SurModics slashes delivery tech workforce, closes plant in restructuring

SurModics ($SRDX), which markets drug delivery technology, is laying off 9% of its workforce and bidding goodbye to the company's CFO and human resources chief in a reorganization spurred by the loss of a big customer. The Eden Prairie, MN-based operation says it will also close a manufacturing facility in Owings Mills, MD, consolidating that work back at its headquarters.

SurModics counted 215 people on its staff at the end of the year, meaning pink slips have been handed out to about 20 workers. The Minneapolis Star Tribune notes that the tech company has been hit by Johnson & Johnson's decision to stop making drug-coated stents. SurModics supplies the polymer coating for those stents.

"While a workforce reduction is always a very difficult decision, it was necessary to enable us to achieve our objectives," says CEO Gary Maharaj. "We thank our affected employees for their contributions and wish them well in their future endeavors."

- check out the SurModics release
- here's the report from the Star Tribune

Suggested Articles

A Roche compound that was designed to treat rheumatoid arthritis could improve the heart's ability to repair itself, a Vanderbilt team found.

After a whirlwind year and two quick-fire raises, cancer startup Black Diamond Therapeutics has nabbed Yumanity, Merck KGaA and SR One veterans to help head up…

In this week's EuroBiotech Report, Lundbeck inks $2 billion Alder buyout, Euro biotechs raise cash and blast rocks Russian smallpox lab.