SurModics Secures $25 Million Credit Revolver
Company CFO Phil Ankeny said, "Our balance sheet is strong, with approximately $70 million of cash and no debt as of December 31, 2008. This new credit line serves to enhance our liquidity position and provide additional flexibility even though the company has no immediate plans to carry a balance."
Eden Prairie, Minnesota-based SurModics partners with medical device, pharmaceutical and life science companies to develop and commercialize products designed to result in improved diagnosis and treatment for patients.
The company's core offerings include drug delivery technologies, surface modification coating technologies that impart lubricity, prohealing, and biocompatibility capabilities, and components for in vitro diagnostic test kits and specialized surfaces for cell culture and microarrays.
SurModics' SurModics Pharmaceuticals subsidiary is located in Birmingham, Alabama.
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