CLOSURE Medical Elects J. Daniel Cole Chairman of the Board of Directors
June 16 2004 - 8:35AM
PR Newswire (US)
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/
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