RALEIGH, N.C., April 25 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR), a medical tissue adhesive products company, today announced
that total revenues for the three months ended March 31, 2000 were $2,666,000
compared to $3,817,000 in the 1999 corresponding period. The net loss for the
2000 quarter was $618,000, or ($.05) per basic and diluted common share,
compared to a net loss of $565,000, or ($.04) per basic and diluted common
share in the corresponding 1999 period.
Cash and cash equivalents and total investments were $11.5 million at
March 31, 2000 compared to $12.6 million at December 31, 1999.
During the quarter the Company initiated a clinical study for
LIQUIDERM(TM) liquid adhesive bandage for the treatment of minor cuts and
abrasions. Results from the study will be used in an anticipated 510(k)
submission to the FDA later this year. In February, the Japanese Ministry of
Health and Welfare cleared DERMABOND(R) Topical Skin Adhesive for marketing in
Japan -- a wound closure market of approximately $500 million and growing 9%
per year, according to Global Industry Analysts, Inc.
"We are encouraged by our advancements on many fronts," said Robert V.
Toni, President and Chief Executive Officer. "The clinical trials for
LIQUIDERM(TM) are moving ahead of schedule, and Ethicon Inc., our marketing
partner, is progressing in its efforts to penetrate the operating room
marketplace for DERMABOND(R). We continue to develop line extensions --
alternatives to the current delivery system and viscosity -- to complement
this effort, while we continue to make significant progress on several
potential new products."
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 and
LIQUIDERM are trademarks of the Company; OCTYLDENT and NEXABAND 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; 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.
CLOSURE Medical Corporation
Statements of Operations
(Unaudited)
(In thousands, except per share data)
THREE MONTHS ENDED
MARCH 31,
2000 1999
Product sales $2,666 $3,817
Cost of products sold 816 1,176
Gross Profit 1,850 2,641
Research, development and regulatory
affairs expenses 1,466 1,862
General and administrative expenses 1,124 1,489
Total operating expenses 2,590 3,351
Income (loss) from operations (740) (710)
Interest expense (58) (91)
Investment and interest income 180 236
Net income (loss) $(618) $(565)
Shares used in computation of net income
(loss) per common share:
Basic 13,353 13,304
Diluted 13,353 13,304
Net income (loss) per common share:
Basic $(0.05) $(0.04)
Diluted $(0.05) $(0.04)
CLOSURE Medical Corporation
Balance Sheets
(In thousands, except per share data)
MARCH 31, DECEMBER 31,
2000 1999
Assets (Unaudited)
Cash and cash equivalents $173 $508
Short-term investments 8,466 9,299
Restricted investments 1,536 1,515
Accounts receivable, net 956 732
Inventories 736 591
Prepaid expenses and other assets 234 326
Total current assets 12,101 12,971
Restricted investments 1,298 1,292
Furniture, fixtures and equipment, net 7,170 7,351
Intangible assets, net 976 897
Total assets $21,545 $22,511
Liabilities and Stockholders' Equity
Accounts payable $1,039 $1,110
Accrued expenses 721 794
Deferred revenue 221 443
Capital lease obligations 290 279
Current portion of long-term debt 600 600
Total current liabilities 2,871 3,226
Deferred revenue 505 505
Capital lease obligations 578 655
Long-term debt less current portion 1,336 1,500
Total liabilities 5,290 5,886
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
13,362 and 13,347 shares, respectively 134 133
Additional paid-in capital 47,114 46,940
Accumulated deficit (30,993) (30,375)
Deferred compensation on stock options -- (73)
Total stockholders' equity 16,255 16,625
Total liabilities and stockholders' equity $21,545 $22,511
SOURCE CLOSURE Medical Corporation
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Related links:
http://www.frbinc.com
CONTACT:
Robert V. Toni, President & CEO, or Benny
Ward, Acting CFO, both of CLOSURE Medical Corporation,
919-876-7800, or General, Paul G. Henning, Analysts, Cecelia
Heer, or Media, Deanne Eagle, all of The Financial Relations
Board, 212-661-8030
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