Surmodics Shares Up 8% on FDA Approval for SurVeil Drug-Coated Balloon
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)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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