Angiotech Signs License Agreement With Alcon, Alliance for Delivery of Paclitaxel to Treat Proliferative Ocular Conditions.

Business Editors

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--May 10, 2000

Angiotech Pharmaceuticals, Inc. (NASDAQ:ANPI)(TSE:ANP.) announced today that it has entered into an exclusive, worldwide license and development agreement with Alcon. The alliance provides for the use of paclitaxel in a polymeric carrier as a therapeutic agent in proliferative ophthalmic conditions. As part of the agreement, Angiotech will receive an upfront license fee, milestone payments and royalties, while Alcon will assume all preclinical development and clinical study costs. Alcon also received a first right to negotiate license for additional ophthalmic and otic applications.

"We are excited to collaborate with a premier ophthalmic company such as Alcon. Given paclitaxel's ability to inhibit scar tissue growth and angiogenesis (new blood vessel growth), which are present in numerous common eye conditions, we view this as an opportunity for Angiotech to enter into new fields," said William L. Hunter, MD, MSc, Angiotech's Chairman and CEO. "We expect this alliance will lead to a series of ophthalmic products."

Alcon is the global leader in the research, development, manufacturing and marketing of ophthalmic products, including prescription drugs, contact lens care solutions, surgical instruments and accessory products, intraocular lenses and office systems for eye-care specialists and other medical offices. Alcon is a wholly-owned subsidiary of Nestle S.A.

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. Three pharmaceutical therapies are in clinical development: systemic Micellar Paclitaxel for secondary progressive multiple sclerosis (Phase II), systemic Micellar Paclitaxel for rheumatoid arthritis (Phase I) and Topical Paclitaxel Gel 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 and surgical adhesions.

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