VANCOUVER, Jan. 24 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. today announced the U.S. launch of its Quill(R) Self-Retaining System (SRS) for tissue approximation. The Quill(R) SRS is a revolutionary concept in wound closure that harnesses advanced technology for greater accuracy, faster procedures and better results. The wound closure market in the United States is valued at approximately US $1.7 billion and has not seen any significant product innovations in many years.
Using a patented barbed design, Angiotech believes that the Quill(R) SRS offers an elegant time-saving option for surgeons, which eliminates the need for knots while providing improved tissue approximation. “The Quill(R) SRS possesses the strength and control of sutures combined with the speed and ease of applying staples. We believe that this novel technology incorporates the best features of both sutures and staples, and represents a new ‘class’ of wound closure products,” said Pete Molinaro, President, Wound Closure and Ophthalmology at Angiotech.
Typically, even “easy” knots take time to tie using conventional sutures. In addition to other benefits, Angiotech believes that the Quill(R) SRS could reduce procedure times, resulting in cost-savings in the OR and shorter operation times for patients. The Quill(R) SRS could be of even greater benefit to the surgeon or physician whenever knots can be challenging to tie, such as in endoscopic procedures.
Over the coming year, Angiotech anticipates pursuing CE mark and regulatory product approvals outside of the U.S. and continuing to develop a portfolio of next-generation Quill(R) product lines. “By leveraging the prior acquisition of Quill Medical and creating new product innovations, we continue to execute on our business strategy. Moving forward, we expect to continue to ramp up our wound closure sales force, which is a key division of growth for Angiotech,” said Dr. William Hunter, President and CEO of Angiotech.
About the Quill(R) Self-Retaining System (SRS)
Because the Quill(R) SRS is knot-less, many of the drawbacks associated with knot-tying are reduced or eliminated. Some potential benefits may include:
- Decreases procedural time by eliminating knots, providing interrupted security at running speed - Enables surgeons to have greater control for tissue approximation, with continuous controlled tension at each bite - Eliminates need for “third hand” - Improves cosmesis by offering controlled tension to reduce scarring potential - Reduces ischemic demands on the tissue, minimizing the risk of dehiscence (wound re-opening) - Provides procedural enabling applications including tension support to facilitate wound closure About Angiotech’s Wound Closure Division
Angiotech’s wound closure division has extensive manufacturing and sales expertise, dating back over 100 years. Angiotech’s direct sales force offers a complete line of wound closure products for tissue approximation and ligation, under such brand names as Sharpoint(R), LOOK(R) and Quill(R). Some focus markets include: ophthalmic surgery, microsurgery, micro-urological surgery and office based surgery. These products are offered in a variety of absorbable and non-absorbable suture materials, possessing superior sharpness, penetration, and strength characteristics.
Note on 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 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 in this release include but are not limited to statements regarding; financial benefits to Angiotech that could potentially be realized from Angiotech’s wound closure business, the ability of Angiotech to commercialize the Quill SRS product and to develop and commercialize any successive product lines, that a substantial market exists for the product, that the product will perform as expected, that the product represents an improvement over current wound closure methods and that these improvements could be beneficial to physicians and to patients. 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; 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 commercialization activities; 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 report to differ materially from our actual results. These operating risks include; poor performance of the product in the clinical setting; adverse events related to the use of the product; improper estimation of the size of the wound closure market in the U.S.; adverse results or unexpected delays in clinical development processes; our ability to attract and retain qualified personnel; our ability to successfully complete preclinical 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; our ability to continue to integrate into our business the operations of American Medical Instruments Holdings, Inc. and our ability to achieve the operational and other synergies and the other commercial or financial benefits expected as a result of that acquisition; and any other factors referenced in our annual information form and other filings with the applicable Canadian securities regulatory authorities or the SEC.
Given these uncertainties, assumptions and risk factors, readers are cautioned not to place undue reliance on such forward-looking statements. 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 prospectus to reflect future results, events or developments.
Quill(R) is a registered trademark of Quill Medical, Inc., a wholly-owned subsidiary of Angiotech Pharmaceuticals, Inc. Sharpoint(R) and LOOK(R) are registered trademarks of Surgical Specialties Corporation, a wholly- owned subsidiary of Angiotech Pharmaceuticals, Inc. About Angiotech
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company with 17 facilities in 6 countries and 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 , please visit our website at www.angiotech.com.
CONTACT: Janet Craig, VP, Investor Relations and Corporate Communications, Angiotech Pharmaceuticals, Inc., (604) 221-6933, jcraig@angio.com; Jodi Regts, Manager, Investor Relations and Corporate Communications, Angiotech Pharmaceuticals, Inc., (604) 221-7930, jregts@angio.com
Angiotech Pharmaceuticals, Inc.
CONTACT: Janet Craig, VP, Investor Relations and Corporate Communications,Angiotech Pharmaceuticals, Inc., (604) 221-6933, jcraig@angio.com; JodiRegts, Manager, Investor Relations and Corporate Communications, AngiotechPharmaceuticals, Inc., (604) 221-7930, jregts@angio.com
