RALEIGH, N.C., April 22 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR), a medical tissue cohesive products company, today announced
that total revenues for the three months ended March 31, 1999 were $3,817,000
compared to $770,000 in the 1998 corresponding period. The net loss for the
1999 quarter was $565,000, or ($.04) per basic and diluted share, compared to
a net loss of $2.0 million, or ($.15) per basic and diluted share in the
corresponding 1998 period.
Cash and cash equivalents and total investments were $13.8 million at
March 31, 1999 compared to $16.7 million at December 31, 1998.
"We are encouraged by the steady market penetration of DERMABOND in both
the domestic and international marketplaces," said Robert V. Toni, President
and Chief Executive Officer of CLOSURE Medical Corporation, "and by its
increasing recognition and acceptance within the medical community and the
patient population."
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
tissue cohesive products may be used to replace sutures and staples for
certain topical wound closure applications, while its absorbable tissue
cohesive products can potentially be used as tissue cohesives for internal
wound closure and management. Currently marketed nonabsorbable tissue
cohesive products include DERMABOND* topical skin adhesive, 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 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.
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 nonabsorbable and absorbable 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
Balance Sheet
(In thousands, except share data)
March 31, December 31,
1999 1998
Assets (Unaudited)
Current assets:
Cash and cash equivalents $508 $824
Short-term investments 11,750 14,275
Restricted investments 1,500 1,603
Accounts receivable 1,799 1,191
Inventories 1,053 1,008
Prepaid expenses 257 286
Total current assets 16,867 19,187
Furniture, fixtures and equipment, net 8,331 7,707
Intangible assets, net 570 526
Total assets $25,768 $27,420
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $1,195 $1,721
Accrued expenses 1,214 1,705
Deferred revenue 1,079 1,245
Capital lease obligations 185 245
Current portion of long-term debt 2,500 2,650
Total current liabilities 6,173 7,566
Deferred revenue 670 670
Capital lease obligations 934 934
Total liabilities 7,777 9,170
Stockholders' Equity:
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 13,308 and 13,256
shares, respectively. 133 133
Additional paid-in capital 46,588 46,358
Accumulated deficit (28,413) (27,848)
Deferred compensation on
stock options (317) (393)
Total stockholders' equity 17,991 18,250
Total liabilities and
stockholders' equity $25,768 $27,420
CLOSURE Medical Corporation
Statement of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended
March 31,
1999 1998
Product sales $3,817 $770
Cost of products sold 1,176 534
Gross profit 2,641 236
Research, development and
regulatory affairs
expenses 1,862 1,358
Selling and administrative expenses 1,489 1,100
Total operating expenses 3,351 2,458
Loss from operations (710) (2,222)
Interest expense (91) (88)
Investment and interest income 236 354
Net loss $(565) $(1,956)
Shares used in computation
of net loss per share:
Basic 13,304 13,252
Diluted 13,304 13,252
Net loss per share:
Basic $(0.04) $(0.15)
Diluted $(0.04) $(0.15)
SOURCE CLOSURE Medical Corporation
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Related links:
http://www.frbinc.com
CONTACT:
Robert V. Toni, President & CEO, or J. Blount
Swain, CFO, both of CLOSURE Medical Corporation, 919-876-7800; or
General, Paul G. Henning, Analyst, Nicole Salas, or Media, Deanne
Eagle, all of The Financial Relations Board, 212-661-8030
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