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Angiotech announces termination of note purchase agreement with Ares Management and New Leaf Venture Partners
Date:11/21/2008

EVALUATION OF VARIOUS FINANCIAL AND RESTRUCTURING ALTERNATIVES ONGOING

VANCOUVER, Nov. 21 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced that the Company had been notified by Ares Management (Ares) and New Leaf Venture Partners (New Leaf) that they had elected to terminate the Note Purchase Agreement dated July 7, 2008. Angiotech had announced on September 22, 2008 that it had notified Ares and New Leaf that it did not expect to satisfy the condition in the Note Purchase Agreement with respect to the minimum level of cash and cash equivalents required to be held at the time of the transaction's close, and that it intended to take a series of actions to reorganize and restructure its businesses.

Since the September 22 announcement, Angiotech and its Board of Directors have been pursuing financing alternatives to address the Company's working capital needs for its business initiatives, as well as to address potential liquidity issues likely to arise in the near term relating to the Company's current balance sheet structure. As part of this process, the Company has engaged The Blackstone Group to assist the Company in evaluating various alternatives for its business and capital structure, including, but not limited to, securing interim senior secured financing for working capital and liquidity purposes, evaluating various restructuring alternatives to pursue with the holders of the Company's Senior Floating Rate Notes and its Senior Subordinated Notes, and assisting the Company in evaluating proposals or potential proposals from various financial parties regarding a significant investment of capital in the Company.

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SOURCE Angiotech Pharmaceuticals, Inc.
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