NEWS RELEASE for October 2, 2003 at 7:35 AM EDT
Contact: Allen & Caron Inc CLOSURE Medical Corp
Joe Allen (investors) Len Hall (media) Benny Ward, CFO
(212) 691-8087 (949) 474-4300 (919) 876-7800
STEPHEN I. SHAPIRO JOINS BOARD OF CLOSURE MEDICAL CORPORATION
RALEIGH, NC (October 2, 2003) … CLOSURE Medical Corporation (Nasdaq:CLSR), a global leader in medical adhesives, announced today that it has expanded the Board of Directors with the appointment of Stephen I. Shapiro. Shapiro, 58, has over 25 years of experience in the healthcare industry, especially in medical devices.
Currently, Shapiro serves as a technology partner at Advanced Technology Ventures and an advisor at Galen Associates. From 1982-1999, Shapiro was a Managing Director of The Wilkerson Group, a leading management consultancy to pharmaceutical, medical device and diagnostic companies. Mr. Shapiro was one of four directors that grew the company from 10 to 100 consultants prior to its acquisition by IBM in 1996. Prior to 1982, Shapiro held a variety of technical management and strategic planning positions with Becton Dickinson and Company and Union Carbide Clinical Diagnostics. Shapiro currently serves on the Board of Directors of Novoste Corporation, a NASDAQ listed company, which is the worldwide leader in vascular brachytherapy.
“We are extremely pleased to have Steve join our Board of Directors. His vast experience, leadership and strategic management skills within the medical device and healthcare industries provide significant value to the Company. I am very pleased to welcome him as a member and look forward to having Steve as an additional resource,” said Daniel A. Pelak, President and Chief Executive Officer.
Shapiro holds a B.S. in Chemical Engineering from the Massachusetts Institute of Technology and an M.S. in Chemical Engineering from the University of California at Berkeley.
“I am excited to join an organization with such growth and tremendous opportunity as Closure Medical. The Company has a proven technology platform and products and I look forward to being a part of its future success as it continues to expand its portfolio and overall business,” said Shapiro.
About CLOSURE Medical Corporation
CLOSURE Medical Corporation is a global leader in the development, manufacture, and commercialization of medical adhesives based on its proprietary medical grade 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.
For additional information on CLOSURE Medical visit its website at www.closuremed.com or visit the "Clients" section of the Allen & Caron website at www.allencaron.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’s 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, 2002, filed with the Securities and Exchange Commission. Although the Company believes that the expectations in the forward-looking statements are reasonable, the Company cannot guarantee such results. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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