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Surmodics Buys New Irish Medical Device Company

Surmodics, based in Eden Prairie, has purchased a company that makes venous clot removal medical devices, giving it two FDA-approved devices to treat clogged veins and arteries. Surmodics is paying $39.9 million upfront for Vetex Medical Ltd. in Ireland; the total sum could rise by $7 million if regulatory and new product milestones are met.

Gary Maharaj, chief executive of Surmodics, said, “This acquisition demonstrates our commitment to the expansion of our thrombectomy platform to remove thrombus in venous vascular beds, with an exciting technology that offers significant improvements over current therapies. As a result, Surmodics is now well positioned with two ground-breaking, FDA-cleared mechanical thrombectomy devices to treat both arterial and venous thrombosis.”

Vetex was created in 2016 and currently employs five people in Galway, Ireland, who will be joining Surmodics‘ existing research and development team in Ballinasloe. Blockages in veins deep in the lower leg, thigh, or pelvis are venous thromboembolism or VTE. The Vetex ReVene Thrombectomy Catheter is used to treat significant blockages in the legs with a catheter that can break up and collect clots in a single procedure.

Surmodics intends to generate income in the second half of calendar 2022, after the FDA approved Vetex’s device in December 2020. In September 2020, Surmodics‘ Pounce Thrombus Retrieval System gained FDA 510(k) clearance, and its principal usage has been to treat arterial blockages. v is most known for its coatings technology, which is utilized on intravascular medical devices, but it also makes supplies for immunoassay testing and microarrays in vitro diagnostics.

The purchase, which expands Surmodics‘ products beyond surface modification coating, was praised by Needham analysts Mike Matson and David Saxon. They restated their “buy” rating in a note to investors this morning, writing that the deal “supports our thesis that Surmodics can continue to build out its whole product solutions offering to increase its market opportunity and revenue growth rate.”

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