Surmodics, a provider of medical device and in vitro diagnostic technologies to the healthcare industry, announced it has reached an agreement with Embolitech to acquire an innovative thrombectomy platform technology and related intellectual property with broad potential peripheral vascular applications.
Under the agreement, Surmodics will pay US$5 million up front, and additional amounts related to various regulatory milestones. The addition of this technology to the Surmodics peripheral vascular pipeline strengthens the company’s focus on developing highly differentiated whole-product solutions for its medical device customers.
“We are excited to add to our portfolio a technology that offers significant advances over the current treatment of complex, peripheral artery disease,” said Gary Maharaj, president and chief executive officer of Surmodics. “The Embolitech technology offers next-generation innovation that may eliminate the need for the use of thrombolytics, reducing the likelihood of ICU time and bleeding complications that significantly affect patient recovery and outcomes. In addition, the technology is anticipated to reduce procedure time and the need for multiple procedures, and it does not require any additional, external capital equipment.”
The Embolitech technology platform is designed to remove difficult, organised (hard) blood clots. Surmodics will leverage its design, development and manufacturing capabilities to advance the technology platform for a variety of 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,” said Gary Ansel, founder and chief medical officer of Embolitech.
“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,” said Ron Ginor, chief executive officer of Embolitech.
Surmodics anticipates recording a US$0.49 per share charge to earnings in the third quarter of fiscal 2018 related to in-process research and development expense and deal costs associated with this agreement.
