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Home » Surmodics reaps $10m from Abbott on SurVeil balloon milestone

Surmodics reaps $10m from Abbott on SurVeil balloon milestone

August 28, 2019 By Sean Whooley

Surmodics (NSDQ:SRDX) said today that it’s due for a $10 million milestone payment from Abbott (NYSE:ABT) after closing enrollment for the Transcend pivotal trial of its SurVeil drug-coated balloon for treating peripheral artery disease.

Abbott in February 2018 paid $25 million up front for the global commercialization rights to the SurVeil device, which uses a proprietary paclitaxel-excipient formulation that’s designed to provide a more durable and uniform coating. The deal put another $67 million in milestones on the table, the first of which was triggered by the Transcend enrollment closure.

Eden Prairie, Minn.-based Surmodics said the 446-patient Transcend trial is designed to compare the SurVeil DCB with the In,Pact Admiral DCB made by Medtronic (NYSE:MDT) out to five years. The estimated primary completion date is April 2020, with a study completion date of April 2024.

Get the full story at our sister site, Drug Delivery Business News.

Filed Under: Clinical Trials, Dialysis, Drug-Device Combinations, Funding Roundup, Wall Street Beat Tagged With: Abbott, Medtronic, SurModics Inc.

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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