Toni, CEO Since 1994, Will Assist in Identification of Successor
Term as CEO Includes Successful Initial Public Offering, Strategic
Partnerships, Revenue Growth and Profitability
RALEIGH, N.C., Jan. 28 /PRNewswire-FirstCall/ -- CLOSURE Medical
Corporation (Nasdaq: CLSR) today announced that Robert V. Toni, 61, the
company's President and Chief Executive Officer since 1994, has informed
CLOSURE's Board of Directors of his intention to retire.
Mr. Toni will remain in his current position with CLOSURE until a
successor is found.
"I reached this decision over the recent holiday season," Mr. Toni said.
"Over the past seven and a half years, I have devoted myself to CLOSURE's
success in the medical marketplace and, since our initial public offering in
1996, to the creation of value for our shareholders.
"Due to our strong product line, our strategic partnerships with Ethicon
and others, and the efforts of a wonderfully dedicated group of employees,
CLOSURE became a profitable, cash-generating company in 2001," Mr. Toni
continued. "Our medical adhesives such as Dermabond have enjoyed success in
the marketplace, and we have a full pipeline of products in development. We
are very enthusiastic about the upcoming launch of Liquiderm liquid adhesive
bandage by J&J Consumer Products. I believe that I will be leaving a company
with strong fundamentals that is well-positioned for the future," Mr. Toni
said.
Mr. Toni joined CLOSURE after serving as General Manager and Vice
President of Sales and Marketing at IOLAB Corporation, a Johnson & Johnson
company. Prior to his experience at Johnson & Johnson, Mr. Toni was President
of Cooper Vision - CILCO.
Rolf Schmidt, a co-founder of CLOSURE and a member of the company's board,
said, "In 1994, we conducted an extensive executive search to find the right
individual to help CLOSURE develop its products, create a market for them and
explore that market as it grew. We found the right man in Bob Toni, who has
brought sound business judgment, operational skill and boundless energy to the
CEO job. We respect Bob's desire to spend more time with his family and we
appreciate his willingness to ensure a smooth transition process."
Ronald Ahrens, non-executive chairman of CLOSURE's Board of Directors,
said, "Bob Toni has done an outstanding job of leading CLOSURE through the
challenging early stages of its development. It is now a profitable public
company with strong products and partners and a promising pipeline. With Bob
Toni's help, we will begin a search for a highly capable, motivated
individual, someone who can build on the very solid foundation now in place
and move the company into its next stage of growth."
After retirement, Mr. Toni will divide his time between North Carolina and
the New Jersey shore. He plans to pursue a wide range of outside interests
including international travel, boating and skiing.
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. In addition, CLOSURE is currently
developing internal adhesive formulations to close or seal internal wounds and
an adhesive formulation for the possible treatment of emphysema.
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 Johnson
& Johnson company and the world leader in wound closure products.
LIQUIDERM(TM) adhesive is the first and only cyanoacrylate medical device
approved by the FDA for the over-the-counter ("OTC") adhesive bandage market.
LIQUIDERM(TM) 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 has
signed a worldwide supply, distribution and development rights agreement with
Johnson & Johnson Consumer Products Company which includes rights to its
LIQUIDERM(TM) adhesive and its overall OTC wound care platform, including
distribution rights to all present and future OTC products, except for
SOOTHE-N-SEAL(R) adhesive. Distribution of LIQUIDERM(TM) adhesive by Johnson
& Johnson Consumer Products Company is expected to begin in early 2002.
SOOTHE-N-SEAL(R) 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(R) adhesive is distributed to the professional and
consumer markets by Colgate Oral Pharmaceuticals, Inc.
The NEXABAND(R) liquid adhesive line consists of two products used in
veterinary wound closure and wound care. The adhesives are used in cat declaw
procedures as well as spay and neuter procedures. In July 2001, the Company
entered into an agreement providing Abbott Laboratories with worldwide supply,
distribution and development rights to the NEXABAND(R) product line. In
accordance with the agreement, Abbott has been granted immediate worldwide
distribution rights of NEXABAND(R) adhesives excluding the United States and
Canada. Upon the expiration of the Company's prior distribution arrangement
in the second quarter of 2002, Abbott can begin the distribution of
NEXABAND(R) products in the United States and Canada.
In November 2001, the Company entered into an agreement providing Johnson
& Johnson Wound Management, a division of ETHICON, Inc., a Johnson & Johnson
company, with worldwide supply, distribution and development rights to the
Company's professional wound management platform, including the novel Liquid
Occlusive Dressing ("LOD"). The agreement is in the form of an amendment to
the terms of its existing licensing and development agreement with
ETHICON, Inc.
For additional information related to DERMABOND adhesive visit
http://www.dermabond.com .
DERMABOND adhesive is a registered trademark of ETHICON, Inc.;
SOOTHE-N-SEAL(R) is a registered trademark of Colgate Oral Pharmaceuticals,
Inc.; LIQUIDERM(TM) is a trademark of CLOSURE Medical Corporation; and
NEXABAND(R) is a registered trademark of CLOSURE Medical Corporation.
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 Company's success in attracting
and retaining a successor to Mr. Toni; market acceptance of the Company's
products 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.
SOURCE CLOSURE Medical Corporation
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Related links:
http://www.dermabond.com
CONTACT:
Benny Ward, CFO of CLOSURE Medical
Corporation, +1-919-876-7800; General Info, Alison Ziegler,
Analysts, Julie Tu, or Media, Judith Sylk-Siegel,
+1-212-445-8400, all of FRB Weber Shandwick
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