Angiotech executes supplement to Subordinated Note Indenture

Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI; TSE: ANP) ("Angiotech" or the "Company") 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 (the "Subordinated Notes"), have executed a supplement to the Subordinated Note Indenture (the "Supplemental 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.

The Supplemental Indenture will be filed by the Company on both SEDAR and EDGAR, and the description of the Supplemental Indenture contained in this press release is qualified by the full text of the Supplemental Indenture.