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Surmodics sells Abbott rights to device for circulatory condition

Surmodics Inc. granted Abbott Laboratories exclusive worldwide commercialization rights for SurVeil, an experimental device to treat a circulatory condition in the large artery of the thigh.

The device is a drug-coated balloon that treats peripheral artery disease, a circulatory condition caused by a build-up of plaque in the arteries.

Abbott also received options to negotiate agreements for Surmodics' below-the-knee and arteriovenous fistula drug-coated balloon products now in preclinical development. Arteriovenous fistula is an abnormal connection or passageway between an artery and a vein.

Surmodics will receive a $25 million up-front payment from Illinois-based Abbott and an additional $67 million for various product development milestones.

Minnesota-based Surmodics will supply SurVeil to Abbott and collaborate with the company on product development, clinical trials and regulatory activities to obtain marketing approval in the U.S. and Europe.

Once the device receives regulatory approval, Surmodics will be responsible for providing clinical and commercial quantities of the product. It will realize revenue based on initial product sales to Abbott and get a share of profits from third-party sales.