After FDA Rejection, Surmodics' SurVeil Drug-Coated Balloon Scores FDA Approval
Portfolio Pulse from Vandana Singh
The FDA has approved Surmodics Inc's SurVeil drug-coated balloon (DCB) for peripheral artery disease. Abbott Laboratories has exclusive worldwide commercialization rights for the SurVeil DCB, and Surmodics will receive a $27 million milestone payment from Abbott.
June 20, 2023 | 1:54 pm
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POSITIVE IMPACT
Abbott Laboratories has exclusive worldwide commercialization rights for Surmodics' FDA-approved SurVeil DCB and will pay a $27 million milestone payment to Surmodics.
Abbott Laboratories' exclusive commercialization rights for Surmodics' SurVeil DCB provide a new revenue stream for the company. The $27 million milestone payment to Surmodics is an investment in the product's potential, which could positively impact Abbott's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Surmodics receives FDA approval for its SurVeil DCB, which will be commercialized by Abbott Laboratories. The company will receive a $27 million milestone payment from Abbott.
The FDA approval of Surmodics' SurVeil DCB is a significant milestone for the company. The partnership with Abbott Laboratories and the $27 million milestone payment will positively impact Surmodics' revenues and financial position, making it likely for the stock price to go up in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Surmodics' SurVeil DCB demonstrated non-inferiority to Medtronic's IN.PACT Admiral DCB at a substantially lower drug dose in a 24-month clinical trial.
The FDA approval of Surmodics' SurVeil DCB and its non-inferiority to Medtronic's IN.PACT Admiral DCB at a lower drug dose could increase competition in the market. This may negatively impact Medtronic's market share and stock price in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50