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.