|CONTACTS AT THE COMPANY||AT THE FINANCIAL RELATIONS BOARD|
|Robert V. Toni, President & CEO
Benny Ward, CFO
CLOSURE Medical Corporation (919) 876-7800
|For General Info: Stuart Z. Levine, Ph.D. (212) 661-8030
For Analyst Info: Cecelia Heer (212) 661-8030
For Media Info: Deanne Eagle (212) 661-8030
FOR IMMEDIATE RELEASE: December 21, 2000
CLOSURE MEDICAL CORPORATION ANNOUNCES AGREEMENT GRANTING
ORAL PHARMACEUTICALS, INC. EXCLUSIVE RIGHTS TO SOOTHE-N-SEAL™
Raleigh, NC, December 21, 2000 -- CLOSURE Medical Corporation (Nasdaq: CLSR) today announced that it has entered into a definitive agreement providing Colgate Oral Pharmaceuticals, Inc. ("Colgate"), a subsidiary of Colgate-Palmolive Company (NYSE: CL), with supply, distribution and development rights to the Company's SOOTHE-N-SEAL.™ Canker Sore Relief ("SOOTHE-N-SEAL") technology. Under this agreement, Colgate has acquired worldwide rights to market, sell and distribute SOOTHE-N-SEAL and future oral care products, based upon CLOSURE's proprietary cyanoacrylate technology, to both professional and consumer markets. Financial terms of the transaction were not reported.
Robert Toni, CLOSURE's President and CEO, said "Our strategy is to align ourselves and our products with market leaders and we are very excited to partner SOOTHE-N-SEAL with Colgate, the worldwide leader in oral care." He further noted, "Colgate is uniquely positioned to generate significant trial and awareness of SOOTHE-N-SEAL through both its professional and consumer marketing expertise."
SOOTHE-N-SEAL is the first cyanoacrylate medical device approved by the FDA for the over-the-counter consumer market. In a multi-center clinical study, SOOTHE-N-SEAL was found to provide immediate and long-term pain relief associated with oral ulcers. Additionally, the product forms a protective barrier that shields the ulcer from irritation due to eating and drinking. SOOTHE-N-SEAL utilizes the same proprietary technology as the Company's professional product DERMABOND® Topical Skin Adhesive ("DERMABOND"). DERMABOND is used in hospitals as an alternative to sutures and staples in closing incisions and lacerations.
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 may be used to replace sutures and staples for certain topical wound closure applications, while its internal tissue adhesive products can potentially be used for internal wound closure and management. Currently marketed nonabsorbable tissue adhesive products include DERMABOND®* Topical Skin Adhesive, which is used 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 and LIQUIDERM™ adhesive are trademarks 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.