SurModics, Inc. today announced that Merck and Co. will no longer continue the License and Research Collaboration Agreement the two companies signed in the spring of 2007.

This decision was made after Merck's review of its business and product development portfolio and is not related to concerns about the safety or efficacy of I-vation(TM) TA, the I-vation platform or any of SurModics' other sustained drug delivery systems. Clinical data for both has been positive and not a reason for Merck's removal – which will cost the company an additional $9 million payment to SurModics.

Although disappointed in Merck's decision, SurModic expressed their understanding and acceptance of the decision. Moreover, the company remains committed to their innovative technologies and the furtherance of various ongoing customer development programs including I-vation(TM).

SurModics is a leading provider of surface modification and drug delivery technologies to the healthcare industry. The I-vation(TM) Intravitreal Implant is a drug delivery platform made of a non-ferrous metal alloy.

Source: SurModics, Inc.