Surmodics, Inc.

A supplier of coating services to medical device OEMs for more than a quarter century, Formacoat has taken what it calls an evolutionary step into becoming a coating developer. Its first milestone is the introduction of HydroMark, a proprietary platform of hydrophilic coatings. Formacoat said it has made significant investments in coating research and development infrastructure, manufacturing capabilities, and scientific talent to bring its coatings technology to market. Prioritizing speed and scalability “These investments ensure we can innovate, qualify, and manufacture coatings with speed, reproducibility, and scalability,” said CEO Mark Gross. “HydroMark is not just a product launch — it’s a long-term coating technology platform.” By developing its own coating technology, Formacoat is addressing a market need for a material with lubricious properties provided by a company that doesn’t have the financial burden from royalties or corporate mergers, added VP Todd Paulsen. The HydroMark platform was unveiled to industry at the MD&M West trade show and conference in Anaheim, CA, in February. Delivering consistent lubricity, durability, and application flexibility HydroMark hydrophilic coatings are engineered to deliver consistent lubricity, durability, and application flexibility across a range of medical devices, including catheters, guidewires, and films with simple to complex geometries, said Formacoat. The platform includes thermal-cured options, allowing device manufacturers to align coating selection with device materials, production workflows, and regulatory requirements. It is backed by the company’s in-house coating application, qualification, and scale-up expertise. The launch of HydroMark comes at a pivotal moment for the medical device coatings industry, according to the Chaska, MN–based company. An independent hydrophilic coating platform “Customers are telling us they want choice, flexibility, and supply-chain resilience,” said Gross. “HydroMark gives OEMs access to a new, independent hydrophilic coating platform supported by a partner that already understands how to apply, qualify, and manufacture coated devices at scale. Our goal is to give customers a new option, backed by deep technical application expertise and manufacturing credibility.” Sector marked by consolidation Consolidation, as Paulsen hinted, has ramped up in the medical coatings sector in the past couple of years. In 2024, private equity firm GTCR announced that it would acquire Surmodics , a developer of coatings for medical applications. The $627 million deal was blocked by the US Federal Trade Commission in March 2025, saying that the transaction would give GTCR, which owns a majority stake in coatings supplier Biocoat, more than 50% market share in the supply of hydrophilic coatings. That was struck down , however, by the US District Court for the Northern District of Illinois in November 2025, and the deal went forward. In February 2025, the assets of Precision Coating were sold by Katahdin Industries LLC to Integer Holdings Corp., a medical device contract development and manufacturing organization (CDMO) serving the global cardiac rhythm management, neuromodulation, and cardio and vascular markets. Prior to that deal, Precision Coating had acquired N2 Biomedical, a Bedford, MA–based company. N2 Biomedical, an Ampersand Capital Partners portfolio company, provides nano-engineered surface treatment and coating services to the medical device industry. Steady growth forecast in hydrophilic coatings market Interest in capturing a greater share of the hydrophilic coatings market is driven by growing demand. The FDA reported that over half of cardiovascular devices approved from 2022 to 2023 included hydrophilic coatings. Automotive applications such as anti-fogging and rain-repellent surfaces are also expanding, according to market research agency SNS Insider. The size of the hydrophilic coating market was valued at $16.59 billion in 2023 and is expected to reach $27.23 billion by 2032, increasing at a compound annual growth rate of 5.66% over the forecast period, said the consultancy.

HORSHAM, Pa., Dec. 10, 2025 /PRNewswire/ -- Biocoat today announced the formation of Surmodics Services & Technologies, a newly named division that will carry forward the portion of Biocoat's business remaining after merging with Surmodics and divesting certain Biocoat assets in connection with the transaction. Surmodics Services & Technologies represents the legacy Biocoat business operations that were not divested. This division will now operate as part of the Surmodics organization under its new name. Based in Horsham, Pennsylvania, Surmodics Services & Technologies will continue delivering an array of advanced hydrophilic and other coating technologies as well as specialized services to medical device manufacturers worldwide. Structured as a nimble and highly customer-centric organization, Surmodics Services & Technologies is designed to work closely with medical device manufacturers at every stage of the development process. The division's Project Development and Engineering team brings decades of expertise, enabling fast and reliable progression from early concept through commercialization. The Horsham facility provides fully scalable solutions for start-ups, contract manufacturers, and major original equipment manufacturers. With end-to-end capabilities that include early-stage formulation, feasibility testing, optimization, and full coating production, the division is positioned to accelerate innovation and support devices across their full lifecycle. "Today marks a significant milestone for our organization and for the customers we serve," said Chip Hance, CEO of Surmodics. "With Surmodics Services & Technologies, we continue with a focused, agile, and innovation-driven division built on decades of scientific excellence. Under this new identity, we will continue to partner closely with device manufacturers to bring next-generation medical technologies to patients around the world." About Surmodics Services & Technologies Surmodics Services & Technologies is a division of Surmodics that provides advanced hydrophilic coating solutions, custom polymer formulations, and full-service coating operations for the medical device industry. Headquartered in Horsham, Pennsylvania, SST supports customers from early-stage development through full production and partners with start-ups, CDMOs, and OEMs to accelerate innovation and enhance device performance. About Surmodics, Inc. Surmodics is a leading provider of performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays. Surmodics also develops and commercializes highly differentiated vascular intervention medical devices that are designed to address unmet clinical needs and engineered to the most demanding requirements. This key growth strategy leverages the combination of the Company's expertise in proprietary surface modification and drug-delivery coating technologies, along with its device design, development, and manufacturing capabilities. The Company's mission is to improve the detection and treatment of disease. Surmodics is headquartered in Eden Prairie, Minnesota. For more information, visit . SOURCE Biocoat, Inc. 21% more press release views with Request a Demo

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Surmodics, Inc. (Nasdaq: SRDX) (“Surmodics” or the “Company”), a leading provider of medical device and in vitro diagnostic technologies to the health care industry, today announced that it expects to close its previously announced acquisition (the “Merger”) of the Company by an affiliate of GTCR LLC (“GTCR”) promptly. In a joint status report filed with the United States District Court for the Northern District of Illinois (the “District Court”), the Federal Trade Commission (“FTC”) and certain state regulators (“Plaintiffs”) stated that they do not intend to appeal the November 10, 2025 ruling by the District Court denying the Plaintiffs’ motion for a preliminary injunction to prevent the closing of the Merger. “With incremental clarity from the FTC, we are pleased to be able to move forward with closing the acquisition by GTCR,” said Gary Maharaj, President and CEO of Surmodics, Inc. “Our team is now working to do so expeditiously, for the benefit of all of our stakeholders.” Consummation of the Merger remains subject to a Temporary Restraining Order (“TRO”) under which the parties to the Merger may not consummate the Merger prior to 5:00 p.m. Central Time on Monday, November 17, 2025. The Plaintiffs, Surmodics, and GTCR have jointly moved the District Court to terminate this TRO. Consummation also remains subject to the satisfaction or waiver of closing conditions set forth in the agreement related to the Merger (the “merger agreement”), including (1) the absence of any injunction or other legal restraint or prohibition that would prevent or prohibit the consummation of the Merger, (2) the absence of a “Company Material Adverse Effect” (as defined in the merger agreement) with respect to the Company and (3) other customary closing conditions. About Surmodics, Inc. Surmodics is a leading provider of performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays. Surmodics also develops and commercializes highly differentiated vascular intervention medical devices that are designed to address unmet clinical needs and engineered to the most demanding requirements. This key growth strategy leverages the combination of the Company’s expertise in proprietary surface modification and drug-delivery coating technologies, along with its device design, development, and manufacturing capabilities. The Company’s mission is to improve the detection and treatment of disease. Surmodics is headquartered in Eden Prairie, Minnesota. For more information, visit www.surmodics.com. The content of Surmodics’ website is not part of this press release or part of any filings that the Company makes with the Securities and Exchange Commission (the “SEC”). Safe Harbor for Forward-Looking Statements This press release contains forward-looking statements. Statements that are not historical or current facts, including statements regarding the Company’s expectation regarding the closing date of the Merger, the Company’s ability to move forward with closing the Merger, conditions for consummation of the Merger, and the Company’s key growth strategy are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the factors identified under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and updated in our subsequent reports filed with the SEC. These reports are available in the Investors section of our website at https://surmodics.gcs-web.com and at the SEC website at www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.