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Angiotech announces preliminary third quarter financial results and updates fiscal 2007 outlook
Date:10/19/2007

on to consolidate certain

operations and close our facility in Syracuse, NY has impacted the

shipment and production timing of a limited number of orders for

surgical needles.

- Our original full year 2007 outlook for sales revenue derived from

certain new product lines was $10 million to $30 million. At the

present time we expect to begin generating more substantial revenue

from these sources starting in 2008, rather than in the second half

of 2007 as originally expected, as a result of several factors,

including:

- Longer regulatory review times than originally expected, primarily

for our Vascular Wrap(TM) product candidate in the European Union

(EU). While we completed our EU clinical trial and submitted all

regulatory filings as planned, review and approval timelines are

entirely at the discretion of the regulatory body in the EU, and

are not specifically mandated. We had originally expected this

product candidate would be approved for sale by the third quarter

of 2007. We now expect this product candidate, should it receive

EU regulatory approval, to be available for sale in first half of

2008;

- An initial "time to first order" of 9 to 12 months, as opposed to

the originally forecasted 3 to 6 months, for our Quill(TM) SRS

product line in the majority of customer accounts. Importantly, we

continue to remain on track to sign up approximately 275 customer

accounts by year-end. As of October 2007, we had signed

approximately 230 Quill(TM) SRS customer accounts, including

67 hospitals, 89 clinics and 74 physician offices, as compared to

only a small number of ordering accounts and fewer than 10

hospitals as of June 2007. As a result of p
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SOURCE Angiotech Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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