|AT THE COMPANY||AT THE FINANCIAL RELATIONS BOARD|
|Robert V. Toni, President & CEO
Benny Ward, CFO
CLOSURE Medical Corporation
|For General Info: : Paula Schwartz
For Analyst Info: Julie Tu (212) 661-8030
For Media Info: Judith Sylk-Siegel (212) 661-8030
FOR IMMEDIATE RELEASE: May 29, 2001
CLOSURE MEDICAL SIGNS DEFINITIVE AGREEMENT WITH JOHNSON & JOHNSON CONSUMER COMPANIES, INC. FOR ITS LIQUIDERM™ LIQUID ADHESIVE BANDAGE
Product to Compete for Share of the $1 Billion Adhesive Bandage Market
Raleigh, NC, May 29, 2001 -- CLOSURE Medical Corporation (Nasdaq: CLSR) today announced that it has entered into a definitive agreement providing Johnson & Johnson Consumer Products Company (“Consumer”), a division of Johnson & Johnson Consumer Companies, Inc. and the makers of BAND-AID® Brand adhesive bandages, with worldwide supply, distribution and development rights to the Company’s novel LIQUIDERM™ liquid adhesive bandage technology. Equally as noteworthy and included as part of the agreement are the rights to future over-the-counter (OTC) products co-developed by the partnership. Such future OTC products may include product improvements, line extensions, and new products based on CLOSURE's proprietary cyanoacrylate technology. Initial distribution of LIQUIDERM™ adhesive by Consumer into the retail market is anticipated to follow a typical launch schedule for similar bandage products, which usually occurs at the beginning of a calendar year. To meet this seasonal launch schedule, CLOSURE would expect to begin its shipment of product to Consumer during the preceding quarter. Financial terms of the transaction were not reported.
CLOSURE's LIQUIDERM™ liquid adhesive bandage is the first and only cyanoacrylate medical device approved by the FDA for the adhesive bandage market. LIQUIDERM™ adhesive is easily applied by painting it on the wound, thereby sealing it and creating a healing environment. As the wound heals, LIQUIDERM™ adhesive sloughs off naturally.
Commenting on today's news, Robert V. Toni, CLOSURE Medical's President and Chief Executive Officer said, “We are delighted to announce this partnership with Johnson & Johnson Consumer Products Company, the worldwide leader in the $1 billion adhesive bandage market. The decision to partner with the market leader is wholly consistent with our long-term strategy to align each of our product platforms with the respective leader in that category. Given CLOSURE’s ability to develop and manufacture medical grade cyanoacrylates and Johnson & Johnson Consumer’s ability to market innovative healing devices, we look forward to a partnership that will truly maximize the potential of our LIQUIDERM™ adhesive technology.”
DERMABONDâ Topical Skin Adhesive is a topical tissue adhesive used to close wounds from skin lacerations and incisions, minimally invasive surgery and plastic surgery. DERMABONDâ adhesive can be used as a replacement for topical sutures or staples and is marketed and distributed by Ethicon, Inc., the world leader in wound closure products.
SOOTHE-N-SEAL™ adhesive is indicated for the treatment of oral ulcers and mouth sores. It forms a protective barrier that shields oral ulcers from irritation due to eating and drinking while providing immediate and long-term pain relief. SOOTHE-N-SEAL™ adhesive is in the early stages of the product launch to the professional and consumer markets by Colgate Oral Pharmaceuticals, Inc.
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 DERMABONDâ Topical Skin Adhesive, which is used to replace sutures and staples for closure of certain lacerations and incisions, SOOTHE-N-SEAL™ canker sore relief, which is used to provide pain relief for canker and mouth sores, and the NEXABANDâ line of topical adhesives, which are used in veterinary wound closure and management.
DERMABONDâ is a registered trademark of Ethicon, Inc.; SOOTHE-N-SEAL™ is a licensed trademark of Colgate Oral Pharmaceuticals, Inc.; LIQUIDERM™ is a trademark of CLOSURE Medical Corporation; and NEXABANDâ is a registered trademark 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/BSMG Worldwide 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, 2000 filed with the Securities and Exchange Commission.