Both companies signed a license and research collaboration agreement in June 2007. Under this agreement, Merck will lead and fund development and commercialization activities, whereas SurModics will manufacture and supply clinical and commercial products. SurModics is eligible to receive development milestones upon successful development with candidates compounds and royalties on future product sales.

I-vation(TM) is an intravitreal implant for the sustained release of drugs to the back of the eye.

Source: SurModics, Inc.