SurModics is a provider of surface modification and drug delivery technologies to the healthcare industry. The company operates in three operating segments: Drug Delivery, Hydrophilic Technology and Other, and In Vitro. The Drug Delivery segment contains the drug delivery business unit, which is responsible for technologies dedicated to site-specific delivery of drugs, and the Ophthalmology division, which is dedicated to the advancement of treatments for eye diseases, such as age-related macular degeneration (AMD) and diabetic macular edema (DME). The acquisition of Brookwood Pharmaceuticals in August 2007 added proprietary polymer platform technologies to this segment in addition to both systemic and site specific drug release technologies.
The Hydrophilic and Other operating segment consists of Hydrophilic Technologies business unit, which focuses on enhancing medical devices with advanced lubricious coatings that facilitate their placement and maneuverability in the body Regenerative Technologies business unit, which develops platforms intended to augment or replace tissue/organ function (e.g., cell encapsulation applications), or to modify medical devices to facilitate tissue/organ recovery through natural repair mechanisms (e.g., biocompatible or prohealing coatings) and Orthopedics business unit, which is committed to innovative solutions for orthopedics patients using proven SurModics technologies, and creating new technology solutions to existing patient care gaps in the orthopedics field. The In Vitro operating segment contains the in vitro technologies (formerly Diagnostics and Drug Discovery) business unit, which includes genomics slide technologies, stabilization and antigen products for immunoassay diagnostic tests, in vitro diagnostic format technology and synthetic cell culture products. The product portfolio of this segment was broadened with the acquisition of BioFX Laboratories in August 2007.
Revenue in each of the three operating segments is derived from three primary sources: royalties and license fees from licensing patented surface modification and drug delivery technologies and in vitro diagnostic formats to customers the sale of reagent chemicals to licensees of its technologies, stabilization products to the diagnostics industry and coated glass slides to the genomics market research and development fees generated on customer projects.
SurModics serves medical device, pharmaceutical, and life science companies, as well as development stage companies. The company's customer base and market presence were greatly expanded with the acquisitions of Brookwood Pharmaceuticals and BioFX Laboratories in August 2007. SurModics markets its technologies and products worldwide. The company was founded in 1979. It was formerly known as BSI Corporation and changed its name to SurModics, Inc. in 1997. The company went public in 1998. SurModics is headquartered in Eden Prairie, Minnesota.