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Angiotech Pharmaceuticals, Inc. announces financial results for the fourth quarter ended December 31, 2009

"We were pleased to report a particularly strong quarter for product sales, which was driven by the continued strong performance of our Proprietary Medical Products, where we saw sales growth of 53% compared to the same period in 2008," said Dr. William Hunter, President and CEO of Angiotech. "We are particularly pleased by the continued success of our Quill(TM) SRS product line, which we believe will continue to be a strong performer during 2010."

    Fourth Quarter Financial Highlights

    -   Total revenue was $63.6 million.

    -   Net product sales were $50.0 million. Sales of our Proprietary
        Medical Products were $18.3 million, or 37% of total product sales.
        Sales of our Base Medical Products were $31.7 million, or 63% of
        total product sales.

    -   Royalty revenue was $13.5 million.

    -   Research and development expenses were $6.2 million.

    -   Selling, general and administrative expenses were $22.4 million.

    -   Net loss and net loss per share were $15.6 million and $0.18,

    -   As of December 31, 2009, cash and short-term investments were
        $57.3 million and net debt was $517.7 million.

    Selected Non-GAAP Financial Measures

    -   Certain financial measures in this press release are prepared in
        accordance with United States Generally Accepted Accounting
        Principles ("GAAP"). In addition, certain financial measures
        presented below and in the appendix to this press release are non-
        GAAP, or adjusted, financial measures that exclude certain items.
        Management uses certain non-GAAP, or adjusted, financial measures to
        establish operational goals, and believes that these measures may
        assist investors in evaluating the results of our business and
        analyzing the underlying trends in our business over time. Investors
        should consider these non-GAAP adjusted financial measures in
SOURCE Angiotech Pharmaceuticals, Inc.
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