On May 29, 2009, Angiotech Pharmaceuticals, Inc. ("Angiotech") and certain U.S. subsidiaries of Angiotech (the "Borrowers") entered into an amendment (the "Amendment") to the Credit Agreement, dated as of February 27, 2009 (the "Credit Agreement"), with Wells Fargo Foothill, LLC, as arranger, administrative agent and lender. Angiotech and certain other of Angiotech's subsidiaries guaranty the payment and performance of the Borrowers' obligations under the Credit Agreement and have entered into a Consent and Reaffirmation with respect to the Amendment. Capitalized terms used herein and not otherwise defined have the meaning given to them in the Credit Agreement.

Among other things, the Amendment expands the definition of Permitted Investments, eliminates the Availability Block on the secured revolving facility so that the Borrowers have access to the full $25 million of that facility (subject to a borrowing base formula based on certain of Angiotech's and its subsidiaries' finished goods inventory and accounts receivable) and terminates the $10 million secured delayed draw term loan facility, which was undrawn at the time of the Amendment and was not projected by Angiotech to be used before such facility terminated on August 31, 2009.

The above description of the Amendment does not purport to be a complete statement of the parties' rights and obligations under the Credit Agreement, as amended by the Amendment, and is qualified in its entirety by reference to the Credit Agreement, a copy of which is attached as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 5, 2009, and the Amendment, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference. Any information disclosed in this Current Report on Form 8-K or the exhibits hereto shall not be construed as an admission that such information is material.

(d) Exhibits

Exhibit
Number       Description
 10.1        First Amendment to Credit Agreement, dated as of May 29, 2009, by and
             among Angiotech, as Parent, the subsidiaries of Parent listed as
             borrowers on the signature pages thereto, as borrowers, the lenders
             signatory thereto, as lenders, and Wells Fargo Foothill, LLC, as
             arranger and administrative agent.