TAXUS Liberte Approval in Japan. In January 2009 we announced that BSC had received approval from the Japanese Ministry of Health, Labor and Welfare to market the TAXUS Liberte in Japan. BSC plans to launch the product in Japan once reimbursement approval is granted. TAXUS Liberte is the only second-generation drug-eluting stent approved for use in Japan. The TAXUS Liberte stent will replace the TAXUS Express2 stent, marketed in Japan since May 2007.
Financial and Strategic Alternatives Process. Over the last two years, revenue in our Pharmaceutical Technologies segment has declined significantly, primarily due to lower royalties derived from sales by BSC of TAXUS coronary stent systems. This decline in royalty revenue has negatively and materially impacted our liquidity and results of operations. During 2008, our management and Board of Directors decided to explore and pursue various restructuring and cost reduction actions as well as various financial and strategic transactions that could potentially reduce or eliminate our existing debt obligations and improve our working capital position. On November 21, 2008, we announced that we had engaged The Blackstone Group to assist us in evaluating various alternatives for our business and capital structure, including, but not limited to, securing interim senior secured financing for working capital and liquidity purposes evaluating various restructuring alternatives to pursue with the holders of our Senior Floating Rate Notes due 2013 and our 7.75% Senior Subordinated Notes due 2014, and assisting us in evaluating proposals or
|SOURCE Angiotech Pharmaceuticals, Inc.|
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