Med-tech company Surmodics Inc. said Friday that it plans to cut about 13% of its workforce to reduce its use of cash. The move is in response to a recent request from the U.S. Food and Drug Administration for more information about a device submitted for approval, slowing the approval process.
As of the end of September, Eden Prairie-based Surmodics had 447 employees. If that is still the case, a 13% cut would translate into 58 jobs. The cuts were disclosed on Friday in a filing with the U.S. Securities and Exchange Commission. The company said they started on Monday.
Surmodics disclosed on Jan. 19 that it received a letter from the FDA stating that its application for pre-market approval of a drug-coated balloon was “not currently approvable.” The company’s stock dropped 29% on the news that day.