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Angiotech to Establish Separate Operating and Royalty Businesses
Date:7/7/2008

ed transaction enables Angiotech to

raise a sizable amount of gross proceeds in the form of convertible

securities that will bear non-cash interest payable in kind, and will

be convertible into shares of Angiotech's newly formed subsidiary,

API. The net proceeds that the Company elects to raise will be

utilized to reduce selected principal amounts of the two cash pay

debt securities of Angiotech currently outstanding, significantly

reducing Angiotech's cash interest expense and thereby improving

interest coverage and debt ratios.

- Retain majority API stake for Angiotech shareholders. This

transaction leaves a pro forma API initial ownership stake of between

52% and 68% for Angiotech's existing shareholders (measured

accounting for the convertible notes on an "if converted" basis at

closing). Importantly, Angiotech's existing shareholders will

continue to participate meaningfully in the success of the various

API businesses and product opportunities, including API's proprietary

Quill SRS(TM) technology and its recently approved

5-flourouracil-eluting central venous catheter.

- Mitigates risks related to Angiotech's drug-eluting stent royalty

revenue and cash flows. The debt and cash interest expense reduction

that may be achieved, combined with the significant implied equity

value of Angiotech's ownership stake in API, should improve

Angiotech's ability to continue to meet its debt obligations should

royalties received from its partner Boston Scientific Corporation

("BSC") decline from current levels as a result of additional

competitive entrants into the market for drug-eluting stents.

- Unlock and capture value embedded in Angiotech's non-TAXUS assets.

The conversion ratio of the securities issued impl
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SOURCE Angiotech Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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