SurModics Inc. (NSDQ:SRDX) reached a deal to license its drug delivery technology to an Australian firm that will use it for a skin disorder treatment.
Melbourne-based Clinuvel Pharmaceuticals Ltd. will use SurModics’ polymer implant technology for a drug called Scenesse, according to a statement from SurModics. SurModics’ technology will allow the drug to be released in a “sustained and tightly controlled manner,” stimulating the production of melanin in a patient’s skin.
The Eden Prairie, Minn., company didn’t release the financial terms of the licensing deal. Former CEO Bruce Barclay resigned last month to head up a California device maker after seeing SurModics’ stock lose half its value over the course of his five-year tenure. The company has not yet announced a replacement.
The deal is important to SurModics because it further validates the company’s progress in licensing its technology to pharmaceutical companies, interim CEO Phil Ankeny said.
Clinuvel’s drug is in the midst of Phase 2 clinical trials in the U.S. for a rare skin disease called erythropoietic protoporphyria, which is estimated to affect about 3,000 Americans.
For the first half of its fiscal 2010, SurModics revenues plunged 71 percent to $17 million from $58 million.