|AT THE COMPANY||AT THE FINANCIAL RELATIONS BOARD|
|Robert V. Toni, President & CEO
J. Blount Swain, CFO
CLOSURE Medical Corporation
|For General Info: Paul G. Henning
For Analyst Info: Brian Gill (212) 661-8030
For Media Info: Deanne Eagle (212) 661-8030
FOR IMMEDIATE RELEASE: March 11, 1998
CLOSURE MEDICAL RELOCATES TO 50,000 SQUARE FOOT FACILITY
Raleigh, NC, March 11, 1998-- CLOSURE Medical Corporation (NASDAQ:CLSR) today announced that it has relocated its corporate offices and research and development facility for nonabsorbable cohesives to a new 50,000 square foot leased facility and is in the process of relocating its manufacturing operations to the same facility. The Company expects that its expanded manufacturing operations in this facility will be fully integrated and operational during the second half of 1998. The Company’s new address is 5250 Greens Dairy Road, Raleigh, N.C. 27616.
"This move to the new facility will allow for significant expansion of the Company’s manufacturing capacity. CLOSURE Medical believes its ability to manufacture highly purified cyanoacrylate-based medical cohesives is a key competitive advantage in the wound closure marketplace," said Mr. Robert V. Toni, President and CEO.
In March 1996, the Company entered into a marketing agreement with Ethicon, Inc., a subsidiary of Johnson & Johnson, for exclusive worldwide marketing and distribution of DERMABOND*. The Company is currently manufacturing DERMABOND in its existing facility to support the commencement of marketing and distribution by Ethicon in twenty three countries outside the United States.
In January 30, 1998, the U.S. Food and Drug Administration’s General and Plastic Surgery Devices Advisory Panel unanimously recommended the approval with conditions of DERMABOND as a wound closure device. Prior to final approval from the FDA, the Company must demonstrate adequate control and validation of its manufacturing processes during a GMP facility inspection and agree to final package labeling.
* DERMABOND is a trademark of Ethicon, Inc.
CLOSURE Medical develops, commercializes and manufactures medical cohesive products based on its proprietary cyanoacrylate technology. CLOSURE’s nonabsorbable products may be used to replace sutures and staples for certain topical wound closure applications, while its absorbable products can potentially be used as surgical sealants and adhesives for internal wound closure and management. Currently marketed products include DERMABOND, a non-absorbable cohesive used for topical wound closure applications, OctyldentÒ , used in conjunction with antibiotics to treat adult periodontal disease and NexabandÒ , a line of topical cohesives used in veterinary wound closure and management.
To receive CLOSURE’s latest news release and other corporate documents via FAX -- at no cost-- dial 1-800-PRO-INFO. Use Company’s ticker-CLSR.
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; scale-up of manufacturing processes; 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, 1996 and filed with the Securities and Exchange Commission.