|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: July 17, 2001
ANNOUNCES AGREEMENT WITH ABBOTT LABORATORIES FOR NEXABAND®
PRODUCT LINE FOR VETERINARY WOUND CARE
Raleigh, N.C., July 17, 2001 -- CLOSURE Medical Corporation (Nasdaq: CLSR) today announced that it has entered into an agreement providing Abbott Laboratories ("Abbott") with worldwide supply, distribution and development rights to CLOSURE's NEXABAND® product line for the veterinary treatment of wounds. Under the agreement, Abbott also receives rights to future veterinary products co-developed through the collaboration of the parties, including product improvements, line extensions, and new products based on CLOSURE's proprietary cyanoacrylate technology. Financial terms of the transaction were not disclosed.
CLOSURE granted Abbott immediate worldwide distribution rights of NEXABAND® adhesives excluding the United States and Canada. Upon the expiration of CLOSURE's prior distribution arrangement in the second quarter of 2002, Abbott can begin the distribution of NEXABAND® products in the United States and Canada.
Commenting on today's news, Robert V. Toni, CLOSURE Medical's President and Chief Executive Officer said, "We are delighted to collaborate with Abbott and announce the opportunity to have dedicated distribution for the first time beyond North America for our veterinary wound care products."
The NEXABAND® liquid adhesive product line was the first cyanoacrylate introduced by CLOSURE in 1990 and provided the groundwork for the development of its human products currently used for professional wound closure and over-the-counter ("OTC") wound care applications. Two products currently manufactured and distributed under the NEXABAND® product line are: NEXABAND® liquid adhesive, used for cat declaw procedures and NEXABAND® s/c adhesive used in spay and neuter procedures.
"We are pleased to add the NEXABAND® product line to our expanding portfolio of perioperative products sold in domestic and international markets," Diane Winnard, General Manager of Abbott's animal health commercial operations, said.
About Closure Medical
CLOSURE Medical Corporation, headquartered in Raleigh, North Carolina, develops, manufactures, and commercializes medical tissue adhesive products based on its proprietary cyanoacrylate technology. CLOSURE's proprietary technology has customized the physical and chemical properties of cyanoacrylates to develop medical adhesive formulations to close and seal topical skin wounds and incisions, as well as formulations to close or seal internal wounds. In addition to its products discussed herein, CLOSURE is also developing internal adhesives for the possible treatment of emphysema, as well as developing liquid occlusive dressings for the treatment of a variety of partial thickness wounds, including pressure ulcers and skin tears.
DERMABOND Topical Skin Adhesive is a topical tissue adhesive used to close wounds from skin lacerations and incisions, minimally invasive surgery and plastic surgery. DERMABOND adhesive can be used as a replacement for topical sutures or staples and is marketed and distributed by Ethicon, Inc., a division of Johnson & Johnson, the world leader in wound closure products.
LIQUIDERM™ adhesive is the first and only cyanoacrylate medical device approved by the FDA for the OTC adhesive bandage market. LIQUIDERM™ adhesive is painted on the wound, sealing it from dirt and germs, and creating a healing environment which allows natural healing to take place quickly. As the wound heals, the adhesive sloughs off naturally. CLOSURE recently signed a worldwide supply, distribution and development rights agreement with Johnson & Johnson Consumer Company which includes rights to its LIQUIDERM™ adhesive and its overall OTC wound care platform, including distribution rights to all present and future products, except for SOOTHE-N-SEAL™ adhesive. Distribution of LIQUIDERM™ adhesive by Johnson & Johnson Consumer Company is expected to begin in early 2002.
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.
DERMABOND adhesive 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 NEXABAND® 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.