BUSINESS WIRE
EDEN PRAIRIE, Minn., Mar 17, 2010 (BUSINESS WIRE) -- SurModics, Inc. (Nasdaq: SRDX), a leading provider of drug delivery and
surface modification technologies to the healthcare industry, announced
today that it has entered into an agreement with ForSight Labs, LLC to
license certain non-core ophthalmology technology. The technology
licensed in this agreement does not include the Company's I-vation(TM) drug
delivery technology. While the license agreement contains an up-front
license fee, milestone payments and royalties, specific terms of the
agreement were not disclosed.
"We are pleased to announce this agreement with ForSight," said Bruce
Barclay, president and CEO of SurModics. "As part of our continual
review of our technology portfolio, we identified these technology
assets as being outside our strategic areas of focus. We are delighted
to have reached an agreement with ForSight Labs, so that this technology
can be further developed and potentially commercialized, for the
ultimate benefit of patients and our shareholders."
About SurModics, Inc.
SurModics' vision is to extend and improve the lives of patients through
technology innovation. The Company partners with the world's foremost
medical device, pharmaceutical and life science companies to develop and
commercialize innovative products that result in improved diagnosis and
treatment for patients. Core offerings include: drug delivery
technologies (coatings, microparticles, nanoparticles, and implants);
surface modification coating technologies that impart lubricity,
prohealing, and biocompatibility capabilities; and components for in
vitro diagnostic test kits and specialized surfaces for cell culture and
microarrays. SurModics is headquartered in Eden Prairie, Minnesota and
its SurModics Pharmaceuticals subsidiary is located in Birmingham,
Alabama. For more information about the Company, visit www.surmodics.com.
The content of SurModics' website is not part of this release or part of
any filings the Company makes with the SEC.
About Forsight Labs, LLC
ForSight Labs, LLC is a community of ophthalmic innovation focused on
improving the sight, care, and quality of life of visually impaired
patients by creating high-impact eye care companies. ForSight Labs was
established in 2005 by renowned ophthalmologist and retinal surgeon
Eugene de Juan, Jr., M.D. in collaboration with The Foundry. ForSight
Labs is backed by investors Morgenthaler Ventures, Split Rock Partners,
and Versant Ventures.
Safe Harbor for Forward-Looking
Statements
This press release contains forward-looking statements. Statements that
are not historical or current facts, including statements about beliefs
and expectations, such as the potential benefit to be derived from the
license agreement with ForSight Labs, LLC, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties, and important factors could cause actual results to
differ materially from those anticipated, including those identified
under "Risk Factors" in Part I, Item 1A of our Annual Report on Form
10-K for the fiscal year ended September 30, 2009, and updated in our
subsequent reports filed with the SEC. These reports are available in
the Investors section of our website at www.surmodics.com
and at the SEC website at www.sec.gov.
Forward-looking statements speak only as of the date they are made, and
we undertake no obligation to update them in light of new information or
future events.