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The Associated Press August 23, 2011, 6:41PM ET

SurModics cuts 9 pct of jobs, reorganizes

Drug delivery technology company SurModics Inc. said Tuesday that it will eliminate around 20 jobs and that Chief Financial Officer Philip Ankeny is leaving the company as part of a reorganization that it says will save it $1.7 million to $2 million a year.

SurModics, which employed 215 people as of Dec. 1, said it will eliminate about 9 percent of its jobs. Also leaving in the shakeup is human resources vice president Jan Webster.

The company also is closing a factory in Owings Mills, Md.

SurModics will record one-time charges totaling $1.1 million to $1.4 million in its fiscal fourth quarter, which began July 1. SurModics said the job cuts will allow it to continue expanding medical device and in vitro diagnostics businesses. The company is also looking for strategic alternatives for its pharmaceuticals business.

The company named Timothy Arens interim CFO. Arens has been senior director and general manager of SurModics' in vitro diagnostics unit. Joseph Stich, who now leads corporate development and strategy, will take on the in vitro diagnostics business. And Bryan Philips will lead human resources.

Manufacturing now done in Owings Mills is being consolidated into the company's Eden Prairie headquarters.

SurModics shares rose 40 cents, or 4 percent, to $10.42 Tuesday. They were unchanged after hours.


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