RALEIGH, N.C., Jan. 5 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR), a medical device company engaged in developing, manufacturing
and commercializing tissue adhesive products, today announced that Robert V.
Toni, (60), President and Chief Executive Officer, intends to sell 25,000
shares per quarter, of CLOSURE common stock during 2001, pursuant to Rule
10b5-1 promulgated under the Securities Exchange Act. These shares represent
approximately 9% of the beneficial shares and options to purchase CLOSURE
common stock held by Mr. Toni. To date, Mr. Toni, who has been President and
Chief Executive Officer of CLOSURE since 1994, has sold only 73,500 shares of
the Company's common stock.
"This pre-determined plan does not in any way reflect on my confidence in
the future growth of CLOSURE," said Mr. Toni. "CLOSURE shares constitute a
substantial portion of my net worth. I believe it is prudent to diversify my
investment portfolio and, by availing myself of rule 10b5-1, the intention is
to dispose of shares in an orderly manner and minimize any impact on the stock
price."
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(R)* Topical Skin Adhesive, which is used to replace sutures and
staples for closure of certain lacerations and incisions; OCTYLDENT(R)*
adhesive, which is used as an adjunct in the treatment of adult periodontal
disease; and the NEXABAND(R)* line of topical adhesives, which are used in
veterinary wound closure and management.
* DERMABOND(R) adhesive is a trademark of Ethicon, Inc.; SOOTHE-N-SEAL(TM)
canker sore relief and LIQUIDERM(TM) adhesive are trademarks of CLOSURE
Medical Corporation. OCTYLDENT(R) adhesive and NEXABAND(R) adhesives 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 http://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, 1999 filed with the
Securities and Exchange Commission.
SOURCE CLOSURE Medical Corporation
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Related links:
http://www.frbinc.com
CONTACT:
Robert V. Toni, President & CEO, or Benny
Ward, CFO, both of CLOSURE Medical, 919-876-7800; or General
Info, Stuart Z. Levine, Ph.D., Analyst Info, Cecelia Heer, or
Media Info, Deanne Eagle, all of The Financial Relations Board,
212-661-8030
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