Healthcare Industry News: drug-eluting stent
News Release - January 29, 2009
Angiotech's corporate partner, Boston Scientific, announces Japanese approval for TAXUS(R) Liberté(R) drug-eluting stent systemVANCOUVER, Jan. 29, 2009 - (HSMN NewsFeed) - Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced that its corporate partner, Boston Scientific Corporation (NYSE: BSX ), has received approval from the Japanese Ministry of Health, Labor and Welfare (MHLW) to market its TAXUS(R) Liberté(R) paclitaxel-eluting coronary stent system. Boston Scientific plans to launch the product in Japan once reimbursement approval is granted. The TAXUS Liberté was approved by the FDA in October 2008 and was launched in Europe and several other international markets in 2005.
"The TAXUS Liberté stent is the latest advance in drug-eluting stent technology for Japan," said Donald Baim, M.D., Chief Medical and Scientific Officer of Boston Scientific. "Its safety and efficacy have been well demonstrated in multiple clinical studies and years of clinical use."
"We are pleased to see the approval of TAXUS Liberté in Japan as it demonstrates our partner's commitment to expanding its international acceptance," said Dr. William Hunter, President and CEO of Angiotech. "Japanese patients and their families struggling with coronary artery disease should soon be able to benefit from this proven technology."
TAXUS Liberté is the only second-generation drug-eluting stent approved for use in Japan. The TAXUS Liberté stent will replace the TAXUS Express(2)(TM) stent, marketed in Japan since May 2007. Significant design improvements over the first-generation stent include thinner struts and a more uniform stent geometry.
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 "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 may involve, but are not limited to, comments with respect to our objectives and priorities for the fourth quarter of 2008 and beyond, our strategies or future actions, our targets, expectations for our financial condition and the results of, or outlook for, our operations, research, development, product and drug development. 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; adverse results or unexpected delays in pre-clinical and clinical product development processes; adverse findings related to the safety and/or efficacy of our products or products sold by our partners; 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 manufacturing and commercialization activities or consummate acquisitions; 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 press release to differ materially from our actual results. These operating risks include: our ability to attract and retain qualified personnel; our ability to successfully complete pre-clinical 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; and any other factors referenced in our other filings with the Securities and Exchange Commission ("SEC") and applicable Canadian regulatory authorities. For a more thorough discussion of the risks associated with our business, see the "Risk Factors" section in our annual report for the year ended December 31, 2007 filed with the SEC on Form 40-F and our quarterly report for the three months ended September 30, 2008 filed with the SEC on Form 10-Q.
Given these uncertainties, assumptions and risk factors, readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, 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 press release to reflect future results, events or developments.
(C) 2009 Angiotech Pharmaceuticals, Inc. All Rights Reserved.
Boston Scientific Corporation acquired worldwide exclusive rights from Angiotech to use paclitaxel to coat its coronary stent products and has co-exclusive rights to certain peripheral vascular and non-vascular products.
TAXUS(R) Liberté and Express(2)(TM) are registered trademarks of Boston Scientific Corporation.
About Angiotech Pharmaceuticals
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 www.angiotech.com.
Source: Angiotech Pharmaceuticals
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.