SurModics Inc (SRDX)

[surf1944]

4:54PM SurModics announces strategic realignment of business; a result of these initiatives, co expects to take one-time charges of ~$1.1-1.4 mln in Q4 of FY11 (SRDX) 10.42 +0.40 : SRDX announced a realignment of its business to optimize co resources according to its strategic plan. As part of the strategic realignment, the co announced a reduction of ~9% of its total workforce. Co also announced the consolidation of its BioFX product manufacturing operations from Owings Mills, Maryland into its corporate headquarters located in Eden Prairie, Minnesota. The Minnesota facility is fully qualified and operational, and is now producing and shipping BioFX branded products. The Co does not expect the transition of responsibilities announced today to affect its day-to-day operations, nor is it expected to impact the co's ongoing efforts to explore potential strategic alternatives for its SurModics Pharmaceuticals business. As a result of these initiatives, the co expects to take one-time charges of ~$1.1-1.4 mln in Q4 of FY11. Also, in connection with these initiatives, co expects to save ~$1.7-2.0 mln on an annualized basis.