Angiotech to Provide $2.5 Million Bridge Facility to Haemacure
VANCOUVER, June 3 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a specialty pharmaceutical and medical device company, announced today the completion of a collaboration transaction with Haemacure Corporation (TSX:HAE), a specialty bio-therapeutics company, relating to certain of Haemacure's proprietary fibrin and thrombin technologies, both of which are currently in development.
As part of this collaboration, Angiotech has agreed to provide to Haemacure a senior secured bridge financing facility in the amount of US$2.5 million, with the option for Angiotech to invest an additional US$1 million in the facility.
"Our new collaboration with Haemacure provides Angiotech with access to critically important technology for certain of our surgical product candidates currently in preclinical development," said Dr. William Hunter, President and CEO of Angiotech. "We believe we have assembled the majority of the key components necessary to deliver on the next generation of innovations, adding to our proprietary Quill SRS franchise for our surgical business, and we will provide additional details as we prepare certain of these product candidates for the clinical development and regulatory approval process."
The collaboration will consist principally of the following three agreements: - Fibrin Sealant Distribution Agreement. The parties have entered into a Distribution Agreement whereby Angiotech is granted non-exclusive, world-wide distribution rights to Haemacure's fibrin sealant product candidate in selected surgical indications. The distribution agreement has a term on a country-by-country and product-by-product basis of 10 years from the date Haemacure receives Unit
|SOURCE Angiotech Pharmaceuticals, Inc.|
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