SurModics (NSDQ:SRDX) said today it inked a deal with Embolitech to acquire its thrombectomy platform and the associated intellectual property in a deal worth $5 million up front, with additional payments based on regulatory milestones.
The newly acquired tech platform is designed for use in the peripheral vasculature to remove hard blood clots, Eden Prairie, Minn.-based SurModics said. SurModics added that it plans to leverage its design, development and manufacturing capabilities to advance the platform into different peripheral and vascular applications.
“We are pleased to sign an agreement with Surmodics for this promising thrombus management platform that complements their current portfolio and aligns well with their focus on advancing therapies for peripheral artery disease,” Embolitech founder & chief medical officer Dr. Gary Ansel said in a prepared release.
“Surmodics’ proven expertise and leadership in key capabilities necessary for the future development of this technology, including advances in catheter delivery and surface technologies, makes it the ideal partner for Embolitech,” Embolitech CEO Ron Ginor said in a prepared statement.
SurModics said it expects to record a 49¢ per share charge to earnings during its third quarter of the fiscal year 2018 related to in-process R&D expenses and deal costs.
“We are excited to add to our portfolio a technology that offers significant advances over the current treatment of complex, peripheral artery disease. The Embolitech technology offers next-generation innovation that may eliminate the need for the use of thrombolytics, reducing the likelihood of ICU time and bleeding complications that significantly affect patient recovery and outcomes. In addition, the technology is anticipated to reduce procedure time and the need for multiple procedures, and it does not require any additional, external capital equipment,” SurModics prez & CEO Gary Maharaj said in a press release.
Last month, SurModics said it won FDA 510(k) clearance for its .018″ low-profile percutaneous transluminal angioplasty balloon dilation catheter designed for peripheral vascular use.