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Biotech / Medical : Biotech Valuation

CRSP 56.98

+1.1%

3:59 PM EST

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From: Lance Bredvold	6/13/2023 12:22:21 PM
	3 Recommendations Recommended By A.J. Mullen Art Bechhoefer OldAIMGuy Read Replies (1) of 52153

SRDX; Surmodics, Surface modification. I'm not really certain you would consider this a biotech stock but it's up 24% or so this morning. After many years providing the slippery coatings for stents to others profitably, they decided to enter the stent market directly a few years ago buying a factory in Ireland and have an agreement with Abbott for something called Surveil stents which require FDA approval to insert drug coated stents in vascular arteries and expand occluded areas. They already have a couple of stents on the market including some called pounce which are designed to enter the veins or arteries and pull out clots. And something called sublime which is just a stent as narrow at .14mm and long as 250 cm which is insterted in the wrist and can make it all the way into arteries in the feet. The approval of the SurVeil stent was expected to be approved but the FDA insisted on more analysis though the trials had sufficient data. That led to a drop in SRDX price from about $45 to $16 as a sales force and much development work had already been done preparing for marketing. I chose to regard the delay as just another of those regular delays which happen to most drug developments I've watched. Maybe that's the explanation for the huge jump today in SRDX's price; probably it is. The price is still only $26 and I the company had always been profitable until recent heavy promotional and development spending. I other words, they could always go back to just licensing drugs for slipperiness and selling them to hundreds of diagnostic companies plus making them for application by stent builders. Hope you wanted to read all that. And now, with the edit function still available to me, I see the rapid advance has moderated and stock is only up about 15%--maybe a bum rumor caused the jump--Or? I may buy some more if it comes down to the low $20's again.

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