RALEIGH, N.C., July 30 /PRNewswire/ -- CLOSURE Medical Corporation
(Nasdaq: CLSR) today announced that Richard W. Miller, formerly Senior
Executive Vice President and Chief Financial Officer of AT&T and a member of
AT&T's Chairman's Office, is joining CLOSURE's Board of Directors.
While he was with AT&T, Mr. Miller's responsibilities included financial
strategy, policy and operations, as well as AT&T's global real estate and
purchasing activities. Mr. Miller also provided leadership for AT&T's
corporate restructuring, including the spin-offs of Lucent Technologies and
NCR and the sale of AT&T Capital Corporation.
Prior to joining AT&T in August 1993, Mr. Miller held a number of senior
management positions in high technology and consumer companies. Most recently
he was Chairman and CEO of Wang Laboratories, Inc., where he helped the
company through an extreme financial crisis and prepared it for its successful
reorganization. Prior to that, he was Senior Vice President and General
Manager, Consumer Electronics for the General Electric Company, where he
oversaw the largest consumer electronics business in the U.S. He previously
held several senior positions, most recently Executive Vice President,
Consumer Products and Entertainment, with RCA Corporation. Prior to joining
RCA, Mr. Miller was with Penn Central Corporation from 1970 to 1982, where he
had several senior operating and financial roles, including CFO of the parent
company and Executive Vice President of its subsidiary, Arvida Corporation.
Commenting on Mr. Miller's appointment, Robert V. Toni, CLOSURE's
President and CEO, said, "We are extremely pleased that Richard Miller is
joining our Board. His broad range of experience with large multi-national
corporations in all facets of corporate finance, manufacturing and operations
adds a seasoned voice to CLOSURE's Board of Directors."
Mr. Miller holds a B.B.A. degree in economics from Case Western Reserve
University and an M.B.A. in finance from Harvard Business School, where he
currently serves on the Board of Directors of the Associates. He has been
nominated to the Board of Directors of Avalon Properties, Inc. and in the past
served on the Boards of AT&T Capital, Wang Laboratories, Arvida Corporation
and Sav-a-Stop, Inc.
Mr. Miller replaces Michael K. Lorelli, who resigned from CLOSURE's Board
effective July 31, 1997.
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 Octyldent(R),
used in conjunction with antibiotics to treat adult periodontal disease, and
Nexaband(R), a line of topical adhesives 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, those detailed in the Company's
Prospectus dated September 25, 1996 filed with the Securities and Exchange
Commission and the early stage of commercialization of the Company's products;
the need for regulatory approval and effects of governmental regulation;
technological uncertainties; dependence on marketing partners;
and dependence on patents and trade secrets.
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 Paul G. Henning, general info, or Brian Gill, investors, or Deanne Eagle, media, all of The Financial Relations Board, 212-661-8030
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