AT THE COMPANY
Robert V. Toni, President & CEO
J. Blount Swain, CFO
CLOSURE Medical Corporation
AT THE FINANCIAL RELATIONS BOARD
For General Info: Paul G. Henning (212) 661-8030
For Analyst Info: Brian Gill (212) 661-8030
For Media Info: Deanne Eagle (212) 661-8030
FOR IMMEDIATE RELEASE:
October 21, 1999
CLOSURE MEDICAL CORPORATION REPORTS
THIRD QUARTER RESULTS
Raleigh, NC, October 21, 1999 -- CLOSURE Medical Corporation (Nasdaq: CLSR), a medical tissue cohesive products company, today announced that total revenues for the three months ended September 30, 1999 were $2,732,000 compared to $4,210,000, including product development revenues of $1,500,000, in the 1998 corresponding period. The net loss for the 1999 quarter was $1,204,000 or ($0.09) per basic and diluted share, compared to net income of $494,000 or $0.04 per basic and diluted share in the corresponding 1998 period.
Revenues for the nine months ended September 30, 1999 were $10,826,000 compared to $6,322,000 in the corresponding 1998 period. For the nine months ended September 30, 1999, the Company reported a net loss of $1,754,000 or ($0.13) per basic and diluted share, compared to a net loss of $3,782,000 or ($0.29) per basic and diluted share for the same time period of 1998.
Cash and cash equivalents and total investments were $13.6 million at September 30, 1999 compared to $16.7 million at December 31, 1998.
“We are pleased with the
recent FDA clearance of SOOTHE-N-SEAL™ Canker Sore Relief product and are
currently in discussions for a marketing distribution agreement,” said Robert
V. Toni, President and Chief Executive Officer of CLOSURE Medical. “We’re also pleased by the initiation of
the DERMABOND® Topical Skin Adhesive marketing effort into the operating room
theatre by Ethicon, Inc,” said Toni.
CLOSURE Medical Corporation, headquartered in Raleigh, North Carolina, develops, manufactures and commercializes medical tissue cohesive products based on its proprietary cyanoacrylate technology. CLOSURE's nonabsorbable tissue cohesive products may be used to replace sutures and staples for certain topical wound closure applications, while its absorbable tissue cohesive products can potentially be used as tissue cohesives for internal wound closure and management. Currently marketed nonabsorbable tissue cohesive products include DERMABOND topical skin adhesive, which is used to replace sutures and staples for closure of certain lacerations and incisions, OCTYLDENT® cohesive, which is used as an adjunct in the treatment of adult periodontal disease; and NEXABAND® topical cohesives, a family of products used in veterinary wound closure and management.
* DERMABOND is a trademark of Ethicon, Inc.; SOOTHE-N-SEAL, OCTYLDENT and NEXABAND are all 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 nonabsorbable and absorbable products; the need for regulatory approval and effects of governmental regulation; technological uncertainties; 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, 1998 filed with the Securities and Exchange Commission.
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