Angiotech extends offer to exchange new senior floating rate notes for Existing Floating Rate Notes

Angiotech Pharmaceuticals, Inc. ("Angiotech" or the "Company") today announced that it has extended its offer (the "Exchange Offer") to exchange new senior floating rate notes due 2013 (the "New Floating Rate Notes") for all of its outstanding Senior Floating Rate Notes due 2013 (the "Existing Floating Rate Notes") to 11:59 p.m. New York City time on March 30, 2011.  The Exchange Offer was originally scheduled to expire at 11:59 p.m. New York City time on March 17, 2011.

The Company also announced that in connection with the previously announced Sixth Agreement to Amend the Floating Rate Note Support Agreement (the "Sixth Amendment") it delivered a supplement (the "Supplement") to the Offering Memorandum and Consent Solicitation Statement, dated February 10, 2011 (the "Offering Memorandum"), to holders of the Existing Floating Rate Notes.  Pursuant to the terms of the Sixth Amendment, the Supplement amends certain provisions of the Offering Memorandum to provide that, among other things: (i) the New Floating Rate Notes will accrue interest at the London Interbank Offered Rate ("LIBOR") plus 3.75%, subject to a LIBOR floor of 1.25% and (ii) certain covenants relating to asset sales and the definition of asset sale will be modified in the indenture that governs the New Floating Rate Notes.

As of the date of the Sixth Amendment, holders of approximately 89% of the aggregate principal amount outstanding of the Existing Floating Rate Notes agreed to support the Exchange Offer and tender their Existing Floating Rate Notes in connection therewith. 

As previously announced, the Exchange Offer will be open to all qualifying holders of the Existing Floating Rate Notes.  The New Floating Rate Notes will be secured by second-priority liens over the assets, property and undertakings of the Company and certain of its subsidiaries and will otherwise be issued on substantially similar terms as the Existing Floating Rate Notes, other than as noted above and certain previously announced amendments to covenants in respect of the incurrence of additional indebtedness and the definitions of permitted liens and change of control.

This announcement does not constitute an offer to sell or buy any security or a solicitation of any offer to buy securities.