AngioTech (ANPI) Spikes 30% On News
Angiotech Pharmaceuticals (ANPI) announced Cook Medical, a license holder of Angiotech’s paclitaxel technology, reported CE Mark approval and limited commercial launch of the Zilver® PTX® Drug-Eluting Peripheral Stent in Europe. This approval represents a global landmark in bringing drug-eluting stent (DES) technology to people suffering from peripheral artery disease (PAD), a chronic disease affecting tens of millions of patients worldwide that is a leading cause of leg amputation and shortened lifespan.
For the first time, patients in Europe today had access to a highly effective medical treatment for PAD when physicians in several countries completed placements of a CE Mark approved DES designed specifically to treat severe blockages in one of the largest arteries in the leg. Following the evaluation of more than 1,200 patients worldwide during its development, the Zilver PTX stent received CE Mark approval on July 24, 2009 and the first commercial implantations of the device were conducted today in a coordinated effort by physicians in the United Kingdom, Germany, France, Holland, Belgium, Sweden and Spain.
ANPI lost $11.6 million on revenue of $64.6 million.
Douglas A. McIntyre
Angiotech Pharmaceuticals (ANPI): The News Gets Even Better
Angiotech Pharmaceuticals (ANPI, TSX: ANP) announced the launch of a series of new, proprietary SRS product codes specifically designed for laparoscopic, or minimally invasive, gynecology procedures, including hysterectomies and myomectomies.
Angiotech’s proprietary SRS barbed suture technology offers significant advantages in laparoscopic surgery whether performed manually by surgeons or through robotic assistance. The primary advantage of SRS for laparoscopic procedures is the ability to close a wound using the technology without the surgeon having to tie knots.
ANPI shares are up 10% to $1.85
The company filed a preliminary short form base shelf prospectus with the securities commissions of British Columbia and Ontario last week and a corresponding shelf registration statement on Form S-3 with the United States Securities and Exchange Commission.
According the TheStreet, ANPI reported on March 5, 2009 that its Q4 FY08 net loss widened, hurt by a write-down of goodwill and lower stent coatings revenue. Q4 FY08 net loss was $76.96 million or $0.90 per share, compared to a loss of $27.86 million or $0.29 per share in Q4 FY07. Adjusted net loss narrowed to $2.62 million or $0.03 per share from $17.04 million or $0.20 per share. The most recent consensus estimate was a loss of $0.01 per share.
Douglas A. McIntyre
Angiotech gets a second wave of positive FDA news (ANPI, JNJ, ABT, MDT)
Angiotech Pharmaceuticals (Nasdaq: ANPI) on Thursday got the FDA’s OK to market a next-generation drug-coated stent with partner Boston Scientific (NYSE: BSX), a deal that might help it prop up its declining stent business.
The new Taxus stent is designed for long lesions — situations that typically required the use of multiple stents previously, or in some cases old-fashioned angioplasty. The company says it is a more efficient treatment option for the estimated 8 to 10% of patients with long lesions, and plans to launch the product next month.
The new announcement may help Angiotech deal with brutal stent competition. The company’s royalty revenue from stents fell 40 percent in the first quarter to $17.1 million.
The new longer stent might be of particular use as the company seeks to take market share from Johnson & Johnson (NYSE: JNJ), Abbott Laboratories Inc. (NYSE: ABT) and Medtronic (NYSE: MDT).
The Angiotech stent announcement comes on the heels of an FDA approval last month for the company’s implantable device to prevent pulmonary embolism. It’s a string of good news for a company that earlier this year said might be forced to seek alternate funding or a potential reorganization or debt restructuring due to continued stent market declines.
Late last year, Angiotech was seeking strategic options. At the time, it was not clear that the debt-saddled firm would survive. The stock has since climbed more than 10-fold to more than $1.80 a share . — Mike Tarsala
Angiotech gets a second wave of positive FDA news (ANPI, JNJ, ABT, MDT)
Angiotech Pharmaceuticals (Nasdaq: ANPI) on Thursday got the FDA’s OK to market a next-generation drug-coated stent with partner Boston Scientific (NYSE: BSX), a deal that might help it prop up its declining stent business.
The new Taxus stent is designed for long lesions — situations that typically required the use of multiple stents previously, or in some cases old-fashioned angioplasty. The company says it is a more efficient treatment option for the estimated 8 to 10% of patients with long lesions, and plans to launch the product next month.
The new announcement may help Angiotech deal with brutal stent competition. The company’s royalty revenue from stents fell 40 percent in the first quarter to $17.1 million.
The new longer stent might be of particular use as the company seeks to take market share from Johnson & Johnson (NYSE: JNJ), Abbott Laboratories Inc. (NYSE: ABT) and Medtronic (NYSE: MDT).
The Angiotech stent announcement comes on the heels of an FDA approval last month for the company’s implantable device to prevent pulmonary embolism. It’s a string of good news for a company that earlier this year said might be forced to seek alternate funding or a potential reorganization or debt restructuring due to continued stent market declines.
Late last year, Angiotech was seeking strategic options. At the time, it was not clear that the debt-saddled firm would survive. The stock has since climbed more than 10-fold to more than $1.80 a share . — Mike Tarsala
Angiotech Pharmaceuticals, Inc. Shares Soar After FDA Approves Option(TM) Inferior Vena Cava Filter to Prevent Recurrent Embolisms. (ANPI)
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
Stents Set Up For A Comeback (ABT, BSX, MDT, JNJ, SRDX, ANPI)
Abbott Laboratories (NYSE: ABT) announced after the close today, in a decision we have been waiting on for what feels like forever, that the FDA has approved for the company to begin marketing its XIENCE drug-eluting coronary stent systems.
Boston Scientific (NYSE: BSX) will get to sell basically the same exact stent under a different name. Boston Scientific also has the old Taxus stent. Angiotech (NASDAQ: ANPI) is also Boston’s Taxus stent coating partner for its molecule.
As far as the others, this will get to compete with the Medtronic Inc. (NYSE: MDT) Endeavor stent system as well as Johnson & Johnson (NYSE: JNJ) Cypher stent. Medtronic won the first Stent system approval in February after a 4-year hiatus. SurModics Inc. (NASDAQ: SRDX) is the molecule partner over at J&J for the drug-eluting coatings for teh Cypher stent.
This is being viewed as a key win for Abbott Labs with shares up 1.6% at $55.10 in after-hours trading. The good news is that the dark clouds surrounding stents and drug-eluting stents is starting to lift. The bad news on the topic is that this is now a highly competitive sub-sector in coronary medical technology.
Jon Ogg
July 2, 2008
Angiotech's Partner Shows Positive Stent Data (ANPI)
Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI) has announced this morning that its corporate partner, Cook Medical, has reported positive interim results from the registry arm of its clinical study in measuring the effectiveness of its Zilver PTX drug-eluting peripheral stent in treating peripheral arterial disease (PAD).
Interim data was compiled at six and 12 months using 435 patients and 200 patients, respectively. The corresponding EFS rates were 94% and 84%, and freedom from TLR was 96 percent and 88%.
Angiotech is a company that has not been in the brightest spot of late. As the company makes polymers for stents (and other uses), the 2007 issues surrounding the safety and efficacy of stents had a severe negative impact on the company.
Even after a 6% rise this morning to $2.74, the stock is still down almost two-thirds from its 52-week highs of $7.90. In late 2004 this stock traded well over $20.00.
Jon C. Ogg
June 11, 2008
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