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Angiotech Pharmaceuticals, Inc. et al.

Angiotech Pharmaceuticals, Inc. (“Angiotech”) and those of its subsidiaries listed in Schedule “A” to the Petition to the Court (collectively, the “Petitioners”) were subject to an application before the Supreme Court of British Columbia (the “British Columbia Court”) pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended (the “CCAA”).

The British Columbia Court made an order (the “Initial Order”) on January 28, 2011, granting the Petitioners the protections afforded by a stay of proceedings, while Angiotech pursues the implementation of a recapitalization transaction and other operational restructuring initiatives under the CCAA.

The Initial Order appointed Alvarez & Marsal Canada Inc. (the “Monitor”) as Monitor of the business and financial affairs of the Petitioners in the CCAA proceedings.

On January 31, 2011, the Monitor commenced ancillary proceedings in the United States Bankruptcy Court for the District of Delaware under chapter 15 of title 11 of the United States Code, 11 U.S.C. s. 101-1532, as amended, seeking recognition of the CCAA proceedings as foreign main proceedings and to give effect to the Order in the United States.

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