Product to Compete for Share of the $1 Billion Adhesive Bandage Market
RALEIGH, N.C., May 29 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR) today announced that it has entered into a definitive agreement
providing Johnson & Johnson Consumer Products Company ("Consumer"), a division
of Johnson & Johnson Consumer Companies, Inc. and the makers of BAND-AID(R)
Brand adhesive bandages, with worldwide supply, distribution and development
rights to the Company's novel LIQUIDERM(TM) liquid adhesive bandage
technology. Equally as noteworthy and included as part of the agreement are
the rights to future over-the-counter (OTC) products co-developed by the
partnership. Such future OTC products may include product improvements, line
extensions, and new products based on CLOSURE's proprietary cyanoacrylate
technology. Initial distribution of LIQUIDERM(TM) adhesive by Consumer into
the retail market is anticipated to follow a typical launch schedule for
similar bandage products, which usually occurs at the beginning of a calendar
year. To meet this seasonal launch schedule, CLOSURE would expect to begin
its shipment of product to Consumer during the preceding quarter. Financial
terms of the transaction were not reported.
CLOSURE's LIQUIDERM(TM) liquid adhesive bandage is the first and only
cyanoacrylate medical device approved by the FDA for the adhesive bandage
market. LIQUIDERM(TM) adhesive is easily applied by painting it on the wound,
thereby sealing it and creating a healing environment. As the wound heals,
LIQUIDERM(TM) adhesive sloughs off naturally.
Commenting on today's news, Robert V. Toni, CLOSURE Medical's President
and Chief Executive Officer said, "We are delighted to announce this
partnership with Johnson & Johnson Consumer Products Company, the worldwide
leader in the $1 billion adhesive bandage market. The decision to partner
with the market leader is wholly consistent with our long-term strategy to
align each of our product platforms with the respective leader in that
category. Given CLOSURE's ability to develop and manufacture medical grade
cyanoacrylates and Johnson & Johnson Consumer's ability to market innovative
healing devices, we look forward to a partnership that will truly maximize the
potential of our LIQUIDERM(TM) adhesive technology."
About CLOSURE Medical
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., the world
leader in wound closure products.
SOOTHE-N-SEAL(TM) 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(TM) adhesive is in the early stages of the product
launch to the professional and consumer markets by Colgate Oral
Pharmaceuticals, Inc.
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
Topical Skin Adhesive, which is used to replace sutures and staples for
closure of certain lacerations and incisions, SOOTHE-N-SEAL(TM) canker sore
relief, which is used to provide pain relief for canker and mouth sores, and
the NEXABAND(R) line of topical adhesives, which are used in veterinary wound
closure and management.
DERMABOND is a registered trademark of Ethicon, Inc.; SOOTHE-N-SEAL(TM) is
a licensed 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.
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/BSMG Worldwide 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, 2000 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, of CLOSURE Medical Corporation, 919-876-7800; General
Info., Paula Schwartz, Analysts, Julie Tu, Media, Judith
Sylk-Siegel, of the Financial Relations Board, 212-661-8030
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