Angiotech Pharmaceuticals, Inc. announces financial results for the fourth quarter ended Decembe...( VANCOUVER March 5 / Angiotech Pharmac...)

VANCOUVER, March 5 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP) today announced its financial results for the fourth quarter and year ended December 31, 2008.

"During 2008 we achieved solid sales results in our Medical Products Business and were able to sustain progress on our most important new technology initiatives despite a challenging year for TAXUS," said Dr. William Hunter, President and CEO of Angiotech. "Not only did we increase Medical Products sales compared to 2007, but we were able to achieve this growth while making reductions to our operating expenses. This has been a challenging year with many factors including the turmoil in the capital and credit markets impacting our company, and under those circumstances I am proud of the results our team was able to deliver in 2008."

    Fourth Quarter Financial Highlights

    Total revenue was $62.1 million.

    -   Net product sales were $46.1 million.

    -   Royalty revenue was $15.7 million.

    -   Adjusted EBITDA (earnings before interest, taxes, depreciation and
        amortization, adjusted to exclude certain non-cash and non-recurring
        items) was $10.3 million.

    -   Research and development expenses were $7.7 million, and as adjusted
        to exclude non-cash stock-based compensation expenses and non-
        recurring termination related costs were $6.9 million. These results
        compare to $10.7 million and $8.8 million, respectively, in the third
        quarter of 2008, reflecting a reduction in expenses of 21.6% in a
        single quarter on an adjusted basis. This reduction is in addition to
        the 49% reduction in research and development expenses already
        reported in the third quarter as compared to the second quarter of
        2008.

    -   Selling, general and administ
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SOURCE  Angiotech Pharmaceuticals, Inc.
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