SurModics drug delivery, diagnostic news
SurModics said it will restructure its executive leadership and corporate functions and realign its workforce to "better position it for long-term growth." The restructuring will eliminate 7 positions (6%) and reduce headcount to 115. SurModics would not disclose from where the cuts would come. SurModics said the goal was to direct resources towards areas of growth and that its growth initiatives may result in new hires. The company said the restructuring, which is expected to save $900,000 to $1.1 million annually, will allow SurModics to increase investments in its business. SurModics said it will provide details on its growth initiatives in its annual guidance, which is slated for release in November.
SurModics' quality, regulatory and clinical affairs function and its medical device R&D function will now directly report to CEO Gary Maharaj. The two corporate functions previously reported to business segment leaders. VP of Finance and CFO Andy LaFrence will now oversee SurModics' operations and information systems functions, in addition to his VP and CFO responsibilities. ...