San Diego, CA -- (SBWIRE) -- 04/05/2023 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Surmodics, Inc.

Investors who purchased shares of Surmodics, Inc. (NASDAQ: SRDX) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Surmodics, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.

Eden Prairie, MN based Surmodics, Inc., together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. Surmodics, Inc. reported that Total Revenue declined from $105.13 million for the 12 month period that ended on September 30, 2021, to $99.95 million for the 12 month period that ended on September 30, 2022, and that its Net Income of $4.23 million for the 12 month period that ended on September 30, 2021 declined to a Net Loss of $27.39 million for the 12 month period that ended on September 30, 2022

On January 19, 2023, Surmodics, Inc. announced it had received a letter from the U.S. Food and Drug Administration related to its premarket approval (PMA) application for the SurVeil™ drug-coated balloon (DCB). In the letter, the FDA indicated that the application is not currently approvable, while providing specific guidance as to a path forward. The letter stated that certain information within two general categories—biocompatibility and labeling—must be added by an amendment to the company's PMA application to place it in approvable form. Although the information identified by the Agency to put the PMA application in approvable form would require additional testing and analysis, the letter did not question the human clinical data submitted nor request any further human clinical data. Surmodic stated, "We are evaluating the issues raised in the FDA's letter and plan to meet with Agency representatives regarding its contents. Based on our discussion with the Agency, our team and external advisors will determine the appropriate path forward. Concurrently, we will be evaluating options to reduce our use of cash given this development."

Shares of Surmodics, Inc. (NASDAQ: SRDX) declined from $39.17 per share on January 10, 2023, to $16.00 per share on March 20, 2023.

Those who purchased shares of Surmodics, Inc. (NASDAQ: SRDX) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
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