EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Nov. 15, 2006--SurModics, Inc. (Nasdaq:SRDX), a leading provider of surface modification and drug delivery technologies to the healthcare industry, announced today that Kendrick B. Melrose, the company's Chairman of the Board, has been honored with the "Being a Difference Award" by the National Association of State Board of Accountancy Center for the Public Trust.
The NASBA CPT Awards Program recognizes individuals and organizations practicing high standards of social responsibility and ethical leadership. Recipients do not simply aspire to make a difference. They are making a difference in their circumstances by embodying the very best in principled behavior in the face of difficult challenges, which might otherwise result in a compromise of ethical conduct. These individuals, entities and organizations have distinguished themselves by demonstrating innovative responses to ethical challenges, which inspire and motivate others to emulate similar behavior.
"I'm honored to receive this award and credit the employees of The Toro Company for helping me foster an ethical culture," Melrose said. "I look forward to upholding SurModics' long standing tradition of ethical behavior and serving as a guide in my role as Chairman of the Board."
Kendrick B. Melrose joined The Toro Company in 1970 as director of marketing for the consumer products division. In 1976, he was named vice president of the company's outdoor power equipment group, promoted to executive vice president in July 1980, named president in February of 1981, assumed additional responsibilities as chief executive officer in December 1983 and as chairman of the board in December of 1987. In March 2006, he retired from the Chairman position. In early 2006, Melrose formed a new company, Leading by Serving, LLC, whose mission is to advance the principles of servant leadership in organizations. Melrose is a native of Orlando, Florida. He graduated with honors from Princeton University in 1962, where he majored in mathematics and electrical engineering. He was also a varsity track letterman for three years. He received a Master of Science degree from the Sloan School of Management at the Massachusetts Institute of Technology. He later received a master's degree in business administration from the University of Chicago, where he also was a marketing research assistant, a Ford Foundation fellow, president of the Graduate Business School's student body, and on the Dean's Honor Roll.
Melrose is the author of Making the Grass Greener on Your Side: A CEO's Journey to Leading By Serving, published by Berrett-Koehler Publishers in October 1995. In addition to his role on the SurModics Board of Directors, he serves on the board of directors of Center for Ethical Business Cultures (Chairman); the Guthrie Theatre in Minneapolis; Park Nicollet Health Services; The Environmental Institute for Golf; Turf Equipment and Supply Company; Wesco Turf Supply Inc., and Professional Turf Products. He is a frequent speaker at national conferences on the subjects of servant leadership, building a values-based corporate culture, and how good cultures breed good ethics. He is also a member of the faculty at the Opus School of Business, University of St. Thomas, where he also serves on the Board of Trustees.
About the National Association of State Board of Accountancy (NASBA)
The mission of the NASBA Center for the Public Trust is: To engender and foster confidence and trust in American corporations and institutions and the professions that serve them. Its goals are to: Affirm and encourage what's right; Showcase best practices; Provide forums for ethics education; and Promote a positive perspective.
About SurModics, Inc.
SurModics, Inc. is a leading provider of surface modification technologies in the areas of biocompatibility, site specific drug delivery, biological cell encapsulation, and medical diagnostics. SurModics partners with the world's foremost medical device, pharmaceutical and life science companies to bring innovation together for better patient outcomes. Recent collaborative efforts include the implementation of SurModics' Bravo(TM) drug delivery polymer matrix as a key component of the first-to-market drug-eluting coronary stent. SurModics is also active in the ophthalmology market with a sustained drug delivery system that is currently in human trials for treatment of retinal disease. A significant portion of SurModics' revenue is generated by royalties earned from the sale of our customers' commercial products. SurModics is headquartered in Eden Prairie, MN. More information about the company can be found at www.surmodics.com. The content of SurModics' web site is not part of this release or part of any filings the company makes with the SEC.
Safe Harbor for Forward Looking Statements
Certain statements contained in this press release may be deemed to be forward looking statements under federal securities laws, and SurModics intends that such forward looking statements be subject to the safe harbor created thereby. SurModics does not undertake an obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
CONTACT: SurModics, Inc.
Phil Ankeny, 952-829-2700
Senior Vice President and Chief Financial Officer
SOURCE: SurModics, Inc.