Angiotech sets up venture initiative ADDVANCE; updates 2005/6 guidance

Canadian specialty drugmaker Angiotech Pharmaceuticals has created a new division, called Angiotech Drug Device Venture and Capital Enterprises, which is to focus on venture-stage investing and new venture relationship development and management.

Over the next three years, ADDVANCE plans to sink up to a total of $50.0 million into development-stage companies and new enterprises, the Vancouver-based firm stated. The news, on June 2, bumped the group's Nasdaq-traded shares up 2.3% to close at $13.39, reflecting a generally positive sentiment on the move.

In conjunction with Angiotech's scientists and clinicians, ADDVANCE partners and employees will work together to investigate new ways of commercializing the former's technology and intellectual property outside of its core areas of therapeutic interest, says the firm.