08/14/2012 08:07 EDT | Updated 10/14/2012 05:12 EDT

Angiotech Pharmaceuticals narrows Q2 loss as revenues nearly double

VANCOUVER - Medical device developer Angiotech Pharmaceuticals, Inc., which restructured it operations last year says its second-quarter loss was cut to $2.9 million as revenues nearly doubled.

The Vancouver-based company, which keeps its books in U.S. dollars, said that loss narrowed to 23 cents per share from $1.12 a year ago.

Revenue was up to $61.3 million from $37 million in the 2011 quarter as its medical device products segment generated higher revenue than any of the past five quarters.

"We are extremely pleased to announce our third consecutive quarter of significantly improved financial results," said Thomas Bailey, Angiotech's president and CEO.

"Our improved revenue growth, cash flows, liquidity and profitability are a culmination of the hard work and dedication of our team following the conclusion of our restructuring and business change initiatives last year."

Angiotech restructured in May 2011 and eliminated $250 million in outstanding senior subordinated notes due in 2014 and $16 million in interest obligations in exchange for new shares in the company.