SurModics Inc (SRDX)

[bridgeofsighs]

SurModics Announces Departure of CEO Bruce Barclay

I do not like the suddenness of this.

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--SurModics, Inc. (Nasdaq: SRDX - News), a leading provider of drug delivery and surface modification technologies to the healthcare industry, announced that Bruce J Barclay is resigning as President and Chief Executive Officer and from the Board, effective immediately. Mr. Barclay has accepted a new position in the healthcare industry, but will assist the Company in the process of transitioning to new leadership. Mr. Barclay’s last day with the Company will be June 8, 2010. The Board has appointed Philip D. Ankeny, Senior Vice President and Chief Financial Officer, as the interim Chief Executive Officer until a permanent successor is named.

"We thank Bruce for his many contributions to SurModics. Bruce has provided leadership and helped grow and diversify the Company and expand its technology portfolio during his six-year tenure. We wish him the very best in his new role," said Robert C. Buhrmaster, Chairman of the Board of SurModics. "The Company is fortunate to have a proven leader in Phil Ankeny and an excellent management team in place to ensure continuity and a smooth transition. The Board will be thoughtful and deliberate in the selection process of a permanent CEO."

"I am honored and excited to serve the Company in this interim capacity," said Philip D. Ankeny, interim Chief Executive Officer, Senior Vice President and Chief Financial Officer. "Our senior management team is strong, and we will remain focused on executing against our operating plan and long range strategic plan. SurModics has significant opportunities to address unmet clinical needs in the cardiovascular, ophthalmology, pharmaceutical, biotechnology, and diagnostics markets. Our portfolio of compelling customer development programs, combined with our strong base of technologies and talented employees, position the Company favorably for long-term profitable growth.”

Mr. Ankeny joined SurModics as Chief Financial Officer in April 2003, with the additional responsibilities of Vice President, Business Development added in 2004. He was promoted to Senior Vice President and Chief Financial Officer in 2006. Prior to joining SurModics, he served as Chief Financial Officer for Cognicity, Inc. from 1999 to 2002. Mr. Ankeny’s professional experience also included leadership positions at Sherpa Partners, LLC, a venture capital and venture development firm, Robertson Stephens and Morgan Stanley. He received an A.B. degree in Economics and Engineering from Dartmouth College in 1985 and an M.B.A. from Harvard Business School in 1989.