RALEIGH, N.C., Oct. 26 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR), a medical device company engaged in developing, manufacturing
and commercializing tissue adhesive products, today announced financial
results for the third quarter and nine months ended September 30, 2000.
Third-quarter 2000 revenues were $3,565,000, a 31% increase from
$2,732,000 in the corresponding 1999 period, and representing a 16% gain over
$3,072,000 in the second quarter of 2000. This was also the third consecutive
improvement in quarterly revenues. For the nine months ended September 30,
2000, revenues were $9,302,000 compared to $10,826,000 for the nine months
ended September 30, 1999.
The net loss for the third quarter of 2000 narrowed to $243,000, or
($0.02) per basic and diluted common share, compared to a net loss of
$1,204,000, or ($0.09) per basic and diluted common share in the third quarter
of 1999. For the nine months of 2000, the net loss was $1,505,000, or
($0.11) per basic and diluted share, compared to a net loss of $1,754,000, or
($0.13) per basic and diluted share for the same period of 1999.
As of September 30, 2000, cash, cash equivalents, and total investments
were $11.0 million compared to $12.6 million at December 31, 1999.
Robert V. Toni, President and CEO, remarked, "In addition to quarterly
improvements in our sales performance, we continue to push forward on
negotiations for separate distribution agreements for two over-the-counter
(OTC) product platforms. We anticipate the completion of an agreement by
year-end for our oral product platform which includes SOOTHE-N-SEAL(TM) canker
sore relief, the Company's first OTC product to be approved by the Food and
Drug Administration (FDA). In addition, we are in negotiations to obtain a
partner for our OTC wound care platform for distribution of all of our present
and future products, including LIQUIDERM(TM) liquid adhesive bandage,
excluding the OTC rights to SOOTHE-N-SEAL(TM) adhesive."
Mr. Toni concluded by noting, "Additionally, we are now well advanced into
the review period on the pending 510(k) premarket approval application for
LIQUIDERM (TM) liquid adhesive bandage which was filed with the FDA on
August 1, 2000."
SOOTHE-N-SEAL(TM) canker sore relief provides immediate and long-term pain
relief associated with oral ulcers and also forms a protective barrier that
protects the ulcer from irritation due to eating and drinking. LIQUIDERM(TM)
liquid adhesive bandage is for use in the treatment of minor cuts, abrasions,
burns, minor irritations and helps protect them from infection.
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(R)*
adhesive, which is used as an adjunct in the treatment of adult periodontal
disease; and the NEXABAND(R)* line of topical adhesives, which are used in
veterinary wound closure and management.
* DERMABOND(R) adhesive is a trademark of Ethicon, Inc.; SOOTHE-N-SEAL(TM)
canker sore relief and LIQUIDERM(TM) adhesive are trademarks of CLOSURE
Medical Corporation. OCTYLDENT(R) adhesive and NEXABAND(R) adhesives 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 NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2000 1999 2000 1999
Product sales $ 3,565 $ 2,732 $ 9,302 $ 10,826
Cost of products sold 950 1,093 2,746 3,789
Gross Profit 2,615 1,639 6,556 7,037
Research, development
and regulatory affairs
expenses 1,439 1,633 4,505 5,083
General and
administrative expenses 1,544 1,341 3,925 4,099
Total operating
expenses 2,983 2,974 8,430 9,182
Income (loss) from
operations (368) (1,335) (1,874) (2,145)
Interest expense (59) (84) (180) (270)
Investment and
interest income 184 215 549 661
Net income (loss) $ (243) $ (1,204) $ (1,505) $ (1,754)
Shares used in computation
of net income
(loss) per common share:
Basic 13,407 13,333 13,380 13,317
Diluted 13,407 13,333 13,380 13,317
Net income (loss) per
common share:
Basic $ (0.02) $ (0.09) $ (0.11) $ (0.13)
Diluted $ (0.02) $ (0.09) $ (0.11) $ (0.13)
CLOSURE Medical Corporation
Balance Sheets
(In thousands, except per share data)
SEPTEMBER 30,DECEMBER 31,
2000 1999
(Unaudited)
Assets
Cash and cash equivalents $180 $508
Short-term investments 7,919 9,299
Restricted investments 1,588 1,515
Accounts receivable, net 1,381 732
Inventories 730 591
Prepaid expenses 131 326
Total current assets 11,929 12,971
Restricted investments 1,294 1,292
Furniture, fixtures and equipment, net 6,983 7,351
Intangible assets, net 1,234 897
Total assets $21,440 $22,511
Liabilities and Stockholders' Equity
Accounts payable $1,281 $1,110
Accrued expenses 1,366 794
Deferred revenue 227 443
Capital lease obligations 311 279
Current portion of long-term debt 600 600
Total current liabilities 3,785 3,226
Deferred revenue 505 505
Capital lease obligations less current portion 417 655
Long-term debt less current portion 1,036 1,500
Total liabilities 5,743 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 13,411
and 13,347 shares, respectively 134 133
Additional paid-in capital 47,443 46,940
Accumulated deficit (31,880) (30,375)
Deferred compensation on stock options - (73)
Total stockholders' equity 15,697 16,625
Total liabilities and stockholders' equity $21,440 $22,511
SOURCE CLOSURE Medical Corporation
 back to top
Related links:
http://www.frbinc.com
CONTACT:
Robert V. Toni, President & CEO, Benny Ward,
CFO, of CLOSURE Medical, 919-876-7800, or General, Stuart Z.
Levine, Ph.D., Analysts, Cecelia Heer, Media, Deanne Eagle, of
The Financial Relations Board, 212-661-8030
|
