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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. Angiotech Pharmaceuticals, Inc. announces financial results for the second quarter ended June 30, 20102
. Angiotech Pharmaceuticals and partner Athersys announce positive results from phase I study of MultiStem(R) in heart attack patients3
. Angiotech Pharmaceuticals Announces Conference Call and Webcast4
. Angiotech announces exclusive distribution agreement with B. Braun for Angiotechs proprietary Quill(TM) SRS product line5
. Angiotech Pharmaceuticals, Inc. announces financial results for the fourth quarter ended December 31, 20096
. Angiotech Pharmaceuticals Announces Conference Call and Webcast7
. Angiotech Pharmaceuticals, Inc. Announces Conference Call and Webcast8
. Angiotech Pharmaceuticals announces the commercial launch of the Option(TM) Inferior Vena Cava Filter in the United States9
. Angiotech receives approval for Quill(TM) SRS PDO, MONODERM(TM), Polypropylene and Nylon product lines for sale in Brazil10
. Angiotechs Licensee, Cook Medical, Announces CE Mark Approval and European Launch of the Zilver(R) PTX(R) Stent11
. Angiotech Pharmaceuticals, Inc. announces financial results for the second quarter ended June 30, 2009