SurModics re-affirms fiscal 2011 guidance EDEN PRAIRIE, Minn., Jun 15, 2011 (BUSINESS WIRE) -- SurModics, Inc. /quotes/zigman/66743/quotes/nls/srdx SRDX -1.72% , a leading provider of drug delivery and surface modification technologies to the healthcare industry, responded to Johnson & Johnson's announcement earlier today that Cordis Corporation, a J&J company, will stop the manufacture of CYPHER(R) and CYPHER SELECT(R) Plus Sirolimus-Eluting Coronary Stents by the end of 2011.
Gary Maharaj, president and chief executive officer, stated:
"While we are disappointed by J&J's announcement, we have long anticipated the continuing decline of royalties from CYPHER in our strategic and operating plans. Despite today's announcement, J&J remains an important customer, as our hydrophilic coating technology is used on a broad array of products across the Cordis franchise. Importantly, today's development reinforces and validates our long-term strategic plan of focusing on our core hydrophilic technology and in vitro diagnostics businesses. The Company re-affirms its previously communicated fiscal 2011 guidance."
About SurModics, Inc.
SurModics' vision is to extend and improve the lives of patients through technology innovation. The Company partners with the world's foremost medical device, pharmaceutical and life science companies to develop and commercialize innovative products that result in improved diagnosis and treatment for patients. Core offerings include: drug delivery technologies (coatings, microparticles, nanoparticles, and implants); surface modification coating technologies that impart lubricity, prohealing, and biocompatibility capabilities; and components for in vitro diagnostic test kits and specialized surfaces for cell culture and microarrays. SurModics is headquartered in Eden Prairie, Minnesota and its SurModics Pharmaceuticals subsidiary is located in Birmingham, Alabama. For more information about the Company, visit www.surmodics.com . The content of SurModics' website is not part of this release or part of any filings the Company makes with the SEC.