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Article: Genentech, SurModics Aiming for Microparticle Version of Lucentis.
- Article from:
- BIOWORLD Today
- Article date:
- April 17, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Washington Editor
Investors were revved up Tuesday about SurModics Inc.'s deal granting rights to its biodegradable microparticles drug delivery system to Genentech Inc. for use in developing and commercializing a sustained formulation of Lucentis (ranibizumab injection), a vascular endothelial growth factor inhibitor approved to treat wet age-related macular degeneration.
Shares of SurModics (NASDAQ:SRDX), which stands to gain $3.5 million up front and a potential $200 million more in milestone payments under the partnership, climbed 19.7 percent Tuesday, or $4.77, to close at $29.04.
The Eden Prairie, Minn.-based company, which specializes in ...