VANCOUVER, Oct. 11 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced that it has received CE Mark approval to begin marketing the Quill(TM) Self-Retaining System (SRS) MONODERM(TM) sutures in Europe.
This CE Mark approval follows Angiotech's recent announcement in August 2007 that it had received clearance from the U.S. Food and Drug Administration (FDA) to begin marketing the Quill(TM) SRS MONODERM(TM) product line in the United States.
"We are pleased with our accelerated pace in building out our North American Quill(TM) sales force, and we are making good progress in assembling a corresponding team in Europe to support this key catalyst product for Angiotech," said Chris Dennis, Senior Vice President, Global Sales & Marketing for Angiotech.
"With these approvals, we can now focus on making the Quill(TM) SRS product line widely available in the US, Europe, Asia, and Latin America. Angiotech will continue to expand the Quill(TM) SRS product line to cover multiple procedures for wound closure and tissue approximation," added Mr. Dennis.
Quill(TM) SRS MONODERM(TM) sutures, which are made from a rapidly resorbing polymer, are intended primarily for superficial wound closure applications and indicated for soft tissue approximation where use of an absorbable suture is appropriate. It is anticipated that the Quill(TM) SRS MONODERM(TM) sutures will be available in various lengths and needle configurations using three different diameters (USP sizes 0, 2-0 and 3-0).
Angiotech expects to exhibit and introduce the Quill(TM) SRS product line at the Annual Meeting of the American Society of Plastic Surgeons (ASPS) to be held on October 26-31, 2007 in Baltimore, MD.
About the Quill(TM) Self-Retaining System (SRS)
The Quill(TM) SRS represents a revolutionary technology in wound closure made possible by bidirectional fixation within the wound. Its patented design allows the surgeon to begin closure at the midpoint of the wound and suture in two directions from the midpoint. Barbs within the Quill(TM) SRS distribute tension across the wound and eliminate the need for knots. This highly efficient, knot-less system can save significant procedural time in the operating room while also enhancing wound closure.
Note on Forward Looking Statements
Statements contained in this press release that are not based on historical fact, including without limitation statements containing the words "believes," "may," "plans," "will," "estimate," "continue," "anticipates," "intends," "expects" and similar expressions, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and constitute "forward-looking information" within the meaning of applicable Canadian securities laws. All such statements are made pursuant to the "safe harbor" provisions of applicable securities legislation. Forward-looking statements in this release include but are not limited to statements regarding; financial benefits to Angiotech that could potentially be realized from Angiotech's wound closure business, the ability of Angiotech to commercialize the Quill(TM) SRS product and to develop and commercialize any successive product lines, that a substantial market exists for the product, that the product will perform as expected, that the product represents an improvement over current wound closure methods and that these improvements could be beneficial to physicians and to patients. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, the following; general economic and business conditions, both nationally and in the regions in which we operate; market demand; technological changes that could impact our existing products or our ability to develop and commercialize future products; competition; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; decisions, and the timing of decisions, made by health regulatory agencies regarding approval of our technology and products; the requirement for substantial funding to conduct research and development and to expand commercialization activities; and any other factors that may affect performance. In addition, our business is subject to certain operating risks that may cause the actual results expressed or implied by the forward-looking statements in this report to differ materially from our actual results. These operating risks include; poor performance of the product in the clinical setting; adverse events related to the use of the product; improper estimation of the size of the wound closure market; adverse results or unexpected delays in clinical development processes; our ability to attract and retain qualified personnel; our ability to successfully complete preclinical and clinical development of our products; changes in business strategy or development plans; our failure to obtain patent protection for discoveries; loss of patent protection resulting from third party challenges to our patents; commercialization limitations imposed by patents owned or controlled by third parties; our ability to obtain rights to technology from licensors; liability for patent claims and other claims asserted against us; our ability to obtain and enforce timely patent and other intellectual property protection for our technology and products; the ability to enter into, and to maintain, corporate alliances relating to the development and commercialization of our technology and products; market acceptance of our technology and products; our ability to successfully manufacture, market and sell our products; the continued availability of capital to finance our activities; our ability to continue to integrate into our business the operations of American Medical Instruments Holdings, Inc. and our ability to achieve the operational and other synergies and the other commercial or financial benefits expected as a result of that acquisition; and any other factors referenced in our annual information form and other filings with the applicable Canadian securities regulatory authorities or the SEC.
Given these uncertainties, assumptions and risk factors, readers are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained in this prospectus to reflect future results, events or developments.
Quill(TM) is a trademark of Quill Medical, Inc., a wholly-owned subsidiary of Angiotech Pharmaceuticals, Inc.
(C)2007 Angiotech Pharmaceuticals, Inc. All Rights Reserved.
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company with over 1,500 dedicated employees. Angiotech discovers, develops and markets innovative treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury. To find out more about Angiotech (NASDAQ: ANPI, TSX: ANP), please visit our website at http://www.angiotech.com.
CONTACT: Jodi Regts, Senior Manager, Investor Relations and Corporate Communications, Angiotech Pharmaceuticals, Inc., (604) 221-7930, email@example.com; Analysts and Investors: Deirdre Neary, Manager, Investor Relations, Angiotech Pharmaceuticals, Inc., (604) 222-7056, firstname.lastname@example.org
|SOURCE Angiotech Pharmaceuticals, Inc.|
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