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8-K - FORM 8-K - SURMODICS INC | c61920e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
SURMODICS NAMES GARY R. MAHARAJ
PRESIDENT AND CHIEF EXECUTIVE OFFICER
PRESIDENT AND CHIEF EXECUTIVE OFFICER
EDEN PRAIRIE, MINN., December 14, 2010 SurModics, Inc. (Nasdaq: SRDX), a leading provider of
drug delivery and surface modification technologies to the healthcare industry, today announced
that Gary R. Maharaj has been named President and Chief Executive Officer, effective December 27,
2010. Mr. Maharaj will also serve as a member of SurModics Board of Directors.
Mr. Maharaj, who most recently served as President and Chief Executive Officer of Arizant Inc.,
will replace Philip D. Ankeny who has served as SurModics Interim Chief Executive Officer since
June 1, 2010. Mr. Ankeny will continue to serve as the Companys Senior Vice President and Chief
Financial Officer.
We are pleased to welcome Gary Maharaj to SurModics, said Robert C. Buhrmaster, chairman of the
Board of Directors. During the past six months, our Board of Directors conducted an extensive
search for a CEO candidate with the expertise and ability to capitalize on the opportunities in our
marketplace. Gary is a seasoned medical technology industry executive with proven operational and
financial expertise and an outstanding track record of value creation. Gary is well respected as a
strong leader and a strategic thinker, and we are confident he is the right person to lead
SurModics through its next phase of growth and development.
Mr. Buhrmaster added, On behalf of the SurModics Board, I would like to thank Phil Ankeny who has
served as Interim CEO during the past six months. Under Phils leadership, SurModics has made
important progress, including undertaking a strategic review of our businesses with the assistance
of a well-regarded healthcare consulting firm and implementing initiatives intended to reduce the
Companys cost structure. In addition, we implemented a new organizational structure that provides
enhanced accountability, improved efficiency and more effective resource deployment. We are
grateful for his commitment and leadership during this time and look forward to Phils continued
contributions to the Company.
Gary Maharaj said, I am excited to be joining SurModics at this pivotal time in the Companys
history. SurModics has a talented group of employees and is gaining momentum in key areas of its
business. My immediate priority will be to work with the Board, management team and SurModics
employees to drive improved operating and financial results across the organization, return to
profitable growth and build value for all of our stakeholders.
Mr. Maharaj, 47, most recently served as President and Chief Executive Officer of Arizant Inc., a
world leader in patient temperature management in hospital operating rooms. Under Mr. Maharajs
leadership, Arizant nearly doubled revenues in less than five years by expanding its market
penetration, geographical diversification and product portfolio. Arizant was sold to the 3M
Company for $810 million in October 2010. During his 23 years in the medical device industry, Mr.
Maharaj has also served as vice president of Philip Adam and Associates, a product development
management consulting firm, and in various management and research positions for the orthopedic
implant and rehabilitation divisions of Smith & Nephew, PLC. Mr. Maharaj holds an MBA from the
University of Minnesotas Carlson School of Management, an M.S. in biomedical engineering from the
University of Texas at Arlington and the University of Texas Southwestern Medical Center at Dallas,
and a B.Sc. in Physics from the University of the West Indies. Mr. Maharaj holds over 20 patents,
all in the medical device field.
About SurModics, Inc.
SurModics vision is to extend and improve the lives of patients through technology innovation. The
Company partners with the worlds foremost medical device, pharmaceutical and life science
companies to develop and commercialize innovative products that result in improved diagnosis and
treatment for patients. 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. SurModics is headquartered in
Eden Prairie, Minnesota and its SurModics Pharmaceuticals subsidiary is located in Birmingham,
Alabama. For more information about the Company, visit www.surmodics.com. The content of SurModics
website is not part of this release or part of any filings the Company makes with the SEC.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements. Statements that are not historical or
current facts, including statements about beliefs and expectations, such as our ability to achieve
the cost savings and other benefits associated with our October 2010 organizational changes and
workforce reduction, and our performance in the near- and long-term, including our positioning for
profitable growth, are forward-looking statements. Forward-looking statements involve inherent
risks and uncertainties, and important factors could cause actual results to differ materially from
those anticipated, including (1) our ability to successfully identify, negotiate, sign and close a
potential strategic transaction related to our Pharmaceuticals business; (2) the inability to
realize the anticipated benefits of any potential transaction regarding our Pharmaceuticals
business, if consummated, or of our other recent cost savings initiatives; (3) the potential
adverse impact to our business as a result of our announcement to pursue strategic alternatives for
our Pharmaceuticals business; (4) developments in the regulatory environment, as well as market and
economic conditions, may adversely affect our business operations and profitability; (5) our
reliance on third parties (including our customers and licensees) and their failure to successfully
develop, obtain regulatory approval for, market and sell products incorporating our technologies
may adversely affect our business operations, our ability to realize the full potential of our
pipeline, and our ability to achieve our corporate goals; and (6) the factors identified under
Risk Factors in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended
September 30, 2009, and updated in our subsequent reports filed with the SEC. These reports are
available in the Investors section of our website at www.surmodics.com and at the SEC website at
www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake
no obligation to update them in light of new information or future events.
###
Contact
Phil Ankeny
Interim CEO, Senior VP and CFO
(952) 829-2700
Phil Ankeny
Interim CEO, Senior VP and CFO
(952) 829-2700