SurModics expands relationship with St. Jude’s
SurModics Inc. (Nasdaq: SRDX) said late Thursday it has inked an expanded technology corporate agreement with St. Jude Medical Inc. (NYSE: STJ).
The Eden Prairie, Minn.-based company’s shares were up $0.27, or 0.7%, to $37.40 in after-hours trading on the news. Nearly 400,000 shares had changed hands by 5 p.m. ET – more than double the three-month average volume of 159,921 shares.
SurModics and St. Jude’s plan to work together to commercialize new products being developed in St. Jude’s cardiovascular and cardiac rhythm management divisions.
SurModics makes drug-delivery systems used with medical devices. It partners with the medical device, pharmaceutical and life science companies.
A recent collaboration included the implementation of SurModics' Bravo drug delivery polymer matrix as a component of the first-to-market drug eluting coronary stent.
The company also is active in the ophthalmology market with a sustained drug delivery system that is currently in human trials for treatment of retinal disease.
SurModics’ makes most of its money from royalties earned from the sale of customers' commercial products. St. Jude’s has been a SurModics’ customer for 16 years.
SurModics’ stock has traded as low as $28.52 (on Nov. 17, 2006) and as high as $39.81 (on June 20, 2006) in the past year.
