Angiotech Pharmaceuticals, Inc. today announced that it had released its financial results for the third quarter ended September 30, 2010.
In addition, Angiotech also announced today that it had entered into an updated and amended credit facility and Forbearance Agreement with Wells Fargo Capital Finance, LLC ("Wells Fargo"). The updated and amended credit facility will provide us with up to $35 million of liquidity, with the applicable interest rate and other material terms being consistent with our current credit facility with Wells Fargo, except that the updated and amended credit facility is expected to increase our borrowing base, thereby assuring us immediate access to approximately $25 million under the facility, and provides for amended levels of material financial covenants. The Amended and Restated Forbearance Agreement provides for the credit facility to be available under the amended terms through the earlier of April 30, 2011 or the completion of our previously announced recapitalization transaction, subject to certain terms and conditions described in more detail below.
"We are pleased to report our highest ever third quarter product sales, driven primarily by continued growth in sales of our Proprietary Medical Products and continued stability and improvement across all segments of our Base Medical Products business," said Dr. William Hunter, President and CEO of Angiotech. "Our innovations, in particular our proprietary Quill™ Knotless Tissue-Closure Device franchise, combined with the tremendous efforts of our people, have continued to produce satisfying results, even as we continue to address the challenges posed by declining royalties received from our partner Boston Scientific."
Third Quarter Financial Highlights
Total revenue was $59.0 million.
Net product sales were $51.9 million. Sales of our Proprietary Medical Products were $17.3 million, or 33% of total product sales. Sales of our Base Medical Products were $34.6 million, or 67% of total product sales.
Royalty revenue was $7.1 million.
Research and development expenses were $6.2 million.
Selling, general and administrative expenses were $22.5 million.
Net loss and net loss per share were $18.5 million and $0.22, respectively.
As of September 30, 2010, cash and short-term investments were $31.3 million and net debt was $543.7 million.
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