|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: July 27, 1998
CLOSURE MEDICAL CORPORATION ANNOUNCESSECOND QUARTER RESULTS
Raleigh, NC, July 27, 1998-- CLOSURE Medical Corporation (Nasdaq: CLSR), a medical tissue cohesive products company, today announced that total revenues for the second quarter ended June 30, 1998 were $1,342,000 compared to $140,000 for the quarter ended June 30, 1997. The net loss for the 1998 quarter was $2.3 million, or ($.17) per basic and diluted share, compared to a net loss of $1.7 million, or ($.13) per basic and diluted share in the corresponding 1997 period.
Revenues for the six months ended June 30, 1998 were $2,112,000 compared to $348,000 in the corresponding 1997 period. For the six months ended June 30, 1998, the Company reported a net loss of $4.3 million, or ($.32) per basic and diluted share, compared to a net loss of $3.2 million, or ($.25) per share for the same period of 1997.
Cash and cash equivalents and total investments were $18.7 million at June 30, 1998 compared to $24.5 million at December 31, 1997.
According to Robert Toni, Chief Executive Officer, "This was a record quarter in product revenues, which exceeded $1 million for the first time, primarily as a result of the DERMABOND* international sales. DERMABOND* was launched by Ethicon, Inc., the Company’s marketing partner for the product, in 23 countries outside the U.S. earlier this year.
CLOSURE Medical Corporation, headquartered in Raleigh, North Carolina, develops, manufactures and commercializes medical tissue 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 cohesive products can potentially be used as surgical sealants and tissue cohesives for internal wound closure and management. Currently marketed nonabsorbable tissue cohesive products include DERMABOND* topical skin cohesive, which is used to replace sutures and staples for closure of certain lacerations and incisions; OCTYLDENT* cohesive, which is used as an adjunct in the treatment of adult periodontal disease; and the NEXABAND* line of topical tissue cohesives, which are used in veterinary wound closure and management.
*DERMABOND is a Trademark of Ethicon, Inc.; OCTYLDENT and NEXABAND are registered trademarks of CLOSURE medical Corporation.
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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, 1997 and filed with the Securities and Exchange Commission.