SurModics acquires Embolitech thrombectomy tech for $5m

SurModics (NSDQ:SRDX) said today it inked a deal with Embolitech to acquire its thrombectomy platform the and associated intellectual property in a deal worth $5 million up front, with additional payments based on regulatory milestones. The newly acquired tech platform is designed for use in the peripheral vasculature to remove hard blood clots, Eden Prairie, Minn.-based SurModics said. SurModics added that it plans to leverage its design, development and manufacturing capabilities to advance the platform into different peripheral and vascular applications. “We are pleased to sign an agreement with Surmodics for this promising thrombus management platform that complements their current portfolio and aligns well with their focus on advancing therapies for peripheral artery disease,” Embolitech founder & chief medical officer Dr. Gary Ansel said in a prepared release. “Surmodics’ proven expertise and leadership in key capabilities necessary for the future development of this technology, including advances in catheter delivery and surface technologies, makes it the ideal partner for Embolitech,” Embolitech CEO Ron Ginor said in a prepared statement. SurModics said it expects to record a 49¢ per share charge to earnings during its third quarter of the fiscal year 2018 related to in-process R&D expenses and deal costs. “We are excited to add to our portfolio a technology that offers significant advances over the current treatment of compl...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Catheters Mergers & Acquisitions Vascular SurModics Inc. Source Type: news