at the Company
FRB | Weber Shandwick
For Immediate Release
JAMES E. NIEDEL, FORMER CHIEF SCIENCE AND TECHNOLOGY OFFICER OF GLAXOSMITHKLINE PLC, JOINS BOARD OF CLOSURE MEDICAL CORPORATION
Raleigh, NC, October 16, 2001 -- CLOSURE Medical Corporation (the "Company") (Nasdaq: CLSR), a medical tissue adhesive products company, announced today that James E. Niedel M.D., Ph.D., until recently the Chief Science and Technology Officer of GlaxoSmithKline plc, has been elected to the Company's Board of Directors.
Dr. Niedel, 57, has served on the board of numerous private industry and non-profit organizations including serving as the Chairman of Glaxo Research and Development Limited and Affymax Technologies NV as well as a member of the Board of Directors of Glaxo Wellcome plc from 1995-2001.
Upon completion of his postgraduate medical training at Duke University Medical Center, Dr. Niedel began his professional career as a scientist at Burroughs Wellcome Co. In 1980, he returned to Duke University where he served for approximately nine years as a professor in the Departments of Medicine, Microbiology and Immunology and Pharmacology and as Chief of Clinical Pharmacology. Prior to becoming Chief Science and Technology Officer of GlaxoSmithKline plc, Dr. Niedel served as Vice President of Research and Senior Vice President for Research and Development at Glaxo Inc. and as the main board director responsible for worldwide Research and Development, Information Systems and Product Strategy for Glaxo Wellcome plc.
Dr. Niedel holds bachelor's degrees in Psychology and Chemistry from the University of Wisconsin and a Ph. D. in Biochemistry and a M.D. from the University of Miami.
"We feel extremely privileged to have someone of Dr. Niedel's credentials and experience join our Board of Directors, adding an important compliment to the already formidable skill sets of its members." said Robert V. Toni, President and Chief Executive officer. "Dr. Niedel's accomplishments in medical research and pharmaceutical operations, as well as his overall understanding of pre-clinical evaluation, clinical trials and the regulatory process, will be invaluable to CLOSURE as we continue to broaden and enhance our proprietary cyanoacrylate technology, particularly as it relates to internal applications and drug delivery."
The addition of Dr. Niedel brings the size of CLOSURE's Board of Directors to eight members.
About CLOSURE Medical
CLOSURE Medical Corporation, headquartered in Raleigh, North Carolina, develops, manufactures, and commercializes medical tissue adhesive products based on its proprietary cyanoacrylate technology. CLOSURE's proprietary technology has customized the physical and chemical properties of cyanoacrylates to develop medical adhesive formulations to close and seal topical skin wounds and incisions, as well as formulations to close or seal internal wounds. In addition to its products discussed herein, CLOSURE is also developing internal adhesives for wound closure and the possible treatment of emphysema, as well as developing liquid occlusive dressings for the treatment of a variety of partial thickness wounds, including pressure ulcers and skin tears.
DERMABOND Topical Skin Adhesive is a topical tissue adhesive used to close wounds from skin lacerations and incisions, minimally invasive surgery and plastic surgery. DERMABOND adhesive can be used as a replacement for topical sutures or staples and is marketed and distributed by Ethicon, Inc., a division of Johnson & Johnson, the world leader in wound closure products.
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 is painted on the wound, sealing it from dirt and germs, and creating a healing environment which allows natural healing to take place quickly. As the wound heals, the adhesive sloughs off naturally. CLOSURE recently signed a worldwide supply, distribution and development rights agreement with Johnson & Johnson Consumer Products Company which includes rights to its LIQUIDERM™ adhesive and its overall OTC wound care platform, including distribution rights to all present and future OTC products, except for SOOTHE-N-SEAL™ adhesive. Distribution of LIQUIDERM™ adhesive by Johnson & Johnson Consumer Products Company is expected to begin in early 2002.
SOOTHE-N-SEAL™ adhesive is indicated for the treatment of oral ulcers and mouth sores. It forms a protective barrier that shields oral ulcers from irritation due to eating and drinking while providing immediate and long-term pain relief. SOOTHE-N-SEAL™ adhesive is in the early stages of the product launch to the professional and consumer markets by Colgate Oral Pharmaceuticals, Inc.
The NEXABAND® liquid adhesive line consists of two products used in veterinary wound closure and wound care. The adhesives are used in cat declaw procedures as well as spay and neuter procedures. In July 2001, the Company entered into an agreement providing Abbott Laboratories ("Abbott") with worldwide supply, distribution and development rights to the NEXABAND® product line. In accordance with the agreement, Abbott has been granted immediate worldwide distribution rights to NEXABAND® adhesives excluding the United States and Canada. Upon the expiration of the Company's prior distribution arrangement in the second quarter of 2002, Abbott can begin the distribution of NEXABAND® products in the United States and Canada.
DERMABOND adhesive is a registered trademark of Ethicon, Inc.; SOOTHE-N-SEAL™ is a licensed trademark of Colgate Oral Pharmaceuticals, Inc.; LIQUIDERM™ is a trademark of CLOSURE Medical Corporation; and NEXABAND® is a registered trademark 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, 2000 filed with the Securities and Exchange Commission.