Angiotech Announces Public Offering.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 23, 2000

AngioPharm (NASDAQ:ANPI) (TSE:ANP.) Angiotech Pharmaceuticals, Inc. (NASDAQ:ANPI; TSE:ANP) announced today that it has filed a preliminary short form prospectus under the multi-jurisdictional disclosure system relating to a proposed public offering in the United States and certain provinces of Canada of 1.75 million Common Shares and the granting to the underwriters of an option to purchase up to an additional 262,500 Common Shares to cover over-allotments, if any.

The offering will be joint lead-managed by Deutsche Banc Alex. Brown and Merrill Lynch & Co., with U.S. Bancorp Piper Jaffray as co-manager. In addition, Loewen, Ondaatje, McCutcheon Limited and Yorkton Securities Inc. will act as members of the underwriting syndicate in Canada.

Angiotech currently has approximately 13.4 million shares outstanding.

Angiotech Pharmaceuticals, Inc. is a pharmaceutical company dedicated to the development of medical device coatings and treatments for chronic inflammatory diseases through reformulation of the anticancer drug, paclitaxel.

Copies of the preliminary prospectus relating to the offering may be obtained by U.S. residents from Deutsche Banc Alex. Brown, One South Street, Baltimore, MD 21202 Tel: [phone]; Merrill Lynch & Co. Preliminary Prospectus Department, North Tower, 250 Vesey Street, New York, NY 10281 Tel: [phone]; and U.S. Bancorp Piper Jaffray, Syndication, 222 South 9th Street, Minneapolis, MN 55402 Tel: [phone].

Copies of the preliminary prospectus relating to the offering may be obtained by Canadian residents from Deutsche Bank Securities Limited, Suite 1100, 222 Bay Street, Toronto, Ontario M5K 1H6 Tel: [phone]; Merrill Lynch Canada Inc., Syndications and Distribution Centre, 22 Front Street, Toronto, Ontario M5J 2V8 Tel: [phone]; Loewen, Ondaatje, McCutcheon Limited, Suite 2250, 55 Avenue Road, Toronto, Ontario M5R 3L2 Tel: [phone]; and Yorkton Securities Inc., BCE Place, Suite 3100, 181 Bay Street, Toronto, Ontario M5J 2T3 Tel: [phone].

A registration statement containing a preliminary prospectus relating to these securities has been filed with certain of the Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or province in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or province.

Statements contained herein that are not based on historical fact, including without limitation statements containing the words "believes," "may," "will," "estimate," "continue," "anticipates," "intends," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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. Such factors include, among others, the following: general economic and business conditions, both nationally and in the regions in which the Company operates; technology changes; competition; changes in business strategy or development plans; the ability to attract and retain qualified personnel; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against the Company; and other factors referenced in the Company's filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.