RALEIGH, N.C., July 17 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR) today announced that it has entered into an agreement providing
Abbott Laboratories ("Abbott") with worldwide supply, distribution and
development rights to CLOSURE's NEXABAND(R) product line for the veterinary
treatment of wounds. Under the agreement, Abbott also receives rights to
future veterinary products co-developed through the collaboration of the
parties, including product improvements, line extensions, and new products
based on CLOSURE's proprietary cyanoacrylate technology. Financial terms of
the transaction were not disclosed.
CLOSURE granted Abbott immediate worldwide distribution rights of
NEXABAND(R) adhesives excluding the United States and Canada. Upon the
expiration of CLOSURE'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.
Commenting on today's news, Robert V. Toni, CLOSURE Medical's President
and Chief Executive Officer said, "We are delighted to collaborate with Abbott
and announce the opportunity to have dedicated distribution for the first time
beyond North America for our veterinary wound care products."
The NEXABAND(R) liquid adhesive product line was the first cyanoacrylate
introduced by CLOSURE in 1990 and provided the groundwork for the development
of its human products currently used for professional wound closure and
over-the-counter ("OTC") wound care applications. Two products currently
manufactured and distributed under the NEXABAND(R) product line are:
NEXABAND(R) liquid adhesive, used for cat declaw procedures and NEXABAND(R)
s/c adhesive used in spay and neuter procedures.
"We are pleased to add the NEXABAND(R) product line to our expanding
portfolio of perioperative products sold in domestic and international
markets," Diane Winnard, General Manager of Abbott's animal health commercial
operations, said.
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, as well as formulations to close or seal
internal wounds. In addition to its products discussed herein, CLOSURE is
also developing internal adhesives for the possible treatment of emphysema, as
well as developing liquid occlusive dressings for the treatment of a variety
of partial thickness wounds, including pressure ulcers and skin tears.
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
division of Johnson & Johnson, the world leader in wound closure products.
LIQUIDERM(TM) adhesive is the first and only cyanoacrylate medical device
approved by the FDA for the 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 recently signed
a worldwide supply, distribution and development rights agreement with Johnson
& Johnson Consumer Company which includes rights to its LIQUIDERM(TM) adhesive
and its overall OTC wound care platform, including distribution rights to all
present and future products, except for SOOTHE-N-SEAL(TM) adhesive.
Distribution of LIQUIDERM(TM) adhesive by Johnson & Johnson Consumer Company
is expected to begin in early 2002.
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.
DERMABOND adhesive 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, both of CLOSURE Medical, +1-919-876-7800, or General,
Paula Schwartz, Analysts, Julie Tu, Media, Judith Sylk-Siegel,
all of The Financial Relations Board BSMG Worldwide,
+1-212-445-8000
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