VANCOUVER, May 19 /PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc. today announced that its corporate partner, Boston Scientific Corporation has launched the platinum chromium TAXUS(R) Element(TM) Paclitaxel-Eluting Coronary Stent System in select markets worldwide. The TAXUS Element Stent features a new platinum chromium alloy engineered specifically for coronary stent applications and represents the Company's third-generation drug-eluting stent (DES) technology.
The TAXUS Element Stent is built on the advanced platinum chromium platform and is designed to provide interventional cardiologists improved performance in treating patients with complex coronary artery disease. Boston Scientific has reported that it anticipates CE Mark approval for the TAXUS Element Stent in the fourth quarter of this year.
"Boston Scientific continues to make significant progress toward improving the performance of TAXUS stents," said Dr. William Hunter, President and CEO of Angiotech. "The launch of this third-generation TAXUS stent demonstrates the efficacy and longevity of the paclitaxel platform in treating patients with heart disease."
The platinum chromium alloy used in the Element Stent System was engineered specifically for coronary stenting, delivering both strength and flexibility. The Element Stent System platform also features a new stent architecture with thinner struts, increased flexibility and a lower profile, designed to improve radial strength, recoil and angiographic visibility. Deliverability to complex lesions is further enhanced through the incorporation of a new highly deliverable dilatation catheter technology.
"Our platinum chromium Element Stent series represents a significant leap forward in drug-eluting stent innovation," said David McFaul, Boston Scientific Senior Vice President, International. "This breakthrough technology combines a new alloy designed for coronary stenting, an innovative stent design and a new delivery system."
The TAXUS Element Stent System is currently being studied in the PERSEUS clinical trial program, which compares the TAXUS Element Stent System to the TAXUS(R) Express(2)(R) Stent System. The program includes the PERSEUS Workhorse and the PERSEUS Small Vessel arms. Both have finished recruiting patients and are estimated to be completed by the end of the year.
While the Element Stent platform represents Boston Scientific's third-generation DES technology, the Company's fourth-generation DES is currently under development. Initial clinical data were presented at the Transcatheter Cardiovascular Therapeutics scientific symposium in 2008; global pivotal trials are expected to begin in 2010. This DES employs the Labcoat technology, which has an ultra thin biodegradable abluminal polymer that delivers a very low dose of paclitaxel to the wall of the treated vessel, and no polymer or drug on the inner surface of the stent. Integrating the Element Stent architecture and a platinum chromium alloy with an optimized drug release, the "Labcoat Element" Stent is designed to deliver a powerful combination of procedural and clinical performance.
In the United States, the TAXUS Element Stent is an investigational device and is limited by applicable law to investigational use only and is not available for sale.
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 U.S. Private Securities Litigation Reform Act of 1995 and "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 2009 and beyond, our strategies or future actions, our targets, expectations for our financial condition and the results of, or outlook for, our operations, research, development, 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 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, both nationally and in the 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 regulations and changes in, or the failure to comply with, governmental regulations; 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 and to expand manufacturing and commercialization activities or consummate acquisitions; and any other factors that may affect performance. In addition, our business is subject to certain operating risks that may cause the actual 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 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 continued availability of capital to finance our activities; and any other factors referenced in our other filings with the Securities and Exchange Commission ("SEC") and applicable Canadian regulatory authorities. 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, 2008 filed with the SEC on Form 10-K, and our quarterly report for the three months ended March 31, 2009 filed with the SEC on Form 10-Q.
Given these uncertainties, assumptions and risk factors, readers 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.
About Angiotech Pharmaceuticals
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company with over 1,500 dedicated employees. 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 , please visit our website at http://www.angiotech.com/.
Angiotech Pharmaceuticals, Inc.
CONTACT: DeDe Sheel, Investor Relations and Corporate Communications,
Angiotech Pharmaceuticals, Inc., (415) 293-4412,
dede.sheel@fdashtonpartners.com
