NEWS RELEASE for September 4, 2002 at 7:30 AM EDT

Contact:

Allen & Caron Inc
Rob Weir (investors)
212-691-8087
robw@allencaron.com

Len Hall (media)
949-474-4300
len@allencaron.com

CLOSURE Medical Corp
Robert V. Toni, CEO
Benny Ward, CFO
(919) 876-7800

 

DANIEL A. PELAK APPOINTED AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF CLOSURE MEDICAL

RALEIGH, NC (September 4, 2002) The Board of Directors of CLOSURE Medical Corporation (Nasdaq:CLSR) today announced that medical device veteran and longtime Medtronic, Inc. (NYSE:MDT) executive Daniel A. Pelak, 50, has been appointed its President and CEO. Mr. Pelak succeeds Robert V. Toni, 62, whose previously announced retirement begins concurrent with Mr. Pelak's arrival.

Mr. Pelak has been with Minneapolis-based Medtronic, Inc. since 1976. He began his career in marketing and sales, and has worked over the years with surgical devices in cardiac and cardiovascular applications, neurological products, hospital disposables and pharmaceuticals. Most recently he served as Vice President and General Manager of the Perfusion Systems Division of Medtronic since January 2002. For the two years prior to that he was Vice President and General Manager of Medtronic's Cardiac Surgery Technology Division. From 1992 to 2000, Mr. Pelak managed progressively larger marketing operations in the cardiac and cardiovascular areas of Medtronic. Prior to 1992, Dan held the position of Vice President and General Manger of Medtronic's Nortech Division, after moving through several sales management positions of increasing responsibility.

CLOSURE Chairman Ronald Ahrens said, "CLOSURE is at an exciting point in its development. Our existing partnerships are healthy and we believe Dan will continue and strengthen those relationships. He also has the opportunity to fulfill our ambition to build and develop an internal marketing and sales capability to support our product pipeline, such as products for use inside the body. Dan's record demonstrates that he knows how to manage fast-growing and complex organizations while maximizing current performance and facilitating additional growth. He combines strong operations experience with a deep and abiding sense of the customer bred of his background in marketing and sales. He spent many years at Medtronic managing R&D-intensive operations, and is adept at bringing development in on-time and on-budget. We believe Dan will be an excellent CEO for the potential growth of the Company and are very pleased to be able to work with him."

Mr. Pelak said, "I am enthusiastic about joining CLOSURE Medical. I believe a sound foundation for growth is in place and I see great opportunities for our existing and future products."

Mr. Toni announced in January of this year that he would retire from CLOSURE when his replacement was found, and was an active participant in the search for and choice of Mr. Pelak. Toni said, "I have spent the best nine years of my career at CLOSURE, and frankly, I was determined to hand over the reins to an executive who could drive the high-powered team to its full potential. I am happy to be able to turn a growing and healthy company over to Dan, and I believe that we the shareholders have the opportunity to see our holdings enhanced under his stewardship." Mr. Toni is moving to the Seattle area to spend time with his family and to pursue longtime personal goals.

Mr. Pelak will begin full time at CLOSURE headquarters beginning mid-September.

About CLOSURE Medical Corporation
CLOSURE Medical Corporation is a global leader in the development, manufacture, and commercialization of medical adhesive brands for wound closure and care based on its proprietary medical grade 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.

For additional information on CLOSURE Medical visit its website at www.closuremed.com or visit the "Clients" section of the Allen & Caron website at www.allencaron.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's 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, 2001, filed with the Securities and Exchange Commission. Although the Company believes that the expectations in the forward-looking statements are reasonable, the Company cannot guarantee such results. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.