Raleigh, N.C., March 11 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR), today announced that it has relocated its corporate offices
and research and development facility for nonabsorbable cohesives to a
new 50,000 square foot leased facility and is in the process of relocating its
manufacturing operations to the same facility. The Company expects that its
expanded manufacturing operations in this facility will be fully integrated
and operational during the second half of 1998. The Company's new address is
5250 Greens Dairy Road, Raleigh, NC 27616.
"This move to the new facility will allow for significant expansion of the
Company's manufacturing capacity. CLOSURE Medical believes its ability to
manufacture highly purified cyanoacrylate-based medical cohesives is a key
competitive advantage in the wound closure marketplace," said Mr. Robert V.
Toni, President and CEO.
In March 1996, the Company entered into a marketing agreement with
Ethicon, Inc., a subsidiary of Johnson & Johnson, for exclusive worldwide
marketing and distribution of DERMABOND*. The Company is currently
manufacturing DERMABOND in its existing facility to support the commencement
of marketing and distribution by Ethicon in twenty three countries outside the
United States.
In January 30, 1998, the U.S. Food and Drug Administration's General and
Plastic Surgery Devices Advisory Panel unanimously recommended the approval
with conditions of DERMABOND as a wound closure device. Prior to final
approval from the FDA, the Company must demonstrate adequate control
and validation of its manufacturing processes during a GMP facility inspection
and agree to final package labeling.
*DERMABOND is a trademark of Ethicon, Inc.
CLOSURE Medical develops, commercializes and manufactures medical cohesive
products based on its proprietary cyanoacrylate technology. CLOSURE's
nonabsorbable products may be used to replace sutures and staples for certain
topical wound closure applications, while its absorbable products can
potentially be used as surgical sealants and adhesives for internal wound
closure and management. Currently marketed products include DERMABOND, a non-
absorbable cohesive used for topical wound closure applications, Octyldent(R),
used in conjunction with antibiotics to treat adult periodontal disease and
Nexaband(R), a line of topical cohesives used in veterinary wound closure and
management.
To receive CLOSURE's latest news release and other corporate documents via
FAX -- at no cost -- dial 1-800-PRO-INFO. Use Company's ticker-CLSR.
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's products; scale-up of manufacturing processes; 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, 1996 and filed with the Securities
and Exchange Commission.
SOURCE CLOSURE Medical Corporation
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CONTACT:
Robert V. Toni, President & CEO, or J. Blount
Swain, CFO, both of CLOSURE Medical Corporation, 919-876-7800; or
General, Paul G. Henning, or Analyst, Brian Gill, or Media,
Deanne Eagle, all of The Financial Relations Board, 212-661-8030,
for CLOSURE Medical Corporation
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