SurModics Inc (SRDX)

[DewDiligence]

Re: Minimum Cypher royalty

This came up in the CC Q&A today, which is not surprising given the monotonically decreasing Cypher sales reported by JNJ. SRDX can’t disclose the exact number, of course, but I think posters on the Yahoo MB figured out this amount to an accuracy sufficient for investment purposes during the period immediately following the Cypher launch seven years ago. My recollection is that the minimum royalty comes to about $1M per quarter.