SurModics Expands Sales Presence in Europe
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--July 26, 2004--SurModics, Inc. (Nasdaq:SRDX), a leading provider of surface modification and drug delivery solutions to the medical device industry, announced today that it has entered into an agreement with JVS Sales & Technical Consultants GmbH to expand sales and marketing activities with European medical device companies. JVS will represent three of SurModics' newly formed business units: Drug Delivery, Hydrophilic Technologies and Regenerative Technologies. JVS has been active in OEM technical sales since 1989 and has focused on providing support to medical device companies.
"We are taking this action to increase our presence in Europe, where we believe there are significant opportunities for SurModics and the services and products we provide." said Bruce Barclay, President and COO of SurModics. He added, "We expect JVS to assist us in providing increased service to existing customers and to expand our customer base into geographies where we historically have not had a strong sales and marketing presence. Given the number of potential new customers in Europe, and the often-compressed product development cycles there, we believe the opportunity to better serve this market presents revenue upside for us for the future. We are pleased to be working with such an experienced team as JVS."
About SurModics, Inc.
SurModics, Inc., a leading provider of surface modification and drug delivery solutions, licenses its patented technologies to medical device, diagnostics, and biotechnology companies around the world. A significant portion of SurModics' revenue is generated through royalties on the sale of coated products. SurModics also produces stabilization products used by manufacturers of immunoassay diagnostic tests to improve performance, stability, and shelf life. SurModics' Internet address is www.surmodics.com.
About JVS Sales & Technical Consultants GmbH
JVS is located near Bonn, Germany. Representatives who will be working with SurModics are Thomas Dahl, President, and Dr. Gert Hartoch, Director, Medical Sales. Mr. Dahl has 17 years professional experience in production engineering and project management in the medical device and manufacturing technology industry. Dr. Hartoch has 24 years professional experience in telecommunications industry and medical services, development, product and project management, and business development.
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., Eden Prairie Phil Ankeny, 952-829-2700 SOURCE: SurModics, Inc.