Surmodics Shares Up 8% on FDA Approval for SurVeil Drug-Coated Balloon
June 20 2023 - 10:10AM
Dow Jones News
By Dean Seal
Shares of Surmodics advanced after the medical device company
said it got regulatory approval for its SurVeil drug-coated balloon
to be used in unblocking blood vessels.
The stock is up 8% at $27.10 in early trading. Shares have
fallen by nearly a quarter over the past 12 months.
Surmodics said before the bell that the U.S. Food and Drug
Administration has given it the go-ahead to market and sell the
SurVeil DCB to U.S. physicians for percutaneous transluminal
angioplasty of de novo or restenotic lesions in femoral and
popliteal arteries that have reference vessel diameters of 4
millimeters to 7 millimeters.
The company is set to receive a $27 million milestone payment
from Abbott Laboratories, which has exclusive worldwide
commercialization rights for the balloon. Surmodics will
manufacture the device and earn revenue from product sales to
Abbott, along with a share of profits from Abbott's third-party
sales.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 20, 2023 10:55 ET (14:55 GMT)
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