Angiotech Prices Public Offering.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 17, 2000

Angiotech Pharmaceuticals, Inc. (NASDAQ:ANPI) (TSE:ANP) has executed an underwriting agreement with respect to the public offering announced on February 23, 2000, for the sale by the Company of 1.75 million Common shares at a price of US$53.50 per share (CDN$78.77 per share). Gross proceeds of this offering are US$93,625,000 (CDN$137,847,500). If the underwriters fully exercise their over-allotment option, gross proceeds will be US$107,668,750 (CDN$158,524,625).

The underwriting syndicate for the offering was 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. acted as members of the underwriting syndicate in Canada.

The net proceeds of this offering will be used to fund the Company's ongoing clinical development of systemic paclitaxel for secondary progressive multiple sclerosis, other product development expenses and for working capital purposes, including possible acquisitions.

Closing of the offering is expected before the commencement of trading on the Nasdaq National Market and the TSE on March 22, 2000.

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. Three pharmaceutical therapies are in clinical development: systemic paclitaxel for secondary progressive multiple sclerosis (Phase II), systemic paclitaxel for rheumatoid arthritis (Phase I) and topical paclitaxel for psoriasis (Phase I and Phase I/II). In January 2000, the paclitaxel-coated coronary stent program also entered human studies. Other medical device programs include paclitaxel-loaded surgical implants for the treatment of restenosis associated with peripheral vascular surgery.

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.