Angiotech Pharmaceuticals has been a bad investment for several years. Recently they organized a major conversion of debt to equity which may possibly reduce their costs. Will they survive?
Angiotech Pharmaceuticals, $0.34, symbol ANP on Toronto (Shares outstanding: 85.2 million; Market cap: $29.0 million, www.angiotech.com), is undertaking a recapitalization to stave off bankruptcy. It looks like it will survive, but that’s not a certainty. The recapitalization, which involves issuing new shares to pay off debtholders, will result in considerable dilution for current shareholders.
The company gets most of its revenue in the form of royalties from Boston Scientific Corp, which makes the Taxus drug-coated stent. (Stents are tiny tubes used to prop open arteries.) Angiotech developed the technology for the Taxus stent and Boston Scientific makes it.
Rival products have hurt sales of Boston Scientific’s stents in recent years. To lower its reliance on the Taxus stent, Angiotech focusing on bringing its Quill SRS suture product to market.
Angiotech has little investment appeal right now. We don’t recommend the shares.
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