Angiotech Intends to Vigorously Defend Against
the Claims
VANCOUVER,
Oct 6 /PRNewswire-FirstCall/ -
Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI; TSE: ANP)
("Angiotech" or the "Company") today announced that on October 4, 2010, the Company was notified that
QSR Holdings, Inc. ("QSR"), as the representative for the former
stockholders of Quill Medical, Inc. ("QMI"), made a formal demand
to the American Arbitration Association naming as respondents the
Company, together with its subsidiaries QMI and Angiotech
Pharmaceuticals (US), Inc. ("Angiotech US" and, together with
Angiotech and QMI, the "Respondents"). The arbitration demand
alleges that the Respondents failed to satisfy certain obligations
under the Agreement and Plan of Merger, dated May 25, 2006, by and among Angiotech, Angiotech
US, Quaich Acquisition, Inc. and QMI (the "Merger Agreement"), and
seeks either direct monetary damages or, in the alternative,
extension for one calendar year of certain earn-out periods as more
fully set forth in the Merger Agreement.
In addition, on October
5, 2010, the Company was served with the Summons and
Complaint in an action commenced in the United States District
Court for the Middle District of North
Carolina on October 1, 2010 by
QSR, entitled QSR Holdings, Inc. v. Angiotech Pharmaceuticals,
Inc., Angiotech Pharmaceuticals (US), Inc. and Quill Medical,
Inc., 1:10-cv-754 (the "Federal Litigation"). The
Complaint in the Federal Litigation alleges, among other items,
that (a) Angiotech breached certain contractual obligations under
the Merger Agreement; (b) that certain misrepresentations or
omissions were made by Angiotech during the initial negotiation of
the Merger Agreement; and (c) tortious interference. QSR is
seeking damages in an unstated amount together with punitive
damages and/or attorneys fees to the extent allowed by
law.
Given the nascent stages of these proceedings,
it is not possible at this time to predict the outcome of the
Federal Litigation or of any arbitration or other proceeding that
may result from the Arbitration Demand. The Respondents
intend to vigorously defend the Federal Litigation and any
arbitration or other proceeding that may result from the
Arbitration Demand.
Forward Looking Statements
Statements contained in this press release that are not
based on historical fact, including without limitation
statements containing the words "believes," "may," "plans," "will,"
"estimates," "continues," "anticipates,"
"intends," "expects" and similar expressions, constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and constitute
"forward-looking information" within the meaning of applicable
Canadian securities laws. All such statements are made pursuant to
the "safe harbor" provisions of applicable securities legislation.
Forward-looking statements may involve, but are not limited to,
comments with respect to our objectives and priorities for the
remainder of 2010 and beyond, our strategies or future actions, our
targets, expectations for our financial condition and the results
of, or outlook for, our operations, research and development and
product and drug development. 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. Many such known risks, uncertainties and other
factors are taken into account as part of our assumptions
underlying these forward-looking statements and include, among
others, the following: general economic and business conditions in
the United States, Canada and the other regions in which we
operate; market demand; technological changes that could impact our
existing products or our ability to develop and commercialize
future products; competition; existing governmental legislation and
regulations and changes in, or the failure to comply with,
governmental legislation and regulations; availability of financial
reimbursement coverage from governmental and third-party payers for
products and related treatments; adverse results or unexpected
delays in pre-clinical and clinical product development processes;
adverse findings related to the safety and/or efficacy of our
products or products sold by our partners; decisions, and the
timing of decisions, made by health regulatory agencies regarding
approval of our technology and products; the requirement for
substantial funding to conduct research and development, to expand
manufacturing and commercialization activities; and any other
factors that may affect our performance. In addition, our business
is subject to certain operating risks that may cause any results
expressed or implied by the forward-looking statements in this
press release to differ materially from our actual results. These
operating risks include: our ability to attract and retain
qualified personnel; our ability to successfully complete
pre-clinical and clinical development of our products; changes in
our business strategy or development plans; our failure to obtain
patent protection for discoveries; loss of patent protection
resulting from third-party challenges to our patents;
commercialization limitations imposed by patents owned or
controlled by third parties; our ability to obtain rights to
technology from licensors; liability for patent claims and other
claims asserted against us; our ability to obtain and enforce
timely patent and other intellectual property protection for our
technology and products; the ability to enter into, and to
maintain, corporate alliances relating to the development and
commercialization of our technology and products; market acceptance
of our technology and products; our ability to successfully
manufacture, market and sell our products; the availability of
capital to finance our activities; our ability to restructure and
to service our debt obligations; and any other factors referenced
in our other filings with the applicable Canadian securities
regulatory authorities or the Securities and Exchange Commission
("SEC"). For a more thorough discussion of the risks associated
with our business, see the "Risk Factors" section in our annual
report for the year ended December 31,
2009 filed with the SEC on Form 10-K, as amended, and our
quarterly report for the 2nd quarter of 2010 filed with the SEC on
Form 10-Q.
Given these uncertainties, assumptions and
risk factors, investors are cautioned not to place undue reliance
on such forward-looking statements. Except as required by law, we
disclaim any obligation to update any such factors or to publicly
announce the result of any revisions to any of the forward-looking
statements contained in this press release to reflect future
results, events or developments.
©2010 Angiotech Pharmaceuticals, Inc. All Rights
Reserved.
About Angiotech
Angiotech Pharmaceuticals, Inc. is a global specialty
pharmaceutical and medical device company. Angiotech
discovers, develops and markets innovative treatment solutions for
diseases or complications associated with medical device implants,
surgical interventions and acute injury. To find out more about
Angiotech (NASDAQ: ANPI, TSX: ANP), please visit our website at
www.angiotech.com.
SOURCE Angiotech Pharmaceuticals, Inc.