|AT THE COMPANY||AT THE FINANCIAL RELATIONS BOARD|
|Robert V. Toni, President & CEO
Benny Ward, Acting CFO
|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: April 25, 2000
CLOSURE MEDICAL CORPORATION REPORTS FIRST QUARTER RESULTS
Raleigh, NC, April 25, 2000 -- CLOSURE Medical Corporation (Nasdaq: CLSR), a medical tissue cohesive products company, today announced that total revenues for the three months ended March 31, 2000 were $2,666,000 compared to $3,817,000 in the 1999 corresponding period. The net loss for the 2000 quarter was $618,000, or ($.05) per basic and diluted common share, compared to a net loss of $565,000, or ($.04) per basic and diluted common share in the corresponding 1999 period.
Cash and cash equivalents and total investments were $11.5 million at March 31, 2000 compared to $12.6 million at December 31, 1999.
During the quarter the Company initiated a clinical study for LIQUIDERM™ liquid adhesive bandage for the treatment of minor cuts and abrasions. Results from the study will be used in an anticipated 510(k) submission to the FDA later this year. In February, the Japanese Ministry of Health and Welfare cleared DERMABOND® Topical Skin Adhesive for marketing in Japan—a wound closure market of approximately $500 million and growing 9% per year, according to Global Industry Analysts, Inc.
“We are encouraged by our advancements on many fronts,” said Robert V. Toni, President and Chief Executive Officer. “The clinical trials for LIQUIDERM™ are moving ahead of schedule, and Ethicon Inc., our marketing partner, is progressing in its efforts to penetrate the operating room marketplace for DERMABOND®. We continue to develop line extensions—alternatives to the current delivery system and viscosity -- to complement this effort, while we continue to make significant progress on several potential new products.”
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® is a trademark of Ethicon, Inc.; SOOTHE-N-SEAL and LIQUIDERM are trademarks of CLOSURE Medical Corporation. OCTYLDENT and NEXABAND 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; 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.