Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.SurModics, a provider of drug delivery and surface modification technologies to the healthcare industry, has initiated organisational changes to reduce its cost structure and renew its focus on business units.
Subscribe to our email newsletter
As part of the initiatives, Eden Prairie, Minnesota-based SurModics is reducing its total workforce by approximately 13%. The company will implement an organisational structure that reflects its three complementary but distinct business units: Medical Device, Pharmaceuticals and In Vitro Diagnostics.
SurModics interim CEO, senior vice president and chief financial officer Philip Ankeny said that rightsising the business provides SurModics with the flexibility to make investments and pursue growth opportunities in our Medical Device and In Vitro Diagnostics businesses, while positioning the company for long-term success in their Pharmaceuticals business.
"Moreover, the new structure aligns our organisation with the unique customer bases, technologies, development timelines and markets served within each of our business units," Ankeny said.
"We believe that our customers’ needs will benefit from these organizational changes, which enhance accountability, improve efficiency and allow us to more effectively deploy our resources."
SurModics chairman of the board of directors Robert Buhrmaster said in the midst of conducting SurModics’ annual strategic planning review, it became apparent that the businesses in which we compete would be best served by a more focused business unit approach that is designed to drive improved profitability. These changes better position SurModics for both financial and operational success.
As a result of these organisational changes, SurModics expects to take a one-time restructuring charge of approximately $1.3 to $1.7m in the first quarter of fiscal 2011.
SurModics’ core offerings include: drug delivery technologies (coatings, microparticles, nanoparticles, and implants); surface modification coating technologies that impart lubricity, prohealing, and biocompatibility capabilities; and components for In Vitro diagnostic test kits and specialized surfaces for cell culture and microarrays.