SurModics (SRDX) Announces $9M Milestone Payment After Trial Initiates by Merck
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SurModics, Inc. (Nasdaq: SRDX) announced the initiation by Merck & Co., Inc. (NYSE: MRK) of a Phase IIb clinical trial to evaluate the safety and efficacy of SurModics' I-vation TA in patients with diabetic macular edema.
The initiation of this Phase IIb trial triggers a milestone payment of $9 million from Merck to SurModics under the companies' License and Research Collaboration Agreement announced in June 2007
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