SurModics Licenses Ophthalmic Technology to Bausch & Lomb
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--May 10, 2006--SurModics, Inc. (Nasdaq:SRDX), a leading provider of surface modification and drug delivery technologies to the healthcare industry, announced today that it has granted Bausch & Lomb (NYSE:BOL) an exclusive license to patents relating to the use of Genistein in the treatment and prevention of retinal diseases. Technology relating to the use of Genistein was among the technologies acquired by SurModics in connection with the acquisition of InnoRx in January 2005. InnoRx had licensed patents covering inventions made by InnoRx founder and renowned retinal surgeon Eugene de Juan, Jr., M.D. Terms of the agreement are confidential.
"We are very excited about the opportunity to establish a relationship with one of the leading companies in eye health," said Paul Lopez, President of the Ophthalmology Division at SurModics. "Bausch & Lomb has a great history of bringing innovative products and solutions to patients, and we believe it is ideally suited to develop Genistein into a successful product opportunity."
Genistein is a soy isoflavone with strong anti-oxidant and anti-VEGF activity that has been shown to reduce retinal vascular leakage in diabetic animals. In patients, retinal vascular leakage with subsequent macular edema is one of the leading causes of blindness in the world. In the United States, diabetic macular edema afflicts approximately 500,000 people, with an additional 80,000 new cases diagnosed each year.
"I am delighted that Bausch & Lomb, given its commitment to ophthalmology and patient care, has decided to license and develop this promising technology," commented Dr. de Juan. "I look forward to working with the Bausch & Lomb team to help improve the eyesight of patients." Dr. de Juan is currently Distinguished Professor of Ophthalmology at University of California, San Francisco and was formerly the Joseph Green Chair of Ophthalmology for Age-Related Macular Degeneration at the Wilmer Institute of Johns Hopkins University.
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 the I-vation(TM) sustained drug delivery system, which 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.
SOURCE: SurModics, Inc.