A follow-on offering brought $218.8 million in gross proceeds to Angiotech Pharmaceuticals Inc., a company known for partnering its therapeutic compounds with medical devices.

On Friday, the Vancouver, British Columbia-based business said it sold 5 million common shares priced at $43.75 apiece, a small discount to Thursday's closing bid of $43.95. By the close of Friday's trading, the shares (NASDAQ:ANPI) gained 67 cents to close at $44.62. Angiotech also trades on the Toronto Stock Exchange.

The company was unable to comment, as it remains in a SEC-imposed quiet period.

Two weeks ago, its stock value climbed to more than $50 and stayed there for consecutive trading days on good news related to a drug-eluting coronary stent that employs its technology - the Taxus Express system. Developed in partnership with Boston Scientific Corp., the product uses Angiotech's paclitaxel-coated stent technology to prevent cardiac restenosis - the re-clogging of surgically cleared arteries.

Natick, Mass.-based Boston Scientific reported pivotal trial data on Sept. 15 at the Transcatheter Cardiovascular Therapeutics meeting in Washington, showing that treatment with the stent resulted in a target lesion revascularization rate of 3 percent in the Taxus group, compared to 11.3 percent in the control group (p<0.0001).

A day later, Angiotech said the FDA set a panel meeting date of Nov. 20 to review a premarket application for the product. If approved in the U.S., it would compete with a stent called Cypher, developed by Miami Lakes, Fla.-based Cordis Corp., a Johnson & Johnson subsidiary. Taxus received Canadian approval on Sept. 11, and European approval in February.

The company said it would use proceeds from the offering, which it expects to close on Oct. 1, to fund internal clinical studies, further research and development efforts, working capital and general corporate purposes, including acquisitions.

Beyond its partnership with Boston Scientific, Angiotech is in another paclitaxel-eluting coronary stent collaboration with Cook Inc., of Bloomington, Indiana. The product is in four clinical trials. An un-partnered product, Paxceed, is an injectable paclitaxel formulation in clinical development for rheumatoid arthritis and psoriasis. The company expects to partner Paxceed as well.

Angiotech reported for the period ended June 30 about $90.7 million in cash and short-term investments. The company recorded a $7.4 million net loss for the quarter, which it ended with 34.6 million shares outstanding.

Relative to the offering, its gross proceeds could grow to about $251.6 million if the underwriters fully exercise their 750,000-share overallotment option. Merrill Lynch & Co. coordinated the global underwriting syndicate. The New York-based firm also jointly served with fellow New York business, Lehman Brothers Inc., as the U.S. and international bookrunners, while Vancouver-based BMO Nesbitt Burns Inc. and Credit Suisse First Boston Canada Inc., a unit of New York-based Credit Suisse First Boston LLC, served as joint Canadian bookrunners.