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From Proactive Investor

Angiotech Pharmaceuticals (NASDAQ: ANPI) said Monday it has signed a private label supply agreement with diagnostic product company Hologic (Nasdaq:HOLX), under which Angiotech will provide Hologic with its soft tissue biopsy instruments.

The news has sent Angiotech’s shares up more than 47% on Monday, reaching highs of $0.265 within an hour of market close. No financial terms of the deal were disclosed.

The initial term of the supply agreement, which is specific to US products for use in breast biopsies, is for three years, with automatic renewals for additional periods of three years each.

Hologic develops, manufactures and supplies diagnostic products, medical imaging systems and surgical products to the womens’ healthcare market, selling a wide range of products related to breast biopsy.

To expand its product offering and enhance its vacuum-assisted breast biopsy systems, Hologic will now offer a 14g single-use, fully automatic biopsy instrument, with features including a spring-loaded stylet and cannula, one-handed operation, and an echogenic needle tip.

“This is yet another example of Angiotech’s product development expertise partnered with an industry leader with a broad footprint across the U.S., providing a large number of physicians and patients with Angiotech’s innovative healthcare technologies,” said president and CEO of Angiotech, Dr. William Hunter.

The U.S. minimally-invasive breast biopsy systems market, which includes vacuum-assisted breast biopsy hand pieces, consoles, and accessories/disposables as well as tissue markers and biopsy tables, was estimated at $427 million in 2008, according to Elsevier Business Intelligence.

Angiotech discovers, develops and markets treatments for diseases or complications associated with medical device implants, surgical interventions and acute injury.

Happy trading,

Curt