Angiotech narrows losses following bankruptcy, restructuring

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Angiotech Pharmaceuticals unveiled its 3rd quarter results, demonstrating narrowed losses in the year following the company’s bankruptcy and restructuring efforts.

Angiotech posted losses of $8.6 million during the 3 months ended Sept. 30, 2012, a 54% reduction from losses of $18.7 million during the same period last year. The company also halved its per-share losses, which came to 67¢ for Q3 2012, compared with $1.47 for Q3 2011.

The pharmaceutical and medical device developer saw modest increases in revenues, up 1.5% to $52.7 million for its most recent quarter compared with $51.9 million for the same quarter last year. The company expects growth in its 4th quarter to accelerate slightly, according to a press release.

Vancouver-based Angiotech attributed its narrowed losses to cost-saving efforts initiated in the last year to better align expense levels with its business model and corporate structure, the company noted.

"We expect to pursue additional projects that may improve our business profitability and cost structure in future periods," according to regulatory filings. "Most significantly, in May 2012 we announced plans to conclude manufacturing activities at our facility in Denmark, and to move operations to selected other, lower cost locations in the U.S. to ensure certain of our interventional oncology product lines can remain competitive. This project is currently in process, and we expect to conclude such activities in early 2013, subsequent to which we expect to begin realizing reductions in production costs, in particular for our Skater drainage catheter product line, which is one of our largest single product lines."

In April 2011 a federal judge in Delaware
rubber-stamped Angiotech’s bankruptcy plan. The settlement, by that time already approved by the Supreme Court of British Columbia, aimed at eliminating $250 million in debt under Canada’s Companies’ Creditors Arrangement Act and largely wipe out largely wipe out the company’s existing shareholders.

The Canada-based maker of paclitaxel, the drug used in Boston Scientific’s (NYSE:BSX) Taxus coronary stents, filed for bankruptcy in late January 2011.

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