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Angiotech Pharmaceuticals, Inc. announces financial results for the second quarter ended June 30, 2010
Date:7/30/2010

VANCOUVER, July 30 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP) today announced its financial results for the second quarter ended June 30, 2010.

"We are pleased to report continued quarter over quarter growth in product sales, driven primarily by our most innovative Proprietary Medical Products," said Dr. William Hunter, President and CEO of Angiotech. "In addition, we are encouraged by sales trends for our Base Medical Products, which continued to show steady improvement across all key product groups through the first half of 2010."

Second Quarter Financial Highlights

    -  Total revenue was $61.9 million.

    -  Net product sales were $53.0 million. Sales of our Proprietary Medical
       Products were $16.4 million, or 31% of total product sales. Sales of
       our Base Medical Products were $36.6 million, or 69% of total product
       sales.

    -  Royalty revenue was $8.9 million.

    -  Research and development expenses were $6.9 million.

    -  Selling, general and administrative expenses were $22.8 million.

    -  Net loss and net loss per share were $14.1 million and $0.17,
       respectively.

    -  As of June 30, 2010, cash and short-term investments were
       $35.1 million and net debt was $539.9 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, finan
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SOURCE Angiotech Pharmaceuticals, Inc.
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