Date Posted: 04 November 2009
SurModics of Minnesota announced the completion of a License and Development Agreement with Roche / Genentech Inc for the use of SurModics' proprietary microparticulate drug delivery technology. The deal provides for Roche/Genentech to exclusively develop and commercilaize a sustained drug delivery formulation of Lucentis (ranibizumab).
Surmodics (SRDX NASDAQ GS) specialises in drug delivery and surface modification technology used for both devices and biological materials and for the optimisation of drug delivery using coatings, implants or injected microparticles.
Under the terms of the agreement Surmodics receives an upfront licensing fee of $3.5M with a further $200M available through fee and milestone based payments contingent on the successful development and commercialisation of a number of products. The R&D will be paid for by Roche/Genentech who have additionally obtained the rights for manufacturing by Surmodics on the outputs of the development programme. Given the increasingly competitive field of AMD therapeutics the attractiveness of the deal may be to provide Roche /Genentech with a competitive advantage by extending market share through a new and improved Lucentis formulation.
Surmodics is a well established business based in Eden Prairie, Minnesota focused on a range of clinical markets including cardiovascular, diagnostics and ophthalmology. The company's ophthalmic drug delivery platforms include intravitreal implants for use in indications such as DME and AMD in addition to microparticulate technologies for delivery to the retina. The company's three year Phase I trial for its' "I-Vation TA" delivery device was reported at this year's ARVO meeting and the company hope to partner the technology for further commercial development.
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