RALEIGH, N.C., Feb. 16 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR), a medical tissue cohesive products company, today announced
that total revenues for the three months ended December 31, 1999 were
$2,544,000 compared to $3,257,000 in the 1998 corresponding period. The net
loss for the 1999 quarter was $773,000, or ($.06) per basic and diluted share,
compared to a net loss of $991,000 or ($.07) per basic and diluted share in
the corresponding 1998 period.
Revenues for the year ended December 31, 1999, were $13,370,000, compared
to $9,579,000, including license and product development revenues of
$1,500,000, in the corresponding 1998 period. For the year ended December 31,
1999, the Company reported a net loss of $2,527,000 or ($.19) per basic
and diluted share, compared to a net loss of $4,773,000 or ($.36) per basic
and diluted share, for the same period of 1998.
Cash and cash equivalents and total investments were $12.6 million at
December 31, 1999 compared to $16.7 million at December 31, 1998.
"We are pleased that our marketing partner, Ethicon, Inc., initiated the
launch of DERMABOND(R) Topical Skin Adhesive into the operating room for
selected indications late in the fourth quarter of 1999," said Robert V. Toni,
President and Chief Executive Officer. "We believe the operating room
incision market represents the largest potential for DERMABOND(R) usage which
we estimate to be approximately 50 million procedures worldwide per year."
"Closure has continued to reduce expenses during the fourth quarter while
maintaining new product development for LIQUIDERM(TM), a liquid bandage for
minor cuts, scrapes, and abrasions, line extensions for DERMABOND(R) and
research on several potential new products," added Toni.
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* adhesive,
which is used as an adjunct in the treatment of adult periodontal disease; and
the NEXABAND* line of topical adhesives, which are used in veterinary wound
closure and management.
* DERMABOND(R) is a trademark of Ethicon, Inc.; SOOTHE-N-SEAL, OCTYLDENT
and NEXABAND are all 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; 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, 1998
filed with the Securities and Exchange Commission.
CLOSURE Medical Corporation
Statement of Operations
(In thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
Product sales $2,544 $3,257 $13,370 $8,079
License and product
development revenues -- -- -- 1,500
Total revenues 2,544 3,257 13,370 9,579
Cost of products sold 932 1,032 4,722 3,480
Gross Profit 1,612 2,225 8,648 6,099
Research, development and regulatory
affairs expenses 1,214 1,887 6,296 6,297
General and administrative
expenses 1,304 1,518 5,404 5,407
Total operating expenses 2,518 3,405 11,700 11,704
Income (loss) from operations (906) (1,180) (3,052) (5,605)
Interest expense (74) (92) (344) (383)
Investment and interest income 207 281 869 1,215
Net income (loss) $(773) $(991) $(2,527) $(4,773)
Shares used in computation of net
income (loss) per share:
Basic 13,345 13,286 13,324 13,270
Diluted 13,345 13,286 13,324 13,270
Net income (loss) per share:
Basic $(0.06) $(0.07) $(0.19) $(0.36)
Diluted $(0.06) $(0.07) $(0.19) $(0.36)
CLOSURE Medical Corporation
Balance Sheet
(In thousands, except per share data)
DECEMBER 31, DECEMBER 31,
1999 1998
Assets
Cash and cash equivalents $508 $824
Short-term investments 9,299 14,275
Restricted investments 1,515 1,603
Accounts receivable 732 1,191
Inventories 591 1,008
Prepaid expenses and other assets 326 286
Total current assets 12,971 19,187
Restricted investments 1,292 --
Furniture, fixtures and
equipment, net 7,351 7,707
Intangible assets, net 897 526
Total assets $22,511 $27,420
Liabilities and Stockholders' Equity
Accounts payable $1,110 $1,721
Accrued expenses 794 1,705
Deferred revenue 443 1,245
Capital lease obligations 279 245
Current portion of long-term debt 600 2,650
Total current liabilities 3,226 7,566
Deferred revenue 505 670
Capital lease obligations 655 934
Long-term debt less current portion 1,500 --
Total liabilities 5,886 9,170
Commitments and Contingencies -- --
Preferred Stock, $.01 par value.
Authorized 2,000 shares; none issued
or outstanding. -- --
Common Stock, $.01 par value.
Authorized 35,000 shares; issued
and outstanding 13,347 and
13,290 shares, respectively 133 133
Additional paid-in capital 46,940 46,358
Accumulated deficit (30,375) (27,848)
Deferred compensation on stock options (73) (393)
Total stockholders' equity 16,625 18,250
Total liabilities and stockholders' equity $22,511 $27,420
SOURCE CLOSURE Medical Corporation
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Related links:
http://www.frbinc.com
CONTACT:
Robert V. Toni, President & CEO, J. Blount
Swain, CFO, both of CLOSURE Medical Corporation, 919-876-7800;
General Info, Paul G. Henning, Analyst Info, Cecelia Heer, or
Media Info, Deanne Eagle, all of The Financial Relations Board,
212-661-8030, CLOSURE Medical Corporation
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