Angiotech Pharmaceuticals, Inc. announced that it has reached an agreement (the “Sixth Extension Agreement”) with the holders of a majority of the principal amount outstanding of the company’s 7.75% senior subordinated notes (the “subordinated notes”) to extend, to May 12, 2011, the date by which implementation of the previously announced recapitalization transaction must take place pursuant to the Recapitalization Support Agreement, dated as of October 29, 2010, as amended.

The company has also entered into an agreement (the “seventh FRN extension agreement” and, together with the sixth extension agreement, the “extension agreements”) with holders of a majority of the principal amount outstanding of its senior floating rate notes due 2013 (the “existing floating rate notes”) to extend, to May 12, 2011, the date by which the company must close its offer to exchange (the “exchange offer”) new senior secured floating rate notes due 2013 (the “new floating rate notes”) for all of its exiting floating rate notes under the previously announced floating rate note support agreement, dated as of October 29, 2010, as amended.

The extension agreements will be filed by the company on both SEDAR and EDGAR, and the above descriptions of the extension agreements are qualified in their entirety by reference to the complete text of the applicable extension agreement.

The company also announced that it has extended the expiration time of the exchange offer to 11:59 p.m. New York City time on May 9, 2011. The exchange offer was last scheduled to expire at 11:59 p.m. New York City time on April 22, 2011.

The extension of the exchange offer has been made to allow holders of outstanding existing floating rate notes who have not yet tendered their existing floating rate notes for exchange to do so. As of the close of business on April 21, 2011, approximately $322,075,000 in aggregate principal amount of the existing floating rate notes had been validly tendered for exchange and not withdrawn.

Other than the extension described in this announcement, all of the terms of the exchange offer remain unchanged. This announcement does not constitute an offer to sell or buy any security or a solicitation of any offer to buy securities.

Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company. The company discovers, develops and markets innovative treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury.