Angiotech Receives Milestone Payment From Cook Incorporated; Significant Milestone Payment for CE Mark Approval Filing.

Business Editors & Health/Medical Writers

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 8, 2002

Angiotech Pharmaceuticals, Inc. (Nasdaq:ANPI) (TSE:ANP) today announced receipt of a US$2,050,000 (approximately CAD$3,280,000) milestone payment from Cook Incorporated, an international medical device manufacturer. This milestone payment was triggered by Cook's filing for CE Mark approval to market the paclitaxel-eluting version of its V-Flex(TM) Plus PTX Coronary Stent in the European Community for treating restenosis associated with stent implantation. It is Cook's second milestone payment in a series of potential payments to Angiotech required under a co-exclusive, worldwide licensing agreement with Boston Scientific Corporation and Cook Incorporated. In accordance with the Company's adoption of Staff Accounting Bulletin 101 ("SAB 101") Revenue Recognition for Financial Statements, the receipt of this non-refundable milestone payment is recognized in the period of achievement of the milestone. The Company was notified on January 18, 2002 by Cook Incorporated of the filing for CE Mark approval in the European Community.

In July 1997, Angiotech entered into the co-exclusive, worldwide license with Boston Scientific and Cook for the use of paclitaxel and related compounds applied as coatings for stents and other endoluminal devices in the treatment of vascular and gastrointestinal diseases. The value of this license to Angiotech is up to CAD$32 million (exclusive of royalty payments).

Angiotech Pharmaceuticals, Inc. is a Canadian pharmaceutical company dedicated to the development of medical device coatings and treatments for chronic inflammatory diseases through reformulation of the anticancer drug, paclitaxel. Several pharmaceutical therapies are in clinical development: systemic Micellar Paclitaxel (PAXCEED)(TM) for secondary progressive multiple sclerosis (Phase 2), rheumatoid arthritis (Phase 1) and severe psoriasis (Pilot Phase 2). The paclitaxel-coated coronary stent program is currently in international clinical safety and efficacy studies. Other medical device programs include paclitaxel-loaded surgical implants for the treatment of restenosis associated with peripheral vascular surgery.

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