SurModics Inc (SRDX)

[DewDiligence]

A self-funded phase-2 I-vation trial with triamcinolone will be started before the end of the fiscal year in September, but no further details were given about the trial design. These details will not be given until the FDA comments on the proposed design.

SRDX claims a high interest level in the I-vation device from prospective partners who want to use the device with their own drug, but there are no plans to run a clinical trial with a customer’s drug.

All told, I consider the above to be disappointing because SRDX had previously framed the phase-1 I-vation trial with triamcinolone as merely a proof-of-concept demonstration. That SRDX will proceed to a self-funded phase-2 trial using triamcinolone suggests to me that the interest from prospective partners in using the I-vation device with their own drugs is modest.

In other words, SRDX’s claim of high interest in the I-vation device from prospective partners does not ring true, IMO. I suspect that most of the ophthalmology development work mentioned in message #925 is unrelated to I-vation.