SurModics Provides Additional Information on its License Agreement with Conor Medsystems
EDEN PRAIRIE, Minn., Nov 17, 2006 (BUSINESS WIRE) -- SurModics, Inc. (Nasdaq: SRDX), a leading provider of surface modification and drug delivery technologies to the healthcare industry, announced today certain additional information about its license agreement with Conor Medsystems, Inc. (Nasdaq: CONR).
In January 2006, SurModics announced that it had licensed its advanced hydrophilic technology to provide the lubricious coating on the delivery system of Conor's second generation CoStar(TM) Stent System, a cobalt chromium paclitaxel-eluting stent.
"We are pleased that Conor chose our hydrophilic coating technology for their CoStar drug-eluting stent delivery system," said Bruce Barclay, President and CEO. "This license is one of five agreements we have announced to provide our hydrophilic technology on customers' drug-eluting stent (DES) delivery systems, further evidencing the multiple ways our technologies can participate in the DES market."
Under the license agreement, Conor will pay a royalty on net sales of CoStar devices that utilize SurModics' hydrophilic coating on the stent delivery catheter. The royalty rate in the Conor license exceeds the royalty rate from the drug delivery polymer license between SurModics and Cordis Corporation, a Johnson & Johnson company, on it CYPHER drug-eluting stent. Additionally, the royalty payment in the Conor license is calculated using the net sales price of the full product, which includes both the DES and the stent delivery system.
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.
SOURCE: SurModics, Inc.
Senior Vice President and Chief Financial Officer