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

coronary stent systems as compared to the first quarter of 2008. - As of March 31, 2009, cash and short-term investments were $66.2 million and net debt was $508.8 million.

First Quarter Highlights

New Senior Secured Term Loan and Credit Facilities. In March 2009 we announced that we had obtained a new senior secured term loan and revolving credit facility. Wells Fargo Foothill, LLC is the sole arranger, administrative agent and lender for both the term loan and revolving credit facility. This financing includes a delayed draw secured term loan facility of up to $10 million, and a secured revolving credit facility with a borrowing base derived from the value of certain of our finished goods inventory and accounts receivable, providing up to an additional $22.5 million in available credit, subject to certain terms and conditions. Any borrowings outstanding under the term loan and revolving credit facility bear interest ranging from LIBOR + 3.25% to LIBOR +3.75%, with a minimum base LIBOR rate of 2.25%. The purpose of this financing is to provide additional liquidity and capital resources for working capital and general corporate purposes. As of March 31, 2009, we have not drawn on any portion of the term loan facility or the revolving credit facility.

Distribution and License Agreement with Baxter. In March 2009 we announced that we had entered into an Amended and Restated Distribution and License Agreement with our partner Baxter. As consideration for the Amended and Restated Distribution and License Agreement, we received an up-front payment of $25.0 million. We initially entered into a Distribution and License Agreement with Baxter in 2003 relating to certain intellectual property for our COSEAL(R) surgical sealant. The Distribution and License Agreement entitled Baxter to market and sell COSEAL worldwide (excluding Japan), from which we have derived royalty revenue from Baxter. The Dis
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SOURCE Angiotech Pharmaceuticals, Inc.
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Related biology technology :

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3. Angiotech Pharmaceuticals, Inc. announces License Agreement with Baxter International Inc.
4. Angiotech announces positive results from Bio-Seal(TM) clinical study
5. Angiotech Pharmaceuticals, Inc. announces financial results for the fourth quarter ended December 31, 2008
6. Angiotech Pharmaceuticals, Inc. announces new Senior Secured Term Loan and Credit Facilities
7. Angiotech Pharmaceuticals announces time change of conference call and webcast
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10. Angiotech Announces Extension of the Expiration Date of its Tender Offer for Senior Floating Rate Notes Due 2013 and 7.75% Senior Subordinated Notes Due 2014
11. Angiotech receives CE Mark approval of HemoStream(TM) Chronic Dialysis Catheter
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