Earnings in line with expectations: Loss of .15 vs. loss of .12
CLOSURE Medical Corporation Announces First Quarter Results
RALEIGH, N.C., April 20 /PRNewswire/ -- CLOSURE Medical Corporation (Nasdaq: CLSR - news), a medical tissue
cohesive products company, today announced that total revenues for the first quarter ended March 31, 1998 were $770,000
compared to $208,000 for the quarter ended March 31, 1997. The net loss for the 1998 quarter was $1.9 million, or ($.15) per
share, compared to a net loss of $1.5 million, or ($.12) per share in the corresponding 1997 period.
Cash and cash equivalents and total investments were $22.3 million at March 31, 1998 compared to $24.5 million at December
31, 1997.
On January 30, 1998 the General and Plastic Surgery Devices Panel, a Food and Drug Administration (FDA) advisory
committee, unanimously recommended ''approval with conditions'' of DERMABOND* as a wound closure device.
DERMABOND topical skin cohesive is based on CLOSURE's proprietary cyanoacrylate technology.
In recommending approval of the Closure PMA, The Advisory Panel reviewed an 818 patient ten-center clinical study designed to
demonstrate that DERMABOND topical skin cohesive is a safe and effective alternative to topical sutures used in the closure of
certain incisions and lacerations. Procedures performed in the clinical trials included emergency lacerations, minimally invasive
puncture sites, plastic and reconstructive surgeries, and general surgical incisions. The trials demonstrated DERMABOND topical
skin cohesive to be at least equivalent to nonabsorbable 5.0 or smaller diameter sutures, staples or adhesive strips/tapes in wound
closure, wound healing, cosmetic outcome and infection rate and also demonstrated that the use of DERMABOND topical skin
cohesive substantially reduced procedure time.
''The panel recommendation was a historic milestone for our Company, and we are pleased that our work and advancement
toward the introduction of tissue cohesives for wound closure in the U.S. has received this important validation,'' said Robert Toni,
President and Chief Executive Officer. ''We are working closely with the FDA to complete the last steps necessary for
commercialization.''
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