Abbott and Surmodics announced they have reached an agreement giving Abbott exclusive rights for worldwide commercialization of a Surmodics drug-coated balloon designed for treatment of superficial femoral artery lesions.
According to a press release from the companies, the DCB (SurVeil), currently being evaluated in a U.S. pivotal clinical trial, will be supplied by Surmodics to Abbott.
As previously reported by Cardiology Today’s Intervention, results from PREVEIL, the first-in-human study of the device, were presented at VIVA in September.
Additionally, Abbott will receive negotiation agreement options for a below-the-knee and arteriovenous fistula DCB in pre-clinical development by Surmodics.
According to the release, Surmodics will receive a $25 million upfront payment and may earn an additional $67 million for various product development milestones.
Surmodics will be responsible for the manufacture and supply of clinical and commercial quantities of the product and will realize revenue based on initial product sales to Abbott and a share of profits resulting from third-party sales upon regulatory approval, according to the release.
"Abbott is committed to providing leading treatments for people with peripheral artery disease, and the SurVeil drug-coated balloon is a next-generation device that utilizes best-in-class technology," Chuck Brynelsen, senior vice president of Abbott's vascular business, said in the release. "This agreement enhances our fast-growing endovascular portfolio, and we look forward to offering this solution to physicians to give them more and better options to help their patients live their fullest lives."
Disclosure: Brynelsen reports that he is an employee of Abbott.