Surmodics up on FDA's nod for vascular disease device

SurModics

20/06/2023 13:47

** Shares of medical device coatings maker Surmodics Inc
 SRDX.O  up 5.3% at $26.42 premarket 
    ** U.S. FDA approved co's vascular disease device that can
now be marketed and sold in the United States to physicians
    ** SurVeil Drug-Coated Balloon is a potential treatment for
peripheral artery disease, which causes a reduction of blood
flow through arteries 
    ** SRDX in May submitted an amended premarket application
(PMA) after the agency in January "indicated" the PMA was not
currently approvable 
    ** The device will be distributed by Abbott Laboratories
 ABT.N  and SRDX will receive a $27 mln milestone payment from
Abbott
    ** SRDX expects about $24 mln to $24.5 mln of revenue
related to the milestone payment in Q3 of its fiscal year 2023
    ** As of last close, stock fell 26.50% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))