Key Developments: SurModics, Inc. (SRDX.O)
19.66USD
9 Feb 2010
$0.11 (+0.56%)
$19.66
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$19.72
$19.49
139,615
124,442
$31.00
$15.96
Latest Key Developments
SurModics, Inc. Opens Facility For Manufacturing And Development
SurModics, Inc. announced that it has opened its facility for manufacturing and development in Birmingham, Alabama. The facility is designed to support multiple clinical and commercial products and includes 16,000 square feet of clean room production space. Each of the four clean room suites has independent air handling systems, enabling SurModics to accommodate multiple drug compounds in the same facility.
SurModics, Inc. And NuPathe Inc. Partner To Develop Long Acting Parkinson's Treatment
SurModics, Inc. and NuPathe Inc. announced that the companies have entered into a license agreement for drug delivery technology. Under the licensing agreement, NuPathe will lead and fund development and commercialization. SurModics will provide technical and manufacturing expertise and will be eligible to receive licensing fees and milestone payments related to development of products for the treatment of Parkinson's disease and other clinical indications. SurModics will also receive royalties on product sales.
SurModics, Inc. Enters Ophthalmic License And Development Agreement With Roche and Genentech
SurModics, Inc. announced that it has signed a License and Development Agreement with Roche and Genentech, Inc., a wholly owned member of the Roche Group. Under this agreement, Roche and Genentech have obtained an exclusive license to use the Company's proprietary biodegradable microparticles drug delivery system to develop and commercialize a sustained drug delivery formulation of Lucentis (ranibizumab injection). The agreement further provides Roche and Genentech with opportunities to develop additional compounds for the treatment of ophthalmic diseases. Under the terms of the agreement, the Company will receive an up front licensing fee of $3.5 million. In addition, the Company could be eligible to receive up to approximately $200 million in fees and milestone payments in the event of the successful development and commercialization of multiple products. Roche and Genentech will pay the Company for its development services and have the right to obtain manufacturing services from the Company. Also, the Company will receive undisclosed royalties on product sales.
Church & Dwight Co. Settles Abbott Laboratories, SurModics, Inc. Dispute-AP
The Associated Press reported that Church & Dwight Co. said it settled a patent dispute over pregnancy test kits with Abbott Laboratories and SurModics Inc., according to a Securities and Exchange Commission filing. Under the deal, which was struck September 17, Abbott will pay $27 million to Church & Dwight within 30 days of the agreement. The companies also exchanged mutual releases on all claims for past damages relating to patents asserted in the lawsuits. Also, both Abbott and SurModics agreed not to sue Church & Dwight on any intellectual property relating to continued manufacture and sale of the products. Also, the companies agreed jointly to move to dismiss the pending litigation within seven days of the payment to the Company.
SurModics, Inc.'s I-vation Intravitreal Implant 36 Month Clinical Study Results Presented At The 2009 ARVO Meeting
SurModics, Inc. announced that the 36 month Phase I clinical trial results for I-vation TA (triamcinolone acetonide) were presented by Dr. Pravin Dugel at the 2009 Association for Research in Vision and Ophthalmology (ARVO) Meeting. The primary objective of this study was to evaluate the safety and tolerability of the I-vation TA product in patients with diabetic macular edema (DME). Secondarily, preliminary efficacy was assessed through collection and analysis of retinal thickness and visual acuity data. The 36 month data represents the final patient follow up required in this phase of the clinical trial. The Phase I trial was the first clinical evaluation of the I-vation sustained drug delivery system evaluating the safety and tolerability of the implant coated with TA in patients with DME. This prospective study was conducted at multiple study centers across the United States, and the 31 subjects were randomized to receive either a slow-release or fast release formulation of TA. Participants in the study were monitored for three years.
SurModics, Inc. Secures Revolving Credit Facility
SurModics, Inc. announced that it has entered into a credit agreement with Wells Fargo Bank, N.A. The agreement extends to SurModics up to $25 million under an unsecured revolving credit facility for a term of two years.
SurModics, Inc. Elects Robert C. Buhrmaster As Chairman of the Board
SurModics, Inc. announced that its Board of Directors has elected Robert C. Buhrmaster Chairman of the Board, effective at Annual Meeting of Shareholders. Buhrmaster succeeds Kendrick B. Melrose, who is retiring from the Company`s Board of Directors.
SurModics, Inc. And Nexeon MedSystems, Inc. To Collaborate On Development Of Stent System For Renal Artery Disease
SurModics, Inc. and Nexeon MedSystems, Inc. announced that the companies have signed a licensing agreement to collaborate on development of a stent system for the treatment of renal artery disease. This agreement is in addition to the prior one announced in July 2007 to develop a stent system for coronary artery disease, which is now in clinical trials.
SurModics, Inc. Announces Changes To Organizational Structure and Cost-Cutting Initiatives
SurModics, Inc. announced that it will now be organized into clinically and market focused business units. SurModics will have four business units: Cardiovascular, Ophthalmology, In Vitro Technologies, and Brookwood Pharmaceuticals. The Drug Delivery, Hydrophilic Technologies, Regenerative Technologies, and Orthopedics business units will be eliminated, and those employees will be reassigned within the Company. SurModics is also implementing cost-cutting initiatives, including reducing its workforce by approximately 5% and vacating its leased facility in Eden Prairie, Minnesota.
SurModics, Inc. Licenses Hydrophilic Coating For Elixir's Drug Eluting And Bare Metal Stent Delivery Systems
SurModics, Inc. announced that it is providing advanced hydrophilic coating technology for Elixir Medical Corporation's drug eluting and bare metal stent systems, which are designed to optimize vessel scaffolding and localized drug delivery to provide a safe and effective treatment for cardiovascular patients.
SurModics inks licensing deal with Genetech, shares jump
(Reuters) - Drug delivery technology company SurModics Inc said it inked a licensing deal with Genentech, a unit of Roche , to develop a sustained formulation of the biotech's optical drug Lucentis, sending its shares up 25 percent.
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