EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Aug. 2, 2006--SurModics, Inc. (Nasdaq:SRDX), a leading provider of surface modification and drug delivery technologies to the healthcare industry, announced today that its Board of Directors has elected Kendrick B. Melrose Chairman of the Board, effective August 1st. Melrose succeeds Dale R. Olseth, 75, who has decided to retire from the company as Executive Chairman of the Board. Olseth has held that post since July 2005, after serving as President and Chief Executive Officer from 1986 until July 2005 and Chairman since 1988. At the request of the Board, Olseth will remain a Director of the Company.
"Dale has led SurModics through an impressive 20 year period. What was once a small, private research-oriented business is now a leading public company uniquely positioned to benefit from the convergence of drugs and medical devices," said Melrose. "The Board expressed high praise for Dale and his career as CEO and Executive Chairman of the Board. The association of many of SurModics' employees, private investors and Board members with the company is the result of the efforts and extensive business relationships Dale has fostered over the years."
"It has been an enjoyable and rewarding experience leading SurModics' Board the past 20 years, and I am honored to pass the Chairmanship to Ken," commented Olseth. "I believe Ken's 25 years of experience leading The Toro Company and 18 years on our Board will be a valuable asset to the company as he assumes this very important role. At Toro, Ken presided over a period of tremendous diversification and growth. I am confident in the leadership Ken will offer our Board and the senior management team."
"We are grateful to Dale for his many years of leadership and contributions to our company," said Bruce Barclay, President and CEO. "All of us at SurModics will miss Dale's warmth, charm, leadership and wisdom, and we are very pleased that he will continue to serve on the Board. We are also delighted that the Board has elected such a capable, thoughtful and professional individual as Ken to serve as Chairman of the Board."
Melrose, 66, has been a Director of the Company since 1988. He served as Chairman and Chief Executive Officer of The Toro Company from 1987 to 2005, Chief Executive Officer from 1983 to 1987 and President from 1981 to 1983.
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.
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. Factors that may cause actual results to differ from the forward-looking statements include those described in the "Risk Factors" and other sections of SurModics' filings with the Securities and Exchange Commission. 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
SOURCE: SurModics, Inc.