|AT THE COMPANY||AT THE FINANCIAL RELATIONS BOARD|
|Robert V. Toni, President & CEO
J. Blount Swain, CFO
CLOSURE Medical Corporation (919) 876-7800
|For General Info: Paul G. Henning (212) 661-8030
For Analyst Info: Cecelia Heer (212) 661-8030
For Media Info: Deanne Eagle (212) 661-8030
FOR IMMEDIATE RELEASE: February 16, 2000
CLOSURE MEDICAL CORPORATION RECEIVES CLEARANCE FOR MARKETING DERMABOND® IN JAPAN
Raleigh, NC, February 16, 2000 — CLOSURE Medical Corporation (Nasdaq: CLSR) today announced that the Japanese Ministry of Health and Welfare cleared DERMABOND® Topical Skin Adhesive for marketing in Japan. For the past two years, Closure has been working closely with ETHICON, INC., a subsidiary of Johnson & Johnson, and the Japanese Ministry of Health and Welfare to gain approval for DERMABOND®.
The population of Japan, at approximately 125 million individuals, represents slightly less than one-half the population of the United States. The wound closure market in Japan is approximately $500 million and growing 9% per year, according to Global Industry Analysts, Inc.
"The Japanese approval represents the final significant regulatory hurdle for DERMABOND® in order to be marketed worldwide. Japan represents nearly 13% of the world’s total wound closure market," states Robert V. Toni, President and CEO. "Although the surgical practices and distribution methods in Japan are different from those found in the United States, we believe that ETHICON, INC., the worldwide leader in suture sales, is well positioned to bring DERMABOND® product to Japanese physicians, surgeons and other health care providers," added Toni.
Based on the timing of the Japanese approval by the Japanese Ministry of Health and Welfare, Closure anticipates that ETHICON will initiate the marketing effort in Japan during the second quarter of 2000. The product is currently marketed in 32 countries throughout the world.
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 wound 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. Visit the Financial Relations Board's website at www.frbinc.com or the Closure Medical website at www.closuremed.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; 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.