SurModics Licenses Hydrophilic Coating for Elixir's Drug-Eluting ...

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EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Oct 30, 2008 - SurModics,Inc. (Nasdaq:SRDX), a leading provider of surface modification anddrug delivery technologies to the healthcare industry, todayannounced that it is providing advanced hydrophilic coatingtechnology for Elixir Medical Corporation's drug-eluting and baremetal stent systems, which are designed to optimize vesselscaffolding and localized drug delivery to provide a safe andeffective treatment for cardiovascular patients.
Elixir has conducted five first-in-human clinical studiesevaluating the therapeutic effectiveness of the company'sNovolimus-eluting and Myolimus-eluting stent systems. Novolimus andMyolimus are macrocyclic lactones in the same family as Rapamycin.The macrocyclic lactone drugs represent the most widely utilizeddrug family for drug-eluting stent applications and have anestablished safety and efficacy profile.
"SurModics is pleased to license our advanced hydrophiliccoating technology for Elixir's Novolimus-eluting andMyolimus-eluting stent systems," said Bruce Barclay, presidentand CEO of SurModics. "We believe that next generation stents,such as Elixir's, will not only improve safety and efficacy, but inthe process expand the size of the overall market. Today'sannouncement reflects SurModics' continued drive to stay on thecutting edge of innovation in the cardiology field and highlightsour ability to participate in the rapidly evolving drug-elutingstent market in multiple ways."
"We are very pleased to partner with SurModics," statedMotasim Sirhan, CEO of Elixir Medical Corporation. "We believeSurModics' hydrophilic coating technology will enhance thedeliverability of our bare metal and drug-eluting stent deliverysystems, allowing us to better address physician and patientneeds."
About SurModics, Inc.
SurModics, Inc. is a leading provider of surface modification anddrug delivery technologies to the healthcare industry. SurModicspartners with the world's foremost medical device, pharmaceuticaland life science companies to develop and commercialize innovativeproducts that result in improved patient outcomes. Core offeringsinclude: drug delivery technologies (coatings, microparticles, andimplants); surface modification coating technologies that impartlubricity, prohealing, and biocompatibility capabilities; andcomponents for in vitro diagnostic test kits and specializedsurfaces for cell culture and microarrays. Current efforts includea sustained drug delivery system in human trials for treatment ofretinal disease and the drug delivery polymer matrix on thefirst-to-market drug-eluting coronary stent. SurModics isheadquartered in Eden Prairie, Minnesota and its BrookwoodPharmaceuticals subsidiary is located in Birmingham, Alabama. Formore information about the company, visit www.surmodics.com. Thecontent of SurModics' website is not part of this release or partof any filings the company makes with the SEC.
About Elixir Medical
Elixir Medical Corporation, a privately held company headquarteredin Sunnyvale, California, develops products that combinestate-of-the-art medical devices with advanced pharmaceuticals toprovide innovative treatment solutions to patients worldwide. Thecompany's next-generation coronary stent systems are designed tooptimize localized drug delivery to provide a safe and effectivetreatment for cardiovascular patients. For more information, visitwww.elixirmedical.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements. Statementsthat are not historical or current facts, including statementsabout beliefs and expectations, are forward-looking statements.Forward-looking statements involve inherent risks anduncertainties, and important factors could cause actual results todiffer materially from those anticipated, including the following:(1) our reliance on third parties (including our customers andlicensees) and their failure to successfully develop, obtainregulatory approval for, market and sell products incorporating ourtechnologies may adversely affect our business operations, ourability to realize the full potential of our pipeline, and thecompany's ability to achieve our fiscal 2008 corporate goals; (2)costs or difficulties relating to the integration of the businessesof Brookwood Pharmaceuticals and BioFX Laboratories with SurModics'business may be greater than expected and may adversely affect thecompany's results of operations and financial condition; (3)developments in the regulatory environment, as well as market andeconomic conditions, may adversely affect our business operationsand profitability; and (4) other factors identified under"Risk Factors" in Part I, Item 1A of our Annual Report onForm 10-K for the fiscal year ended September 30, 2007, and updatedin our subsequent reports filed with the SEC. These reports areavailable in the Investors section of our website atwww.surmodics.com and at the SEC website at www.sec.gov.Forward-looking statements speak only as of the date they are made,and we undertake no obligation to update them in light of newinformation or future events.
Contact
SurModics, Inc.
Phil Ankeny, Sr. VP and Chief Financial Officer
(952) 829-2700
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