VANCOUVER, Aug. 24 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP) today announced that it has received CE Mark approval to expand the use for its Contour Threads(TM) product line, encompassing aesthetic as well as plastic and reconstructive surgical procedures. Having already been approved for use in brow, neck and mid-face lift procedures, Angiotech is currently marketing the product for facial procedures through distribution agreements in the EU. Angiotech now has the ability to also market its product line in Europe for breast lift and nipple repositioning procedures.
“The Contour Threads product is a key part of Angiotech’s aesthetic franchise, and we believe that Europe is going to be a great area of opportunity for this business,” said Dr. William Hunter, President and Chief Executive Officer of Angiotech. “With this market expected to grow over the next five years due to more favourable attitudes towards aesthetic enhancement and augmentation in Europe, we believe we will see strong momentum for minimally invasive procedures like those using Contour Threads products.”
The global market for aesthetics procedures generated over $15 billion in 2004 and is growing, according to a study by Medical Insight, Inc. Angiotech believes that facelift-type procedures performed with Contour Threads products could increase the aesthetic procedure market by offering a cost-effective, minimally invasive alternative to the traditional facelift procedure. Doctors and patients alike are interested in the innovative procedure that can be performed in a doctor’s office with no general anaesthesia and very little “down time” for patients. A procedure performed with the Contour Threads product is an increasingly attractive option for people looking for a refreshed, but not extreme, change that gives them subtle and natural-looking results. In addition, Angiotech is working with plastic surgeons to explore the use of the Contour Threads product line in traditional facelifts.
The patented technology of the Contour Threads product line enables surgical sutures to self-anchor and suspend sagging tissue without the need for suture knots. Angiotech plans to develop other potential indications of the Contour Threads product line for minimally invasive aesthetic procedures, such as breast lifts and other body contouring indications. The Contour Threads product line allows Angiotech the opportunity to expand this market to include those patients who may desire aesthetic changes but are unwilling to have more invasive procedures, such as implant surgery.
It is anticipated that the same technology used in the Contour Threads product will be adapted for general wound closure in orthopaedic, cosmetic, vascular, and endoscopic surgery. Eliminating knot-tying saves time, minimizes the risk of infection, and reduces wound leakage.
To learn more about the Contour Threads product, please visit: www.contourthreads.com
About Angiotech Pharmaceuticals
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company with 14 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 Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), please visit our website at www.angiotech.com.
Note on Forward Looking Statement: Statements contained in this press release or in our other written or oral public communications that are not based on historical or current 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.
Such forward-looking statements are based on assumptions that 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. Forward-looking statements in this release include the statements regarding; any potential financial benefits to Angiotech to be realized from the Contour Threads product line, the ability of Angiotech to find other potential uses for the Contour Threads product line, the ability to develop and commercialize any new products, and the accuracy of information concerning the size of the global aesthetic procedures market.
These statements are also subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, among others; the timing of and safety and efficacy results from clinical trials and decisions made by Angiotech based on these results, the ability to obtain regulatory approval to develop and commercialize new products, the ability to manufacture sufficient quantities of product for development and commercialization activities and to do so in a timely and cost efficient manner, decisions by regulatory authorities related to the development and commercialization of potential products, the competitive environment for such products, the availability of resources and funding, and the risks and uncertainties associated with the business and described in Angiotech’s filings with the United States Securities and Exchange Commission or the Canadian securities regulators.
The forward looking statements are also based on a number of assumptions, including; that other uses for the Contour Threads product line exist, that any products or therapies identified and developed by Angiotech will be able to obtain regulatory approval, that funding and resources for research and development will be available, and that there will be a market for any products successfully developed by Angiotech.
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.
Angiotech® and Contour Threads(TM) are trademarks of Angiotech Pharmaceuticals, Inc. and its subsidiaries. All rights reserved.
CONTACT: Jodi Regts, Manager, Investor Relations and Corporate Communications, Angiotech Pharmaceuticals, Inc., (604) 221-7930, jregts@angio.com
Source: Angiotech Pharmaceuticals, Inc.
