Angiotech narrows losses following bankruptcy, restructuring

November 16, 2012 by MassDevice staff

Angiotech Pharmaceuticals cuts losses in half during its 3rd quarter after the company undertook restructuring measures after filing for bankruptcy last year.

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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.

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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.