or developments.
Ian Harper (Investors) ext.6996
Rui Avelar (Media) ext. 6901
Phone: (604) 221-7676
Angiotech Pharmaceuticals, Inc.