- Technology to Compete for Share of the $1 Billion Global Advanced Wound
Management Market
RALEIGH, N.C., Nov. 7 /PRNewswire/ -- CLOSURE Medical Corporation (the
"Company") (Nasdaq: CLSR), today announced an agreement to provide Johnson &
Johnson Wound Management, a division of ETHICON, Inc., a Johnson & Johnson
company, with worldwide supply, distribution and development rights to the
Company's professional wound management platform, including the novel Liquid
Occlusive Dressing ("LOD"). The agreement is in the form of an amendment to
the terms of its existing licensing and development agreement with ETHICON.
Under the amendment, Johnson & Johnson Wound Management receives rights to
CLOSURE's professional wound management products indicated for the management
and treatment of partial-thickness wounds. Financial terms of the transaction
were not disclosed.
Commenting on today's news, Robert V. Toni, CLOSURE Medical's President
and Chief Executive Officer said, "Finalizing this distribution partnership
was an important 2001 milestone for the Company and we look forward to working
with Johnson & Johnson Wound Management. Bringing a partner on board prior to
initiation of the human clinical study and FDA approval allows us to leverage
their expertise and, more importantly, helps accelerate the product's market
introduction." Mr. Toni added, "As our fifth major product platform, LOD also
serves to broaden our technology into new areas with what we believe will
prove to be a significant benefit to patients."
CLOSURE anticipates beginning definitive clinical studies and submitting a
510(k) to the FDA for approval of LOD in mid-2002. Preliminary animal and
human pilot clinical studies have shown LOD provides benefits such as faster
healing, barrier to infection, ease of application, fewer dressing changes,
and cost-effectiveness in managing partial-thickness wounds in the
professional setting.
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 other indications for use inside the body.
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
Johnson & Johnson company, the world leader in wound closure products.
LIQUIDERM(TM) adhesive is the first and only cyanoacrylate medical device
approved by the FDA for the over-the-counter ("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 Products 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 Products 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.
The NEXABAND(R) liquid adhesive line consists of two products used in
veterinary wound closure and wound care. The adhesives are used in cat declaw
procedures as well as spay and neuter procedures. In July 2001, the Company
entered into an agreement providing Abbott Laboratories ("Abbott") with
worldwide supply, distribution and development rights to the NEXABAND(R)
product line. In accordance with the agreement, Abbott has been granted
immediate worldwide distribution rights to NEXABAND(R) adhesives excluding the
United States and Canada. Upon the expiration of the Company'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.
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.
Johnson & Johnson Wound Management, a division of ETHICON, Inc., a Johnson
and Johnson company, continues Johnson & Johnson's 100-year commitment to skin
and wound care today with inventive products for chronic and acute wound
management, burn care and hemostasis. For more information about Johnson &
Johnson Wound Management, visit http://www.ethiconinc.com .
To receive CLOSURE's latest news release 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; 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.ethiconinc.com
http://www.frbinc.com
CONTACT:
Robert V. Toni, President & CEO, or Benny
Ward, CFO, of CLOSURE Medical Corporation, +1-919-876-7800; or
General Info, Alison Ziegler, +1-212-445-8432, Analysts, Julie
Tu, +1-212-445-8456, or Media, Judith Sylk-Siegel,
+1-212-445-8431, all of FRB Weber Shandwick
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