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Angiotech Pharmaceuticals, Inc. Announces Commencement of Arbitration and Litigation Proceedings by QSR Holdings, Inc. Against the Company And Certain of Its Subsidiaries
Date:10/6/2010

any was notified that QSR Holdings, Inc. ("QSR"), as the representative for the former stockholders of Quill Medical, Inc. ("QMI"), made a formal demand to the American Arbitration Association naming as respondents the Company, together with its subsidiaries QMI and Angiotech Pharmaceuticals (US), Inc. ("Angiotech US" and, together with Angiotech and QMI, the "Respondents").  The arbitration demand alleges that the Respondents failed to satisfy certain obligations under the Agreement and Plan of Merger, dated May 25, 2006, by and among Angiotech, Angiotech US, Quaich Acquisition, Inc. and QMI (the "Merger Agreement"), and seeks either direct monetary damages or, in the alternative, extension for one calendar year of certain earn-out periods as more fully set forth in the Merger Agreement. 

In addition, on October 5, 2010, the Company was served with the Summons and Complaint in an action commenced in the United States District Court for the Middle District of North Carolina on October 1, 2010 by QSR, entitled QSR Holdings, Inc. v. Angiotech Pharmaceuticals, Inc., Angiotech Pharmaceuticals (US), Inc. and Quill Medical, Inc., 1:10-cv-754 (the "Federal Litigation").  The Complaint in the Federal Litigation alleges, among other items, that (a) Angiotech breached certain contractual obligations under the Merger Agreement; (b) that certain misrepresentations or omissions were made by Angiotech during the initial negotiation of the Merger Agreement; and (c) tortious interference.  QSR is seeking damages in an unstated amount together with punitive damages and/or attorneys fees to the extent allowed by law. 

Given the nascent stages of these proceedings, it is not possible at this time to predict the outcome of the Federal Litigation or of any arbitration or other proceeding that may result from the Arbitration Demand.  The Respondents intend to vigorously defend the Federal Litigation and any arbitration or other proce
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SOURCE Angiotech Pharmaceuticals, Inc.
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