Angiotech Pharmaceuticals, Inc. Announces Agreement to Extend Cure Period

Angiotech Pharmaceuticals, Inc. ANPI today announced that it and U.S. Bank National Association, as successor trustee under the Company's subordinated note indenture, dated as of March 23, 2006 (as amended, supplemented or otherwise modified from time to time, the "Subordinated Note Indenture"), at the direction of a majority of the holders of the Company's 7.75% Senior Subordinated Notes due 2014, have executed a supplement to the Subordinated Note Indenture. The Supplemental Indenture extends the grace period applicable to interest payments due on the Subordinated Notes from 90 days to 120 days before an event of default occurs. The Subordinated Note Indenture was previously amended on October 29, 2010 and November 29, 2010 to extend this grace period to 60 days and 90 days, respectively.