Angiotech Pharmaceuticals Inc. Correction.Business Editors CORRECTION...by Angiotech Pharmaceuticals Angiotech TSX: ANP is a Vancouver, British Columbia pharmaceutical company. Its products enhance the performance of medical devices and biomaterials through the use of pharmacotherapeutics. Inc. VANCOUVER, B.C.--(BUSINESS WIRE)--Aug. 14, 2001 Angiotech Pharmeceuticals Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANPI ANPI Angiotech Pharmaceuticals Inc. (Vancouver, BC, Canada) ANPI Associazione Nazionale Partigiani d'Italia (Italian: National Association of Partisans) ) (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 .) In the news release transmitted earlier today, August 14th, 2001, in the text and tables there was a discrepancy in the net loss for the quarter. The complete and corrected news release follows:CORRECTION FROM SOURCE: Angiotech Pharmaceuticals Announces Results for Third Quarter Ended June 30th, 2001. In the news release transmitted earlier today, August 14th, 2001, in the text and tables there was a discrepancy in the net loss for the quarter. The complete and corrected news release follows: Angiotech Pharmaceuticals Incorporated (NASDAQ:ANPI; TSE:ANP) today reported financial results for the third quarter ended June 30th, 2001. The third quarter of fiscal 2001 was marked by significant advancements in the paclitaxel-coated stent programs of Angiotech's corporate partners, Cook Incorporated and Boston Scientific The Boston Scientific Corporation (NYSE: BSX) (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional cardiology, peripheral interventions, Corporation. The quarter also saw Angiotech sign another license agreement, further entrenching its position as the leader in the field of drug-coating medical devices. In May, Cook completed enrollment in both its Asian and European pivotal clinical studies designed to lead to approval in both these geographical regions. Each 180-patient, multi-armed study was designed to assess the safety and efficacy of multiple drug doses of 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); . Patients are being studied at six months using angiography angiography or arteriography X-ray examination of arteries and veins with a contrast medium to differentiate them from surrounding organs. The contrast medium is introduced through a catheter to show the blood vessels and the structures they supply, including to determine the effectiveness of each dosage of paclitaxel in reducing the rate of restenosis in patients undergoing coronary artery coronary artery n. 1. An artery with origin in the right aortic sinus; with distribution to the right side of the heart in the coronary sulcus, and with branches to the right atrium and ventricle, including the atrioventricular branches and angioplasty and stenting. We look forward to final results later on in the year from both studies. More recently, Cook treated the first American First American may refer to:
PTX Pituitary Homeobox PTX Private Trading Exchange PTX Practical Training Exercise PTX Preliminary Training Exercise coronary stent coronary stent Intracoronary stent Cardiology An expandable tubular device which can be inserted percutaneously, and left within a coronary artery lumen to maintain its patency Pros Clinical and angiographic outcomes are better with intracoronary artery stent , is expected to include up to 800 patients, with enrollment concluding in early 2002. Boston Scientific also recently began enrollment of a paclitaxel-coated pivotal stent trial, TAXUS II, to support approval of the device in Europe, Asia and Canada. This 532-patient, multi-center, international study will see patients randomized ran·dom·ize tr.v. ran·dom·ized, ran·dom·iz·ing, ran·dom·iz·es To make random in arrangement, especially in order to control the variables in an experiment. to receive either a paclitaxel-eluting stent or a bare, stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. control stent. In addition to monitoring safety and clinical outcomes, IVUS IVUS Intravascular ultrasound, see there will be used to determine the ability to reduce the incidence of restenosis using two separate doses of paclitaxel. The quarter also saw the initiation of another paclitaxel-coated stent clinical trial by Boston Scientific. The TAXUS III-ISR (in-stent restenosis in-stent restenosis Interventional cardiology Scar-induced reclosure of a previously stenosed coronary artery, a complication seen in ±20% of Pts undergoing stent placement for CAD. See Coronary artery disease, Stent. Cf Late stent thrombosis. ) trial is a 30-patient European feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. that will evaluate the safety of the NIR NIR Near Infrared NIR National Inventory Report NIR National Identity Register (UK) NIR Near-Infrared Reflectance NIR Non-Ionizing Radiation NIR Net International Reserves NIR National Internet Registry NIR Northern Ireland Railways (R) Conformer stent coated with paclitaxel for the treatment of patients whose first stent has failed as a result of restenosis. Safety endpoints for the trial are 30-day major adverse coronary events (MACE), while efficacy will be evaluated at six months using angiography and intravascular ultrasound Intravascular ultrasound (IVUS) is a medical imaging methodology using a specially designed catheter with a miniaturized ultrasound probe attached to the distal end the catheter. The proximal end of the catheter is attached to computerized ultrasound equipment. (IVUS) to measure the incidence of restenosis. Enrollment for TAXUS III is expected to be complete by the end of this summer. The 61-patient TAXUS I European safety study completed enrollment in February. The stent was shown to be extremely safe as 30-day MACE evaluation is now complete with no adverse events occuring in any patients. 6-month angiographic and IVUS follow-up determination of efficacy will be presented at a major cardiology conference in the fall. In June, Angiotech announced that it acquired an exclusive, worldwide licence from Poly-Med, Inc., of Anderson, South Carolina Anderson is a city located in Anderson County, South Carolina. As of the United States 2000 Census, the city had a population of 25,514 and is the center of an urbanized area of 70,530. , for various patented biomaterials. This licence provides Angiotech with key intellectual property to further expand its product pipeline, strengthening its program that focuses on the improvement of medical device performance with therapeutic solutions. Our alliance with Poly-Med will accelerate the advancement of our technology into new products. In the coming quarters, Angiotech will be aggressively pursuing acquisition of new technologies in the field. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Financials Net loss for the third quarter was approximately $6.8 million or $0.44 per share, as compared to net income of approximately $1.0 million or $(0.07) per share for the same period in 2000. The reported net loss for the current quarter was impacted by the strengthening of the Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents during the third quarter. Excluding the effect of the unrealized portion of the reported foreign exchange loss, the Company would have reported a net loss of only $2.8 million or $0.18 per share for the third quarter ended June 30, 2001. These results are slightly better than the Company's public guidance. This compares to a net loss, excluding unrealized foreign exchange gains, of $1.7 million or $0.11, for the same period in 2000. The effects of foreign exchange adjusted numbers, both realized and unrealized are the result of the Company holding the bulk of its cash in US dollars and US dollar-denominated investments. The Company maintains this position in US dollars as the largest part of its future expenditures is expected to be in US dollars. Interest income from investments for the quarter was approximately $2.2 million which was comparable to the same period in 2000. Research and development expenditures decreased by 11% to approximately $2.0 million during the quarter compared to approximately $2.3 million for the same period in 2000, primarily due to the completion of the enrolment of patients in the Company's phase 2 clinical study for secondary progressive multiple sclerosis during the second quarter. General and administrative expenses for the current quarter increased to $1.7 million compared to $1.1 million from the same period in 2000 as a result of increased costs associated with the addition of personnel to support research and development and increased business development activities. The Company ended the third quarter with cash resources of approximately $154.6 million in CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $ and CDN$ equivalents. Of that amount, US$79.3 million was in US$ cash or cash equivalents.
ANGIOTECH PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Nine Months
(In thousands of CDN$, Ended June 30, Ended June 30,
except per share data) 2001 2000 2001 2000
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Revenue 0 (381) 0 (4,499)
Research and development expenses 2,044 2,300 9,973 6,337
General and administration 1,737 1,118 5,089 3,226
Amortization 556 527 1,595 1,199
Foreign exchange loss (gain) 4,621 (2,351) (1,170) (703)
Interest income (2,156) (2,211) (7,133) (3,141)
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Loss (income) for the period 6,802 (998) 8,354 2,419
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Loss (income) per common share 0.44 (0.07) 0.54 0.17
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Weighted average shares
outstanding 15,443 15,235 15,383 14,030
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ANGIOTECH PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands of CDN$) June 30, 2001 September 30, 2000
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Assets
Current assets:
Cash and short-term investments 154,630 160,295
Other current assets 382 183
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Total current assets 155,012 160,478
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Capital assets, net 1,191 1,192
Medical technology, net 3,109 4,259
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159,312 165,929
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Liabilities and Shareholders' Equity
Accounts payable and accrued liabilities 2,360 2,381
Shareholders' equity 156,952 163,548
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159,312 165,929
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The complete financial report on Angiotech's 3rd Quarter can be accessed at our website at www.angiotech.com. A conference call on Angiotech's Q3 Financials will be held on Tuesday, August 14th, 2001 at 2:00 PM PST PST Paroxysmal supraventricular tachycardia, see there . The call will be webcast on Angiotech's website at www.angiotech.com. A recording of the call will be available until August 21st, 2001 by calling (800) 558-5253 and entering Access Code 19490814. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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