Angiotech Pharmaceuticals: Boston Scientific Enrolls First Patients In International Drug-Eluting Stent Clinical Trial.

Business Editors

NATICK, Mass.--(BUSINESS WIRE)--July 10, 2001

Angiotech (NASDAQ:ANPI)(TSE:ANP.)

Boston Scientific's Third Paclitaxel Drug-Eluting Stent

Clinical Trial is Underway

Trial to support European CE mark application

Angiotech Pharmaceuticals (NASDAQ:ANPI)(TSE:ANP.) was notified today by Boston Scientific Corporation (NYSE:BSX) that it has begun enrollment in its international TAXUS II drug-eluting stent clinical trial led by principal investigator, Dr. Antonio Colombo, EMO Centro Cuore Colombus, Milan, Italy.

The TAXUS program is a series of studies aimed at collecting clinical information on Boston Scientific's proprietary paclitaxel drug-eluting stent technology for reducing coronary restenosis, the regrowth of vascular tissue within an artery after angioplasty and stenting. Paclitaxel, the active component of the popular chemotherapeutic agent Taxol(R), has demonstrated promising results in pre-clinical studies for reducing the processes leading to restenosis. Boston Scientific's paclitaxel-eluting stent technology is designed to provide direct delivery of paclitaxel through a polymer on a stent at the desired location with a very predictable and controlled release to prevent restenosis.

TAXUS II is a 532-patient, multi-center, international study where patients are randomized to receive either a paclitaxel-eluting stent or a bare, stainless steel control stent.

In addition to monitoring clinical outcomes, intravascular ultrasound (IVUS) will be used to study safety and performance of two separate dose releases of paclitaxel. The trial is designed to collect critical information for proof of principle and to support regulatory filings for product commercialization in several markets around the world, including a CE Mark in Europe.

"The initiation of our third drug-eluting stent clinical trial marks a pivotal point in our development program," said Jim Tobin, President and Chief Executive Officer of Boston Scientific.

"The foundation was set by long-term animal studies that have identified dose ranges that minimize restenosis and promote vascular healing. We are beginning to gain clinical experience with these doses in larger patient populations and are a step closer to providing physicians with a promising treatment option for restenosis."

Commenting on the TAXUS II trial, Dr. Colombo, the Principal Investigator, said, "The entire interventional cardiology community looks forward to rapid completion of this study which will add important clinical data in the battle to prevent restenosis."

Boston Scientific is gaining comprehensive clinical experience with drug-eluting stents. The TAXUS I trial is a 61-patient, randomized safety study evaluating slow dose release formulation. It completed enrollment in February. Thirty-day MACE (major adverse cardiac events) evaluation has been completed in all patients with no adverse events. Six-month angiographic and IVUS follow-up is expected to be complete by the fall.

TAXUS III is a 30-patient registry study examining the feasibility of paclitaxel-eluting stent technology for treatment of in-stent restenosis. This group represents patients with more complex vascular disease who tend to have an increased probability of restenosis. To date, TAXUS III has enrolled 22 patients. Enrollment is expected to be complete by the end of the summer.

The fourth trial in the TAXUS program, TAXUS IV, is a pivotal study to be based in the U.S. to collect key data to support regulatory filings for U.S. product commercialization. The company expects to begin enrolling patients in a U.S. clinical trial before the end of the year. The comprehensive TAXUS program positions Boston Scientific to launch paclitaxel-eluting stents in Europe in 2002 and in the U.S. in 2003.

Boston Scientific has acquired worldwide co-exclusive rights from Angiotech to use paclitaxel to coat its coronary stent products and other vascular and non-vascular products. Angiotech Pharmaceuticals is a Canadian pharmaceutical company dedicated to the development of medical coatings and treatments for chronic inflammatory diseases through reformulation of the anti-cancer drug, paclitaxel.

Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties.

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 national 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 statement contained herein to reflect future result, events or developments.