Closure Medical (NASDAQ:CLSR)
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CLOSURE Medical Elects J. Daniel Cole Chairman of the Board of
Directors
RALEIGH, N.C., June 16 /PRNewswire-FirstCall/ -- CLOSURE Medical Corporation
(NASDAQ:CLSR), a global leader in biomaterial-based medical devices, announced
today that its Board of Directors has elected J. Daniel Cole as Chairman. Mr.
Cole succeeds Ronald A. Ahrens, who is retiring from the Board today upon the
expiration of his term.
"I am grateful for the opportunity to have been associated with CLOSURE and I
believe strongly in the Company's mission, products and people," said Ahrens.
"Dan Cole is a very capable leader with an accomplished record who, working
with Dan Pelak and the rest of this talented Board, will help guide the Company
through its next phase of its evolution."
Mr. Cole has been a Director of the Company since July 2003 and has over twenty
years of experience in the medical device industry. Since 1997, Mr. Cole has
served as General Partner of Spray Venture Partners in Boston, a venture
capital firm that focuses exclusively on the healthcare technology market.
Prior to 1997, Mr. Cole had been Senior Vice President and Group President of
Boston Scientific Corporation and President and Chief Operating Officer of
SciMed Life Systems, Inc. From 1982 to 1993, Mr. Cole held several positions
with Baxter International, including as President of the Edwards Critical Care
Division.
In addition, the Company announced that F. William Schmidt was retiring from
the Board and has submitted his resignation, also effective today. Mr. Schmidt
helped to found the Company in 1990 and has served as a Director of the Company
since February 1996. Mr. Schmidt has been an investor in and devoted
substantial time and attention to healthcare-related entities, including the
Company.
"This day marks another step forward in the progress of CLOSURE," said Mr.
Schmidt. "Although I am retiring from the Board as a Director, I intend to
continue to stay involved with the Company."
Daniel A. Pelak, President and CEO of the Company and a Director, commented,
"On behalf of the Board, shareholders, employees and customers, I would like to
thank both Ron and Bill for their many contributions over the years. Ron and
Bill have played pivotal roles during the early phase of our Company's
development and their wisdom and guidance have been very important to our
success. At the same time, we are privileged to have Dan Cole take a
leadership role on our Board. Dan's understanding of the med-tech industry,
along with his in-depth operating experience at Baxter International and later
as Group President of Boston Scientific and President of SciMed Life Systems
will be of great value as CLOSURE continues to extend its core technology to
new products and applications addressing unmet medical needs."
In addition to Mr. Cole and Mr. Pelak, CLOSURE's Board of Directors is
currently comprised of Richard W. Miller, former Senior Executive Vice
President and Chief Financial Officer of AT&T; James E. Niedel, M.D., Ph.D.,
Venture Partner of the Sprout Group and former Chief Science and Technology
Officer of GlaxoSmithKline plc; Rolf D. Schmidt, Co-founder of CLOSURE Medical;
Stephen I. Shapiro, Technology Partner of Advanced Technology Ventures and
Advisor to Galen Associates; and Randy H. Thurman, Chairman and CEO of VIASYS
Healthcare, Inc.
About CLOSURE Medical Corporation
CLOSURE Medical Corporation is a global leader in the development and
manufacture of innovative biomaterial-based medical devices that fulfill the
needs of healthcare practitioners, patients and consumers.
For additional information on CLOSURE Medical visit its website at
http://www.closuremed.com/ or visit the "Clients" section of the Allen & Caron
website at http://www.allencaron.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's products; the progress and success of its research and development
programs for future products; the success of its clinical study for its
vascular sealant product and future clinical studies; the successful enrollment
of current and future clinical studies; the need for regulatory approval and
effects of governmental regulation; technological uncertainties; the Company's
success in securing marketing partners for future products; 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, 2003,
filed with the Securities and Exchange Commission. Although the Company
believes that the expectations in the forward-looking statements are
reasonable, the Company cannot guarantee such results. The Company undertakes
no obligation to publicly revise these forward-looking statements to reflect
events or circumstances that arise after the date hereof.
DATASOURCE: CLOSURE Medical Corporation
CONTACT: Investors, Joe Allen, +1-212-691-8087, , or
Media, Len Hall, +1-949-474-4300, , both of Allen & Caron
Inc. for CLOSURE Medical Corporation; or Benny Ward, CFO of CLOSURE Medical
Corporation, +1-919-876-7800
Web site: http://www.allencaron.com/
Web site: http://www.closuremed.com/