|AT THE COMPANY||AT THE FINANCIAL RELATIONS BOARD|
|Robert V. Toni, President & CEO||For General Info: Paul G. Henning (212) 661-8030|
|J. Blount Swain, CFO
CLOSURE Medical Corporation (919) 876-7800
|For Analyst Info: Brian Gill (212) 661-8030
For Media Info: Deanne Eagle (212) 661-8030
FOR IMMEDIATE RELEASE:
CLOSURE MEDICAL CORPORATION FOURTH QUARTER RESULTS
Raleigh, NC, 1998 -- CLOSURE Medical Corporation (Nasdaq: CLSR), a medical tissue cohesive products company, today announced that total revenues for the three months ended March 31, 1998 were $770,000 compared to $208,000 in the 1997 comparable period. The net loss for the 1998 quarter was $1.9 million, or ($.15) per share, compared to a net loss of $1.5 million, or ($.12) per share in the corresponding 1997 period.
Cash and cash equivalents and total investments were $22.3 million at March 31, 1998 compared to $24.5 million at December 31, 1996.
CLOSURE Medical develops, commercializes and manufactures 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 surgical sealants and tissue cohesives for internal wound closure and management. Currently marketed tissue cohesive products include OctyldentÒ , used as an adjunct in the treatment of adult periodontal disease, NexabandÒ , a line of topical tissue cohesives used in veterinary wound closure and management and Dermabond* a nonabsorbable cohesive used for certain topical wound closure applications.
* Dermabond is a trademark of Ethicon, Inc., a subsidiary of Johnson & Johnson.
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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 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, 1997 filed with the Securities and Exchange Commission.