In mid-February, Medtronic announced that regulators had approved its groundbreaking Resolute Integrity drug-eluting stent that treats coronary artery disease in diabetics. Earlier, Medtronic chief financial officer Gary Ellis had said that the approval will drive revenue of the cardiovascular business, which grew 8 percent last quarter, to $830 million. Aside from Medtronic, another Minnesota company […]
SurModics Inc. (NASDAQ:SRDX), the Eden Prairie, Minnesota maker of drug-delivery and surface-modification technologies for medical devices, will sell off its pharmaceuticals business for $30 million in much-needed cash. The company announced today that its portfolio of pharmaceutical services, including its Birmingham, Alabama manufacturing facility, will be acquired by Evonik Industries AG, a specialty chemicals company […]
SurModics (NASDAQ:SRDX), a drug delivery and surface modification company, announced this week that it was cutting 9 percent of its workforce, which included the departure of its CFO, and closing a plant. It’s a major restructuring on the heels of another big cost-cutting move less than a year ago where it cut 13 percent of […]
Last week, the stock price of Eden Prairie, Minnesota-based SurModics Inc. took a real beating when Johnson & Johnson announced that it will stop making the Cypher and Cypher Select Plus stents by the end of the year. The company licenses the technology that J&J subsidiary Cordis Corp. uses to coat the Cypher stents. After J&J […]
Buoyed by sequential revenue increases in all business segments in its second fiscal quarter, SurModics, which produces drug-delivery and surface-modification technologies for medical devices, announced that the company was increasing its guidance. However, the Eden Prairie-based company’s year-on-year revenue dropped slightly. In the quarter ended March 31, revenue fell to $17.5 million from $18.4 million […]
SurModics hosted its first earnings call since naming a new CEO in December and resolving a brief standoff with activist shareholder, Ramius LLC. The loss was expected, and the earnings call instead centered on the newly appointed CEO Gary Maharaj, who spoke about a need to identify and refocus on the company's efforts on a "well-defined core." What exactly that core is, however, is yet to be defined.
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Your move, Ramius. The alternative investment firm and activist shareholder purchased a 12 percent stake in SurModics Inc. (NASDAQ:SRDX) because it saw a clear opportunity to boost the stock and turn a nice profit. In its quest to name three people to the SurModics board, Ramius said it did not want to break up the company or replace the board. That may no longer be the case.
As the history of social legislation suggests -- and as this week's federal court ruling on the so-called individual mandate makes clear, the effects of healthcare reform on our politics may not be settled until a lot of President Obama's aides are collecting Medicare checks, according to the New York Times.
I guess SurModics Inc. (NASDAQ:SRDX) just responded. Just a day after the company based in Eden Prairie, Minnesota, said it would formally respond to Ramius LLC's efforts to name three people to its board of directors, SurModics announced late Tuesday it had named a new CEO and would explore a sale of its pharmaceuticals business.
As proxy fights go, the battle for SurModics Inc. (NASDAQ:SRDX), based in Eden Prairie, is downright tame -- for now. Last week, Ramius LLC, the alternative investment firm of Cowen & Co. that recently purchased a 12 percent stake in SurModics, named its three candidates to the board of directors. While Ramius strongly criticized SurModics' performance of late, the firm told shareholders it only seeks to "help," not usurp the board.
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
No shocker here, but Zacks Investment Research is not high on SurModics Inc. (NASDAQ:SRDX), the device/drug company based in Eden Prairie, Minnesota. Zacks this week lowered its rating on SurModics shares to "underperform" from "neutral." In other words, the research firm is telling investors to sell the stock "following its disappointing showing in the final quarter of 2010.
In the last year alone, SurModics Inc. (NASDAQ:SRDX) opened a $41 million pharmaceutical plant, which is bleeding cash, fired its CEO, massively restructured its operations, and now is facing down a potentially nasty proxy fight with an aggressive outside investor.
Drug company SurModics Inc. (NASDAQ:SRDX) is cutting 13 percent of its workforce as it struggles to reverse falling sales and profits. The company based in Eden Prairie, Minnesota, said Friday it will lay off around 30 of its 250 or so workers. SurModics, which estimates it will save between $3 million and $3.5 million a year by making the move, will take a one-time restructuring charge of $1.3 million to $1.7 million during the first quarter of 2011.
A shakeup at Medtronic's cardiology group has yielded a new director for medical technology company SurModics Inc. Scott R. Ward, formerly a Medtronic senior vice president and president of its CardioVascular business, has joined the SurModics board, bringing its number to nine.
SurModics Inc. (Nasdaq: SRDX) has reached a deal to license its drug delivery technology to an Australian firm that will use it for a skin disorder treatment. Clinuvel Pharmaceuticals Ltd. of Melbourne will use SurModics’ polymer implant technology for a drug called Scenesse, according to a statement from SurModics. SurModics’ technology will allow the drug […]
