Angiotech Pharmaceuticals, Inc. Shares Soar After FDA Approves Option(TM) Inferior Vena Cava Filter to Prevent Recurrent Embolisms. (ANPI)

June 9, 2009 · Filed Under General 

Angiotech Pharmaceuticals, Inc. (Nasdaq: ANPI) announced on June 8th that the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for the OptionTM Inferior Vena Cava (IVC) Filter in the United States, for both permanent implantation and temporary use.

Angiotech Pharmaceuticals, Inc., located in Vancouver, said that the Option device is designed to prevent recurrent pulmonary embolisms. Embolisms are fatal in 30 percent of cases if left untreated.

The approval sent shares of Angiotech soaring, finishing the day up 0.67 (39.41%) with a closing trade price of 2.37.

Angiotech holds exclusive worldwide rights to market and distribute the Option IVC Filter, which it obtained in a license agreement with privately held Rex Medical, LP (Rex Medical), as previously announced in March 2008.

The Option IVC Filter is implanted, typically by interventional radiologists in a minimally invasive procedure, into the body’s inferior vena cava to prevent PE. Option is specifically designed for use as both a permanent or temporary implant (in temporary, or retrievable, indications, a physician may later perform a second surgical procedure to remove the Option IVC Filter if necessary or where mandated clinically).

“This important FDA clearance of the Option IVC Filter continues Angiotech’s mission of offering the most highly innovative technology solutions to our physician customers and their patients,” said Dr. William Hunter, President and CEO of Angiotech. “We are excited to commence commercial sales of Option through our dedicated Interventional Sales Team in the very near future. We believe the flexibility to use the Option IVC Filter in both permanent and retrievable indications, with clinical study data indicating 92% retrieval success, and a retrieval at up to 175 days post-implantation, provides Option the opportunity to be the market leading product in PE prevention.”

According to market analysis conducted by Millennium Research Group, the U.S. market for IVC filters was approximately $200 million in 2007 (with approximately 160,000 IVC filters implanted). This market is predicted to grow to $300 million by 2012.

Joshua Sherman

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