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Angiotech Announces Extension of the Expiration Date of its Tender Offer for Senior Floating Rate Notes Due 2013 and 7.75% Senior Subordinated Notes Due 2014

Friday, September 12, 2008 General News J E 4
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VANCOUVER, Sept. 12 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. ("Angiotech") (NASDAQ: ANPI, TSX: ANP), a global specialty pharmaceutical and medical device company, today announced that in connection with the previously announced tender offer (the "Tender Offer") for its outstanding Senior Floating Rate Notes Due 2013 (CUSIP # 034918AF9) (the "First Priority Notes"), and its outstanding 7.75% Senior Subordinated Notes Due 2014 (CUSIP # 034918AC6) (the "Second Priority Notes" and collectively with the First Priority Notes, the "Notes"), that it has extended the date on which the tender offer will expire (the "Expiration Date") from 12:00 midnight, New York City time, on September 12, 2008, to 12:00 midnight, New York City time, on September 29, 2008. The Expiration Date is dependent on the date of the Angiotech shareholders meeting that will be called to approve the investment in Angiotech Pharmaceutical Interventions, Inc., a newly formed subsidiary of Angiotech, by Ares Management LLP and New Leaf Venture Partners (the "API Investment"), because the proceeds of the API Investment are needed to fund the tender offer. The date of the shareholders meeting has not yet been determined and the Expiration Date remains subject to extension by Angiotech in its sole discretion.

The Tender Offer is being made pursuant to the terms and conditions set forth in the Offer to Purchase, dated July 7, 2008, and the accompanying "Letter of Transmittal," which were previously sent to holders of Notes. Further details about the terms and conditions of the tender offer are set forth therein.

Angiotech has retained Goldman, Sachs & Co. to act as the exclusive dealer manager for the tender offer. Global Bondholder Services Corporation is the Information Agent for the tender offer. Questions regarding the transaction should be directed to Goldman, Sachs & Co. at (877) 686-5059 (toll-free) or (212) 357-0775 (collect). Requests for documentation should be directed to Global Bondholder Services Corporation at (866) 387-1500 (toll-free) or (212) 430-3774 (collect).



Statements contained in this press release that are not based on historical fact, including without limitation statements containing the words "believes," "may," "plans," "will," "estimate," "continue," "anticipates," "intends," "expects" and similar expressions, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws. All such statements are made pursuant to the "safe harbor" provisions of applicable securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for the second half of 2008 and beyond, our strategies or future actions, our targets, expectations for our financial condition and the results of, or outlook for, our operations, research development and product and drug development. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, the following: general economic and business conditions, both nationally and in the regions in which we operate; market demand; technological changes that could impact our existing products or our ability to develop and commercialize future products; competition; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; adverse results or unexpected delays in pre-clinical and clinical product development processes; adverse
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