SurModics bets on eye implant maker InnoRx
This article was originally published in Clinica
Executive Summary
SurModics has invested some $17m in a cash and stock purchase of InnoRx, a Mobile, Alabama-based firm that is developing an implant for the delivery of drugs to the eye. Eden Prairie, Minnesota-based SurModics, which already had a minority stake in InnoRx and has collaborated with the firm for three years, paid $4.1m in cash and issued about 0.6m shares to acquire the remaining shares. InnoRx's shareholders stand to receive another 0.6m SurModics shares if the company's product receives FDA approval and meets certain revenue targets.