VANCOUVER, Nov. 26 /PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX: ANP), today provided an update on the consolidation of Cohesion Technologies announced previously during the Company's third quarter conference call.
In June of 2004 Angiotech purchased NeuColl, giving it two California subsidiaries in close proximity and on November 4, 2004, Angiotech announced its intention to make changes in the Company's California operations. As disclosed previously, Research and Development activities will be completely transferred to the Company's Vancouver headquarters by the end of December 2004. As a result, Dr. George Daniloff, General Manager of Cohesion and Senior Vice President of Research and Development will be concluding his employment as of the end of November 2004.
Efforts are underway to transfer VitaGEL manufacturing activities to Orthovita who will also distribute the product. Commercial launch of VitaGEL in the United States will commence in the first quarter of 2005. Once manufacturing has been transferred, the remaining positions at Cohesion will be eliminated.
Vancouver-based Angiotech Pharmaceuticals, Inc., a specialty pharmaceutical company focusing on drug-eluting medical devices and biomaterials, is dedicated to enhancing the performance of medical devices and biomaterials through the innovative uses of pharmacotherapeutics. To find out more about Angiotech Pharmaceuticals, Inc. , visit our website at http://www.angiotech.com/.
Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continue," "estimate," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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. Such factors include, among others, the following: general economic and business conditions, both nationally and in the regions in which the Company operates; technology changes; competition; changes in business strategy or development plans; the ability to attract and retain qualified personnel; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against the Company; and other factors referenced in the Company's filings with the United States Securities and Exchange Commission or the Canadian securities regulators. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not assume the obligation to update any forward-looking statements.
Todd Young, Angiotech Pharmaceuticals (Analysts & Investors)
(604) 221-7676 ext 6933
Rui Avelar, Angiotech Pharmaceuticals, Inc. (Analysts) (604) 221-7676
Eric Starkman, Starkman & Associates (Media) (212) 252-8545 ext 12
Angiotech Pharmaceuticals, Inc.
CONTACT: Todd Young, Angiotech Pharmaceuticals (Analysts & Investors),(604) 221-7676 ext 6933; Rui Avelar, Angiotech Pharmaceuticals, Inc.(Analysts), (604) 221-7676 ext 6996; Eric Starkman, Starkman & Associates(Media), (212) 252-8545 ext 12