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Angiotech Pharmaceuticals, Inc. announces financial results for the second quarter ended June 30, 2009
Date:8/6/2009

VANCOUVER, Aug. 6 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP) today announced its financial results for the second quarter ended June 30, 2009.

"We were pleased to observe continued sales growth in our Proprietary Medical Products business during the quarter, including continued acceleration of our important Quill(TM) SRS and HemoStream(TM) product lines," said Dr. William Hunter, President and CEO of Angiotech. "Despite the continued challenges we are experiencing in certain parts of our Base Medical Products business, the continued stabilization of our TAXUS(R)-derived royalty revenue, the possibility that Cook's Zilver(TM) paclitaxel-eluting peripheral stent may contribute additional royalty revenue and the recent FDA approval of our Option(TM) Inferior Vena Cava Filter leave us optimistic about the second half of 2009 and 2010."

    Second Quarter Financial Highlights

    -   Total revenue was $64.6 million.

    -   Net product sales were $47.2 million. Sales of our Proprietary
        Medical Products were $13.5 million, or 29% of total product sales.
        Sales of our Base Medical Products were $33.7 million, or 71% of
        total product sales.

    -   Royalty revenue was $17.0 million.

    -   Adjusted EBITDA (earnings before interest, taxes, depreciation and
        amortization, adjusted to exclude certain non-cash and non-recurring
        items) was $12.6 million.

    -   Research and development expenses were $6.8 million, and as adjusted
        to exclude non-cash stock-based compensation expenses and other non-
        recurring costs were $6.1 million.

    -   Selling, general and administrative expenses were $21.6 million, and
        as adjusted to exclude non-cash stock-based compensation expenses,
        certain litigation costs, non-recurring fi
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SOURCE Angiotech Pharmaceuticals, Inc.
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