|Contacts at CLOSURE Medical||At The Financial Relations Board|
|Robert V. Toni, President & CEO||For General Info: Stuart Levine (212) 661-8030|
|Benny Ward, CFO||For Analyst Info: Cecelia Heer (212) 661-8030|
|(919) 876-7800||For Media Info: Deanne Eagle (212) 661-8030|
FOR IMMEDIATE RELEASE: January 31, 2001
CLOSURE MEDICAL CORPORATION ANNOUNCES FDA APPROVAL OF LIQUIDERM™ LIQUID ADHESIVE BANDAGE
Raleigh, NC, January 31, 2001 -- CLOSURE Medical Corporation (Nasdaq: CLSR), a medical tissue adhesive products company, today announced it has received FDA clearance to market its LIQUIDERM™ liquid adhesive bandage. LIQUIDERM™ adhesive is the first and only cyanoacrylate medical device approved by the FDA for the over-the-counter ("OTC") adhesive bandage market.
LIQUIDERM™ adhesive utilizes the same proprietary technology as the Company’s professional product DERMABOND® Topical Skin Adhesive. DERMABOND® adhesive is used in hospitals as an alternative to sutures and staples in closing incisions and lacerations. LIQUIDERM™ adhesive is painted on the wound, sealing it from dirt and germs, creating a healing environment, which allows natural healing to take place quickly. As the wound heals, the adhesive sloughs off naturally.
The approval is based in part on the findings of a 162 patient multi-center clinical study conducted at the University of Miami, the Orlando Regional Healthcare System and the Palm Beach Research Center. Dr. William H. Eaglstein, chief clinical investigator and Professor and Chairman, Department of Dermatology and Cutaneous Surgery, University of Miami, said, "LIQUIDERM™ adhesive represents a significant advancement in wound care technology. In our pre-clinical studies, we found that LIQUIDERM™ adhesive speeds wound healing and provides a superior barrier to bacteria that cause infections versus traditional adhesive bandages. In the clinical study, we also found that LIQUIDERM™ adhesive stops bleeding and can help to reduce the pain associated with minor cuts and abrasions."
"The LIQUIDERM™ product will be a transformational innovation in the $1 billion worldwide adhesive bandage category," said Robert V. Toni, President and CEO. "Instead of just covering a wound like traditional adhesive bandages, LIQUIDERM™ liquid adhesive is a true healing device which creates a moist wound healing environment that stays on better than traditional adhesive bandages and that also stops bleeding and helps minimize pain."
CLOSURE is currently in negotiations with a top tier marketing partner for rights to its OTC wound care platform. The OTC wound care platform includes distribution rights to all present and future products, including LIQUIDERM™ adhesive, except for SOOTHE-N-SEAL™ adhesive. SOOTHE-N-SEAL™ adhesive is the Company’s first OTC product cleared by the FDA for pain relief associated with oral ulcers. In December 2000, the Company entered into a definitive agreement with Colgate Oral Pharmaceuticals, Inc., a subsidiary of Colgate-Palmolive Company (NYSE: CL), for the supply, distribution and development rights to SOOTHE-N-SEAL™ adhesive.
Mr. Toni continued, "The approval of LIQUIDERM™ adhesive brings the DERMABOND® adhesive technology from the hospital into the home medicine cabinet."
CLOSURE Medical Corporation, headquartered in Raleigh, North Carolina, develops, manufactures, and commercializes medical tissue adhesive products based on its proprietary cyanoacrylate technology. CLOSURE's nonabsorbable tissue adhesive products are used as an alternative to replace sutures and staples for certain topical wound closure applications, while its internal tissue adhesive products may potentially be used for internal wound closure and management. Currently marketed nonabsorbable tissue adhesive products include DERMABOND® * Topical Skin Adhesive, which is used as an alternative to replace sutures and staples for closure of certain lacerations and incisions, OCTYLDENT® * adhesive, which is used as an adjunct in the treatment of adult periodontal disease; and the NEXABAND® * line of topical adhesives, which are used in veterinary wound closure and management.
DERMABOND® adhesive is a trademark of Ethicon, Inc.; SOOTHE-N-SEAL™ canker sore relief is a licensed trademark of Colgate Oral Pharmaceuticals, Inc.; and, LIQUIDERM™ adhesive is a trademark of CLOSURE Medical Corporation. OCTYLDENT® adhesive and NEXABAND® adhesives are federally registered trademarks of CLOSURE Medical Corporation.
To receive CLOSURE’s latest news release and other corporate documents via fax, at no cost, call 1-800-PRO-INFO, use the Company’s symbol CLSR. Or visit the Financial Relations Board's website at www.frbinc.com.
This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to the early stage of commercialization of the Company products; the progress of its research and development programs for future products; the need for regulatory approval and effects of governmental regulation; technological uncertainties; the satisfactory conclusion of negotiations with, and dependence on, marketing partners, and dependence on patents and trade secrets, as well as those detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 1999 filed with the Securities and Exchange Commission.