Angiotech Announces Extension of the Expiration Date of its Tender Offer for Senior Floating Rate Notes Due 2013 and 7.75% Senior Subordinated Note...( VANCOUVER Aug. 22 / Angiotech Pha...)

VANCOUVER, Aug. 22 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. ("Angiotech") (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced that in connection with the previously announced tender offer (the "Tender Offer") for its outstanding Senior Floating Rate Notes Due 2013 (CUSIP # 034918AF9) (the "First Priority Notes"), and its outstanding 7.75% Senior Subordinated Notes Due 2014 (CUSIP # 034918AC6) (the "Second Priority Notes" and collectively with the First Priority Notes, the "Notes"), that it has extended the date on which the tender offer will expire (the "Expiration Date") from 12:00 midnight, New York City time, on August 22, 2008, to 12:00 midnight, New York City time, on September 12, 2008. The Expiration Date is dependent on the date of the Angiotech shareholders meeting that will be called to approve the investment in Angiotech Pharmaceutical Interventions, a newly formed subsidiary of Angiotech, by Ares Management LLP and New Leaf Venture Partners (the "API Investment"), because the proceeds of the API Investment are needed to fund the tender offer. The date of the shareholders meeting has not yet been determined and the Expiration Date remains subject to extension by Angiotech in its sole discretion.

The Tender Offer is being made pursuant to the terms and conditions set forth in the Offer to Purchase, dated July 7, 2008, and the accompanying "Letter of Transmittal," which were previously sent to holders of Notes. Further details about the terms and conditions of the tender offer are set forth therein.

Angiotech has retained Goldman, Sachs & Co. to act as the exclusive dealer manager for the tender offer. Global Bondholder Services Corporation is the I
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