Angiotech Pharmaceuticals, Inc. announces financial results for the first quarter ended Marc...( VANCOUVER April 30 / Angiotech Pharma...)

VANCOUVER, April 30 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP) today announced its financial results for the first quarter ended March 31, 2009.

"We were pleased to post solid results for our first quarter in what has been a difficult business environment for many companies," said Dr. William Hunter, President and CEO of Angiotech. "Sales in our proprietary Surgical and Interventional business areas continued to show very promising growth, with Quill SRS in particular garnering greater acceptance in new hospitals and surgical disciplines, and we continued to realize expense reductions as compared to the prior quarter. Additionally, our royalty revenue increased as compared to the fourth quarter of last year, indicating an improved market position for our partner Boston Scientific and higher sales of paclitaxel-eluting stents."

    First Quarter Financial Highlights

    -  Total revenue was $88.3 million. Total revenue was $63.2 million on
       an adjusted basis, excluding one-time license revenue of $25 million
       received from our partner Baxter International Inc. ("Baxter")
       relating to our amended and restated Distribution and License
       Agreement, as announced on March 31, 2009.

    -  Net product sales were $46.1 million.

    -  Royalty revenue was $17.1 million.

    -  Adjusted EBITDA (earnings before interest, taxes, depreciation and
       amortization, adjusted to exclude certain non-cash and non-recurring
       items) was $14.6 million.

    -  Research and development expenses were $6.1 million, and as adjusted
       to exclude non-cash stock-based compensation expenses and
       non-recurring termination related costs were $5.7 million. These
       results compare to $7.7 million and $6.9 million, respectively, in
       the fourth quarter of 
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SOURCE  Angiotech Pharmaceuticals, Inc.
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