SURMODICS ACQUIRES INNORX

SurModics, a provider of surface modification and drug delivery technologies to the medical device industry, has acquired InnoRx, a drug delivery company developing novel therapies for the ophthalmology market.

Prior to the acquisition, SurModics held an ownership interest in InnoRx of less than 20 percent. To acquire the remaining interest, SurModics paid approximately $4.1 million in cash and issued approximately 600,000 shares of SurModics stock.

This acquisition solidifies SurModics' relationship with InnoRx and extends the company's reach into the large and rapidly expanding ophthalmology arena. SurModics' initial focus will be to utilize InnoRx's technology platform to treat age-related macular degeneration and diabetic macular edema, two of the leading causes of blindness.