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Angiotech Pharmaceuticals, Inc. announces financial results for the first quarter ended March 31, 2009
Date:4/30/2009

2008 and to $16.3 million and $14.7 million, respectively, in the first quarter of 2008, reflecting a reduction in expenses of 17.4% in a single quarter and 61.2% as compared to the first quarter in 2008, both on an adjusted basis. - Selling, general and administrative expenses were $19.6 million, and as adjusted to exclude non-cash stock-based compensation expenses, non-recurring termination related costs, certain litigation costs and non-recurring financing fees were $17.0 million. These results compare to $21.4 million and $19.0 million, respectively, in the fourth quarter of 2008 and to $27.8 million and $23.3 million, respectively, in the first quarter of 2008. - GAAP net income and net income per share from continuing operations for the quarter were $12.4 million and $0.14, respectively, compared to a net loss of ($15.7) million and ($0.19) for the first quarter of 2008. The increase in net income of $28.1 million is due primarily to an increase in license revenue as a result of the one-time payment of $25.0 million received relating to our amended and restated Distribution and License Agreement with Baxter as announced on March 31, 2009, a $10.5 million decrease in research and development costs deriving primarily from the completion or termination of various of our human clinical trial activities and from certain cost reduction initiatives that were implemented during 2008, a decrease in general and administrative costs deriving primarily from certain cost reduction initiatives that were implemented during 2008, and a lower interest rate incurred on our senior floating rate notes. These factors were partially offset by a reduction of $12.3 million in royalty revenue derived from Boston Scientific Corporation's ("BSC") sales of paclitaxel-eluting
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SOURCE Angiotech Pharmaceuticals, Inc.
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7. Angiotech Pharmaceuticals announces time change of conference call and webcast
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11. Angiotech receives CE Mark approval of HemoStream(TM) Chronic Dialysis Catheter
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