SurModics Strengthens OctoPlus Relationship.Participates in IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. EDEN PRAIRIE Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn. -- SurModics, Inc. (Nasdaq:SRDX), a leading provider of surface modification and drug delivery technologies to the healthcare industry, announced today that OctoPlus N.V., a biopharmaceutical company based in the Netherlands and active in the development of pharmaceutical formulations incorporating novel biodegradable polymers, completed an initial public offering on the Euronext Amsterdam exchange Amsterdam Exchange (AEX) Exchange that comprises the AEX-Effectenbeurs, the AEX-Optiebeurs (formerly the European Options Exchange or EOE) and the AEX-Agrarische Termijnmarkt. . SurModics made an equity investment of [euro]1.5 million (approximately $1.9 million) as part of the [euro]20 million initial public offering. SurModics and OctoPlus established a strategic relationship in June 2004, when SurModics entered into a license agreement to acquire certain rights to OctoPlus' biodegradable polymer technology. In January 2005, SurModics made a $3.9 million equity investment in OctoPlus as part of a private financing transaction. "We congratulate OctoPlus on their successes to date, which led to their initial public offering and are pleased to participate as an investor in their IPO," said Bruce Barclay Bruce Gillespie Barclay (1922 – 1979) was a New Zealand politician of the Labour Party. He was the Member of Parliament for Christchurch Central from 1969 to 28 June 1979, when he died. , President and Chief Executive Officer. "OctoPlus has an exceptional pipeline of potential new products under development. Further, we continue to work on potential applications of their biodegradable polymer technology in medical device applications. As our relationship with OctoPlus has grown over the past two years, so too has our admiration of their technology and the quality of their scientific and management teams." About SurModics, Inc. SurModics, Inc. is a leading provider of surface modification technologies in the areas of biocompatibility biocompatibility the quality of not having toxic or injurious effects on biological systems. biocompatibility 1. The extent to which a foreign, usually implanted, material elicits an immune or other response in a recipient 2. , site specific drug delivery, biological cell encapsulation (1) In object technology, the creation of self-contained modules that contain both the data and the processing. See object-oriented programming. (2) The transmission of one network protocol within another. , and medical diagnostics. SurModics partners with the world's foremost medical device, pharmaceutical and life science companies to bring innovation together for better patient outcomes. Recent collaborative efforts include the implementation of SurModics' Bravo[TM] drug delivery polymer matrix as a key component of the first-to-market drug-eluting coronary stent coronary stent Intracoronary stent Cardiology An expandable tubular device which can be inserted percutaneously, and left within a coronary artery lumen to maintain its patency Pros Clinical and angiographic outcomes are better with intracoronary artery stent . SurModics is also active in the ophthalmology ophthalmology (ŏf'thălmŏl`əjē), branch of medicine specializing in the anatomy, function and diseases of the eye. Ophthalmologists specialize in the medical and surgical treatment of eye disorders, vision measurements for market with a sustained drug delivery system that is currently in human trials for treatment of retinal disease. A significant portion of SurModics' revenue is generated by royalties earned from the sale of our customers' commercial products. SurModics is headquartered in Eden Prairie, MN. More information about the company can be found at www.surmodics.com. The content of SurModics' web site is not part of this release or part of any filings the company makes with the SEC. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward Looking Statements Certain statements contained in this press release may be deemed to be forward looking statements under federal securities laws, and SurModics intends that such forward looking statements be subject to the safe harbor created thereby. SurModics does not undertake an obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. |
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