Angiotech Pharmaceuticals Completes $22 Million Initial Public Offering.VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 18, 1997--ANGIOTECH PHARMA. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ANP ANP atrial natriuretic peptide. ANP atrial natriuretic peptide. ANP Atrial natriuretic peptide, see there ) Angiotech Pharmaceuticals, Inc. (TSE:ANP) today announced that it has successfully closed its initial public offering of 2.2 million Common shares at a price of $10 per share. Gross proceeds from this offering are $22 million. The underwriters have the option to purchase an additional 330,000 Common shares at the offering price to cover over-allotments. Angiotech will begin trading on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. on December 18, 1997 under the symbol ANP. The lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. for this offering was First Marathon Securities Limited. The co-managers were Midland Walwyn Capital, Inc. and Goepel Shields & Partners, Inc. Angiotech will use the proceeds from this offering to fund core technology research, product research and product development. "We are pleased that our offering was so well received in the present market environment," said William L. Hunter, MD, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Angiotech. "We feel it is validation of the Company's lower-risk approach which utilizes paclitaxel paclitaxel /pac·li·tax·el/ (pak?li-tak´sel) an antineoplastic that promotes and stabilizes polymerization of microtubules, isolated from the Pacific yew tree (Taxus brevifolia); , an approved anticancer drug anticancer drug see antineoplastic. anticancer drug Chemotherapeutic, see there , for the treatment of new clinical indications." Donald E. Longenecker, PhD, President and COO added, "With this financing in place, along with our agreement with Boston Scientific Corporation and Cook, Inc., we are well positioned to advance our current products to market." Angiotech Pharmaceuticals, Inc. is a Canadian pharmaceutical company engaged in the development and commercialization of novel treatments for chronic inflammatory and angiogenesis-dependent diseases such as rheumatoid arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. , restenosis, cancer, multiple sclerosis and psoriasis. In July 1997, Angiotech signed a co- exclusive, worldwide licensing agreement allowing Boston Scientific Corporation and Cook Inc. to use the Company's paclitaxel technology for stent coatings and with other endoluminal devices. This news release may contain forward-looking statements that involve risks and uncertainties that could cause actual results or events to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, without limitation, those mentioned in Angiotech's prospectus dated December 9, 1997 under the heading "Risk Factors". CONTACT: Angiotech Pharmaceuticals Inc Cathryn E. Bowden (Company Contact), 604/221-7676 Website: http://www.angiotech.com E-mail: info@angio.com or Russell-Welsh, Inc. Eric Yee (Media Contact), 650/ 312-0700, ext. 19 |
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