RALEIGH, N.C., Dec. 8 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR) today said that it feels compelled to clarify the status of
partnership arrangements for its SOOTHE-N-SEAL(TM) canker sore relief and
LIQUIDERM(TM) liquid adhesive products because of inaccuracies that have
appeared in recent news reports.
Bob Toni, CLOSURE's President and CEO, noted, as previously reported in
the Company's October 26, 2000 press release, that CLOSURE anticipates shortly
completing a partnership arrangement for its SOOTHE-N-SEAL(TM) canker sore
relief product. The first cyanoacrylate medical device approved for the
over-the-counter (OTC) market, SOOTHE-N-SEAL(TM) adhesive provides immediate
and long-term relief from pain associated with oral ulcers. The negotiations
of the partnership agreement for SOOTHE-N-SEAL(TM) adhesive involve a world
class, market leading company in oral healthcare.
Separately, Toni stated that negotiations are continuing with a top-tier
consumer healthcare company for rights to CLOSURE's entire OTC wound care
platform, including LIQUIDERM(TM) liquid adhesive bandage but excluding
SOOTHE-N-SEAL(TM) adhesive and other OTC oral care products, and that he is
hopeful that a definitive agreement could be signed during the first half of
2001. LIQUIDERM(TM) liquid adhesive bandage is simply painted on a wound to
treat minor cuts, abrasions, burns, and irritations and, in turn, represents a
transformational innovation in the worldwide $1 billion adhesive bandage
category. LIQUIDERM(TM) liquid adhesive is pending 510(k) premarket approval
with the Food and Drug Administration.
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 is 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; 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, 1999 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, 919-876-7800, both of CLOSURE Medical Corporation; or
General, Stuart Z. Levine, Ph.D., Analyst, Cecelia Heer, Media,
Deanne Eagle, 212-661-8030, all of The Financial Relations Board
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