<SUBMISSION>
<ACCESSION-NUMBER>0000950134-05-005762
<TYPE>S-3
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20050323
<DATE-OF-FILING-DATE-CHANGE>20050323
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SURMODICS INC
<CIK>0000924717
<ASSIGNED-SIC>6794
<IRS-NUMBER>411356149
<STATE-OF-INCORPORATION>MN
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3
<ACT>33
<FILE-NUMBER>333-123524
<FILM-NUMBER>05699183
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>9924 W 74TH ST
<CITY>EDEN PRAIRIE
<STATE>MN
<ZIP>55344
<PHONE>6128292700
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>9924 WEST 74TH ST
<CITY>EDEN PRAIRIE
<STATE>MN
<ZIP>55344
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BSI CORP
<DATE-CHANGED>19970506
</FORMER-COMPANY>
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<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>c93576sv3.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt">Electronically transmitted to the Securities and Exchange Commission on March&nbsp;23, 2005



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-_____



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-3</B>


<P align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>


<P align="center" style="font-size: 24pt"><B>SURMODICS, INC.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Minnesota<BR>
(State or other jurisdiction of<BR>
incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>41-1356149<BR>
(I.R.S. Employer<BR>
Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>9924 West 74<SUP>th</SUP> Street</B><BR>
<B>Eden Prairie, MN 55344</B><BR>
<B>(952)&nbsp;829-2700</B>


<DIV align="center" style="font-size: 10pt">(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices)</DIV>



<P align="center" style="font-size: 10pt">Philip D. Ankeny<BR>
Chief Financial Officer<BR>
SurModics, Inc.<BR>
9924 West 74<SUP>th</SUP> Street<BR>
Eden Prairie, MN 55344<BR>
(952)&nbsp;829-2700<BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)



<P align="center" style="font-size: 10pt">Copies to:<BR>
David C. Grorud, Esq.<BR>
Fredrikson &#038; Byron, P.A.<BR>
200 South Sixth Street, Suite&nbsp;4000<BR>
Minneapolis, Minnesota 55402<BR>
(612)&nbsp;492-7000



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate date of commencement of proposed sale to the public: From time to time after the
effective date of this Registration Statement as determined by market conditions and other factors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this Form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box. <FONT face="Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being offered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, please check the following
box. <FONT face="Wingdings">&#120;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of earlier effective registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434, please check the
following box. <FONT face="Wingdings">&#111;</FONT>


<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering Price per</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Aggregate Offering</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registration</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left">Title of Securities to be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">to be Registered</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Share(1)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price(1)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fee</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $.05 par value per
share, to be offered by selling
security holders</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,200,128</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">33.16</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">39,790,244</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">4,683.31</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>Calculated based upon the average of the high and low prices of the Registrant&#146;s Common Stock
as reported on the Nasdaq National Market on March&nbsp;17, 2005, solely for purposes of
calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant hereby amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement
shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may
determine.


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>Subject to completion, dated March&nbsp;23, 2005</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The information in this prospectus is not complete and may be changed. The selling
security holders may not sell these shares until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these
shares, and it is not soliciting an offer to buy these shares in any jurisdiction where the offer
or sale is not permitted.</B>


<P align="center" style="font-size: 10pt"><B>PROSPECTUS</B>



<P align="center" style="font-size: 10pt"><B>SURMODICS, INC.</B>



<P align="center" style="font-size: 10pt"><B>1,200,128 Shares of Common Stock</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our acquisition of substantially all of the assets of InnoRx, Inc.
through the merger of InnoRx with and into SurModics, we agreed to issue up to 1,200,128 shares of
our common stock to the selling security holders named in this prospectus. We originally issued
600,064 shares of common stock in January&nbsp;2005, and have agreed to issue up to an additional
600,064 shares of common stock (the &#147;Milestone Shares&#148;) in the future upon the occurrence of
certain events. The Milestone Shares might be issued at various times upon the successful
completion of certain development and commercial milestones involving InnoRx technology acquired by
SurModics. This prospectus covers the offer and sale by the selling security holders of all
1,200,128 shares referred to above. However, the exact number of Milestone Shares that may be sold
under this prospectus will be determined in the future based upon whether each milestone is
satisfied. Any Milestone Shares covered by this prospectus that we do not actually issue to the
selling security holders will be deregistered.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These securities may be offered and sold from time to time by the selling security holders or
by pledgees, donees, transferees, or other successors in interest identified in a prospectus
supplement, if required, that receive such securities as a gift, distribution, or other non-sale
related transfer. The selling security holders may offer their securities from time to time through
or to brokers or dealers in the over-the-counter market at market prices prevailing at the time of
sale or in one or more negotiated transactions at prices acceptable to the selling security
holders. We will not receive any proceeds from the sale of the securities by the selling security
holders. See &#147;Plan of Distribution.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the Nasdaq National Market under the symbol &#147;SRDX.&#148; The closing
sale price on March&nbsp;21, 2005 as reflected on the Nasdaq National Market, was $32.72 per share.


<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="center" style="font-size: 10pt"><B>For information concerning certain risks relating<BR>
to an investment in SurModics common stock<BR>
see &#147;Risk Factors&#148; beginning on page 4.</B>



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these shares or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.


<P align="center" style="font-size: 10pt"><B>The date of this prospectus is March ____, 2005</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><U><B>Page</B></U></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#101">ABOUT SURMODICS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#102">CAUTIONS REGARDING FORWARD-LOOKING STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#103">RISK FACTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#104">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">SELLING SECURITY HOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">WHERE YOU CAN FIND MORE INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c93576exv5w1.htm">Opinion and Consent of Fredrikson & Byron, P.A.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c93576exv23w1.htm">Consent of Deloitte & Touche, LLP.</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt">i
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>ABOUT SURMODICS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a leading provider of surface modification and drug delivery technologies to the
healthcare industry. Our technologies modify and enhance the surface characteristics of medical
devices and biomedical applications, improving performance and, in some cases, enabling development
of new products. Our strategy is to create strong relationships and coating technology license
agreements with the world&#146;s leading medical device manufacturers as well as emerging companies with
promising technology. By doing so, we leverage our core technologies into high growth, high value
opportunities, including drug delivery coatings, genomics and tissue engineering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our surface modification and drug delivery coatings are based upon versatile underlying
technology platforms: our patented drug delivery matrix technology and our patented PhotoLink&#174;
coating technology. Coatings developed from our drug delivery matrix technology allow for the
controlled, site specific release of drugs from the surface of medical devices. Therapeutic drugs
can be entrapped within the polymer matrix coating to provide controlled, site-specific release of
the drug into the surrounding tissue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PhotoLink&#174; coating technology is a versatile, easily applied, light-activated coating
technology that modifies medical device surfaces. PhotoLink&#174; coatings can impart many
performance-enhancing characteristics, such as lubricity and hemocompatibility, by becoming bound
onto the surface of a medical device without materially changing the dimensions or physical
properties of the device.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We commercialize our drug delivery and PhotoLink&#174; coating technologies through licensing and
royalty arrangements with medical device manufacturers who apply coatings to their own products. We
believe this approach allows us to focus our resources on further development of our technology and
expansion of our licensing activities into new markets, while leveraging the established
manufacturing, sales and marketing capabilities of our customers. Revenue from these arrangements
include license fees, development revenue, minimum royalties, and royalties based on a percentage
of licensees&#146; product sales. In addition, we manufacture and sell the chemical reagents used in the
coating process. We also manufacture and sell coated glass slides to the genomics market and offers
a line of stabilization products used to extend the shelf life of immunoassay diagnostic tests.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were organized as a Minnesota corporation in June&nbsp;1979 and became a public company, with
shares of its common stock becoming listed for trading on the Nasdaq National Market under the
trading symbol &#147;SRDX,&#148; in 1998. Our principal executive offices are located at 9924 West
74<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, Eden Prairie, Minnesota 55344. Our telephone number is (952)&nbsp;829-2700.


<P align="center" style="font-size: 10pt">1
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<P align="center" style="font-size: 10pt"><B>CAUTIONS REGARDING FORWARD-LOOKING STATEMENTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain statements contained in or incorporated by reference into this prospectus and other
written and oral statements made from time to time by the Company do not relate strictly to
historical or current facts. As such, they are considered &#147;forward-looking statements&#148; that provide
current expectations or forecasts of future events. These forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such statements can be identified by the use of terminology such as &#147;anticipate,&#148; &#147;believe,&#148;
&#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;forecast,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;plan,&#148; &#147;possible,&#148; &#147;project,&#148; &#147;will&#148;
and similar words or expressions. Any statement that is not a historical fact, including estimates,
projections, future trends and the outcome of events that have not yet occurred, are
forward-looking statements. Our forward-looking statements generally relate to our growth strategy,
financial results, product development programs, sales efforts, and the impact of the Cordis
agreement and other significant customer agreements. You should carefully consider forward-looking
statements and understand that such statements involve a variety of risks and uncertainties, known
and unknown, and may be affected by inaccurate assumptions. Consequently, no forward-looking
statement can be guaranteed and actual results may vary materially. We undertake no obligation to
update any forward-looking statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although it is not possible to create a comprehensive list of all factors that may cause
actual results to differ from our forward-looking statements, such factors include, among others:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our significant dependence upon Cordis, which causes our financial results and stock
price to be subject to factors affecting Cordis and its Cypher stent program, including
among others, the rate of market penetration by Cordis, the timing of market introduction
of competing products, product safety or efficacy concerns and intellectual property
litigation generally and specifically the litigation involving Boston Scientific Scimed,
Inc. and Cordis currently pending in U.S. District Court for the District of Delaware in
which each alleges its patent rights are being infringed by the other&#146;s stent and each has
been denied the preliminary injunction it has requested against the other;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>frequent intellectual property litigation in the medical device industry that may
directly or indirectly adversely affect our customers&#146; ability to market their products
incorporating our technologies;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our ability to protect our own intellectual property;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>healthcare reform efforts and reimbursement rates for medical device products that may
adversely affect our customers&#146; ability to cost effectively market and sell devices
incorporating our technologies;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our ability to attract new licensees in our current market segments and to enter into
agreements for additional product applications with existing licensees, the willingness of
potential licensees to sign license agreements under the terms offered by us, and our
ability to maintain satisfactory relationships with our licensees;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our ability to increase the number of market segments and applications that use our
coating technologies through our sales and marketing and research and development efforts;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our ability to identify suitable businesses to acquire or with whom to form strategic
relationships in order to expand our technology development and commercialization;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>our ability to facilitate through strategic investment and research and development
support the creation of new medical device market segments and applications that
incorporate our coating technologies;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>market acceptance of products sold by customers incorporating our technologies and the
timing of new product introductions by licensees;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>market acceptance of products sold by customers&#146; competitors and the timing and pricing
of new product introductions by customers&#146; competitors;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the difficulties and uncertainties associated with the lengthy and costly new product
development and foreign and domestic regulatory approval processes, such as delays,
difficulties or failures in achieving acceptable clinical results or obtaining foreign or
FDA marketing clearances, which may result in lost market opportunities or postpone or
preclude product commercialization by licensees;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>efficacy or safety concerns with respect to products marketed by us and our licensees,
whether scientifically justified or not, that may lead to product recalls, withdrawals or
declining sales;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>product liability claims not covered by insurance;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the development of new products or technologies by competitors, technological
obsolescence and other changes in competitive factors;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the trend of consolidation in the medical device industry, resulting in more
significant, complex and long term contracts than in the past and potentially greater
pricing pressures;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>economic and other factors over which we have no control, including changes in inflation
and consumer confidence;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>acts of God or terrorism which impact our personnel or facilities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the ability to secure raw materials for reagents we sell;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the timing of acquisitions made by us from time to time, our ability to successfully
integrate the operations of companies we may acquire and our ability to create synergies
from acquisitions and other strategic relationships, including in particular with respect
to our January&nbsp;2005 acquisition of InnoRx&#146;s assets; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>other factors described below in &#147;Risk Factors.&#148;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of these factors are outside our control and knowledge and could result in increased
volatility in period-to-period results. Investors are advised not to place undue reliance upon our
forward-looking statements and to consult any further disclosures by us on this subject in our
filings with the Securities and Exchange Commission. Many of the factors identified above are
discussed in more detail below under &#147;Risk Factors.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market data used or incorporated by reference in this prospectus, including information
relating to our relative competitive position, is based on independent industry sources, other
publicly available information and the good faith estimates of our management. Although we believe
that such sources are reliable, the accuracy and completeness of such information is not guaranteed
and may not have been independently verified.


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<P align="center" style="font-size: 10pt"><B>RISK FACTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You should consider the following risk factors, as well as other information contained or
incorporated by reference in this prospectus before investing in the common stock. If any of these
risks occur, our business could suffer. The risks and uncertainties described may not be the only
ones we face; additional risks and uncertainties not presently known to us or that we currently
deem immaterial may also affect our business operations.</I>


<P align="left" style="font-size: 10pt"><B>The loss of one or more of our major customers could significantly reduce our revenue and earnings.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue from Cordis Corporation represented approximately 52% of our total revenue for the
year ended September&nbsp;30, 2004. There can be no assurance that revenue from any customer will
continue at its historical levels. Loss of one or more of our current customers, particularly
Cordis or other large customers, could have a material adverse effect on our business, financial
condition and results of operations. If we cannot broaden our customer base, we will continue to
depend on a few customers for the majority of our revenue.

<P align="left" style="font-size: 10pt"><B>We rely on third parties to market, distribute and sell the products incorporating our coating
technologies and those third parties may not perform or agreements with those parties could be
terminated.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal element of our business strategy is to enter into licensing arrangements with
medical device companies that manufacture products incorporating our technologies. For the fiscal
years ended September&nbsp;30, 2004, 2003 and 2002, we derived approximately 70%, 57% and 40% of our
revenue, respectively, from royalties and license fees. We do not currently manufacture, market or
sell our own medical devices nor do we intend to do so in the foreseeable future. Thus, our
prospects are substantially dependent on the receipt of royalties from licensees of our
technologies. The amount and timing of such royalties are, in turn, dependent on the ability of our
licensees to successfully gain regulatory approval for, market and sell products incorporating our
technologies. Failure of certain licensees to gain regulatory approval or market acceptance for
such products could have a material adverse effect on our business, financial condition and results
of operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our customers manufacture, market and sell the products incorporating our licensed
technologies. If one or more of our licensees fails to pursue the development or marketing of these
products as planned, our revenue and profits may not reach our expectations, or may decline. We do
not control the timing and other aspects of the development or commercialization of products
incorporating our licensed technologies because our customers may have priorities that differ from
ours or their development or marketing efforts may be unsuccessful, resulting in delayed or
discontinued products. Hence, the amount and timing of royalty payments received by us will
fluctuate, and such fluctuations could have a material adverse effect on our business, financial
condition and results of operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our standard license agreements, licensees can terminate the license for any reason upon
90&nbsp;days&#146; prior written notice. Existing and potential licensees have no obligation to deal
exclusively with the Company in obtaining surface modification technologies and may pursue parallel
development or licensing of competing surface modification solutions on their own or with third
parties. A decision by a licensee to terminate its relationship with us could materially adversely
affect our business, financial condition and results of operations.


<P align="left" style="font-size: 10pt"><B>We need to expand our licensing base to reduce our reliance upon several major customers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant portion of our revenue is derived from a relatively small number of customer
products. We intend to continue pursuing a

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<P align="left" style="font-size: 10pt">strategy of licensing our technologies
to a diversified
base of medical device manufacturers and other customers, thereby expanding the
licensing base for our
coating technologies. Success will depend, in part, on our ability to attract new licensees, to
enter into agreements for additional applications with existing licensees and to develop and market
new applications. There can be no assurance that we will be able to identify, develop and adapt our
technologies for new applications in a timely and cost effective manner; that new license
agreements will be executed on terms favorable to us; that new applications will be accepted by
manufacturers in our target markets; or that products incorporating newly licensed technology,
including new applications, will gain regulatory approval, be commercialized or gain market
acceptance. Delays or failures in these efforts could have an adverse effect on our business,
financial condition and results of operations.


<P align="left" style="font-size: 10pt"><B>Surface modification is a competitive market and carries the risk of technological obsolescence.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate in a competitive and evolving field, and new developments are expected to continue
at a rapid pace. Our success depends, in part, upon our ability to maintain a competitive position
in the development of technologies and products in the field of surface modification and drug
delivery. Our technologies compete with technologies developed by AST, Biocompatibles International
plc, Carmeda, Hydromer, Specialty Coatings Systems, and STS Biopolymers Inc. (recently acquired by
Angiotech Pharmaceuticals, Inc.), among others. In addition, many medical device manufacturers
have developed or are engaged in efforts to develop surface modification technologies for use on
their own devices. Some of our existing and potential competitors (especially medical device
manufacturers pursuing coating solutions through their own research and development efforts) have
greater financial and technical resources and production and marketing capabilities than us.
Competitors may succeed in developing competing technologies or obtaining governmental approval for
products before us. Products incorporating our competitors&#146; technologies may gain market acceptance
more rapidly than products using ours. Developments by competitors may render our current and
potential products noncompetitive or obsolete. Furthermore, there can be no assurance that new
products or technologies developed by others, or the emergence of new industry standards, will not
render our products or technologies or licensees&#146; products incorporating our technologies
noncompetitive or obsolete. Any new technologies which make our coating technologies less
competitive or obsolete would have a material adverse effect on our business, financial condition
and results of operations.

<P align="left" style="font-size: 10pt"><B>If we cannot adequately protect our technologies and proprietary information, we may be unable to
sustain a competitive advantage.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our success depends, in large part, on our ability to obtain and maintain patents, maintain
trade secret protection, operate without infringing on the proprietary rights of third parties and
protect our proprietary rights against infringement by third parties. We have been granted U.S. and
foreign patents and have U.S. and foreign patent applications pending related to our coating
technologies. There can be no assurance that any pending patent application will be approved; that
we will develop additional proprietary technologies that are patentable, that any patents issued
will provide us with competitive advantages or will not be challenged or invalidated by third
parties, or that the patents of others will not prevent the commercialization of products
incorporating our technologies. Furthermore, there can be no assurance that others will not
independently develop similar technologies, duplicate any of our technologies or design around our
patents. There can be no assurance that our trade secrets or confidentiality agreements with
employees, potential licensees or other parties will provide meaningful protection for our
unpatented proprietary information.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our commercial success also will depend, in part, on our ability to avoid infringing patent or
other intellectual property rights of third parties. There has been substantial litigation
regarding patent and other intellectual property rights in the medical device industry, and
intellectual property litigation may be used against us as a means of gaining a competitive
advantage. Intellectual property litigation is complex, time consuming and expensive, and the
outcome of such litigation is difficult to predict. If we were found to be infringing any third
party patent or other intellectual property right, we could be required to pay significant damages,
alter our products or processes, obtain

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<P align="left" style="font-size: 10pt">licenses from others, which we may not
be able to do on commercially reasonable terms, if at all, or cease
commercialization of our products
and processes. Any of these outcomes could have a material adverse effect on our business,
financial condition and results of operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patent litigation or U.S. Patent and Trademark Office interference proceedings may also be
necessary to enforce any patents issued or licensed to us or to determine the scope and validity of
third party proprietary rights. These activities could result in substantial cost to us, even if
the eventual outcome is favorable to us. An adverse outcome of any such litigation or interference
proceeding could subject us to significant liabilities to third parties, require disputed rights to
be licensed from third parties or require us to cease using its technology. Any action to defend or
prosecute intellectual property would be costly and result in significant diversion of the efforts
of our management and technical personnel, regardless of outcome, and could have a material adverse
effect on our business, financial condition and results of operations.

<P align="left" style="font-size: 10pt"><B>We may face product liability claims related to participation in clinical trials or the use or
misuse of our products.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The development and sale of medical devices and component products involves an inherent risk
of product liability claims. Although we expect that devices incorporating our technologies will be
manufactured by others and sold under their own labels, and in most cases our customer agreements
provide indemnification against such claims, there can be no assurance that product liability
claims will not be filed against us for such devices or that such manufacturers will not seek
indemnification or other relief from us for any such claims. In addition, there can be no assurance
that product liability claims will not be filed directly against us with respect to our own
products. There can be no assurance that our current product liability insurance will continue to
be available to us on acceptable terms, if at all, or that, if available, the coverages will be
adequate to protect us against any future product liability claims. Furthermore, we do not expect
to be able to obtain insurance covering our costs and losses as a result of any recall of products
or devices incorporating our technologies due to alleged defects, whether such recall is instituted
by a device manufacturer or us or required by a regulatory agency. A product liability claim,
recall or other claim with respect to uninsured liabilities or for amounts in excess of insured
liabilities could have a material adverse effect on our business, financial condition and results
of operations.

<P align="left" style="font-size: 10pt"><B>We have a single manufacturing facility and we may lose revenue and be unable to maintain our
customer relationships if we lose our production capacity.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We manufacture all of the products we sell in our existing production labs in our Eden
Prairie, Minnesota facility. If our existing production facility becomes incapable of manufacturing
products for any reason, we may be unable to meet production requirements, we may lose revenue and
we may not be able to maintain our relationships with our licensees. Without our existing
production facility, we would have no other means of manufacturing products incorporating our
coating technologies until we were able to restore the manufacturing capability at our facility or
develop an alternative manufacturing facility. Although we carry business interruption insurance to
cover lost revenue and profits in an amount we consider adequate, this insurance does not cover all
possible situations. In addition, our business interruption insurance would not compensate us for
the loss of opportunity and potential adverse impact on relations with our existing licensees
resulting from our inability to produce products for them.

<P align="left" style="font-size: 10pt"><B>Our January&nbsp;2005 acquisition of InnoRx, Inc. will significantly decrease our net income for the
foreseeable future.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect to record significant one-time charges following our acquisition of InnoRx as a
result of transaction costs for the acquisition and to write-off purchased in-process research and
development. A substantial majority of the purchase price in this acquisition is allocated to
in-process research and development. The cumulative amount of these one-time charges may exceed
the market value of the


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<P align="left" style="font-size: 10pt">consideration that we paid to InnoRx&#146;s stockholders. These one-time charges are expected to
materially decrease our net earnings in our 2005 fiscal year and may also result in charges in each
period thereafter in which milestone payments in shares of SurModics stock are made depending on
the value of such shares at such time.

<P align="left" style="font-size: 10pt"><B>We may increasingly perform certain important activities that in the past have been performed by
third parties or our customers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of our historical strategy, SurModics has not maintained significant manufacturing
operations, managed significant marketing, sales or product branding efforts or developed
significant expertise with respect to applying for and receiving governmental and regulatory
clearances for marketing products. We may increasingly internally perform certain product
development activities and governmental and regulatory compliance activities with respect to
technology acquired from InnoRx and with respect to technology acquired from time to time in other
acquisitions, but there can be no assurance that our efforts will be effective in these areas.

<P align="left" style="font-size: 10pt"><B>We are dependent upon key personnel and may not be able to attract qualified personnel in the
future.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our success is dependent upon our ability to retain and attract highly qualified management
and technical personnel. We face intense competition for such qualified personnel. We do not
maintain key person insurance nor do we have employment agreements with any of our employees.
Although we have non-compete agreements with most employees, there can be no assurance that such
agreements will be enforceable. The loss of the services of one or more key employees or the
failure to attract and retain additional qualified personnel could have a material adverse effect
on our business, financial condition and results of operations.

<P align="left" style="font-size: 10pt"><B>Our products are subject to continuing regulations and we may be subject to adverse consequences if
we fail to comply with applicable regulations.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although coating technologies themselves are not directly regulated by the FDA, the medical
devices incorporating the technologies are subject to FDA regulation. The burden of securing FDA
approval for these medical devices rests with our licensees (the medical device manufacturers). In
the case of products from the technologies acquired by us from InnoRx, the burden of securing
approvals for such products rests with us unless we are able to successfully contract with others
to take on such responsibility. We have prepared Device Master Files which may be accessed by the
FDA to assist it in its review of the applications filed by our licensees. Historically, most
medical devices incorporating a coating have been subject to the FDA&#146;s 510(k) marketing approval
process, which typically lasts from six to nine months. Supplemental or full pre-market approval
(&#147;PMA&#148;) reviews require a significantly longer period, delaying commercialization. Furthermore,
sales of medical devices outside the U.S. are subject to international regulatory requirements that
vary from country to country. The time required to obtain approval for sale internationally may be
longer or shorter than that required for FDA approval. There can be no assurance that our licensees
will be able to obtain regulatory approval for their coated medical devices or we will be able to
obtain such approval for our InnoRx products on a timely basis, or at all. Regulatory approvals, if
granted, may include significant limitations on the indicated uses for which the product may be
marketed. In addition, product approval could be withdrawn for failure to comply with regulatory
standards or the occurrence of unforeseen problems following initial marketing. Changes in existing
regulations or adoption of new governmental regulations or policies could prevent or delay
regulatory approval of products incorporating our technologies or subject us to additional
regulation. Failure or delay by our licensees or us in obtaining FDA and other necessary regulatory
approval or clearance or the loss of previously obtained approvals could have a material adverse
effect on our business, financial condition and results of operations.


<P align="center" style="font-size: 10pt">7
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our activities are regulated by federal and state agencies in addition to the FDA.
For example, activities in connection with waste disposal are subject to regulation by the U.S.
Environmental Protection Agency. Some of our reagent chemicals must be registered with the agency
with basic information filed related to toxicity during the manufacturing process as well as the
toxicity of the final product. Failure to comply with existing or future regulatory requirements
could have a material adverse effect on our business, financial condition and results of
operations.


<P align="left" style="font-size: 10pt"><B>We use hazardous materials in some of our research, development and manufacturing processes.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our research activities sometimes involve the controlled use of various hazardous materials.
Although we believe that our safety procedures for handling and disposing of such materials comply
with the standards prescribed by state and federal regulations, the risk of accidental
contamination or injury from these materials cannot be completely eliminated. While we currently
maintain insurance in amounts which we believe are appropriate in light of the risk of accident, we
could be held liable for any damages that might result from any such event. Any such liability
could exceed our insurance and available resources and could have a material adverse effect on our
business, financial condition and results of operations.

<P align="left" style="font-size: 10pt"><B>Failure to identify acquisition opportunities and integrate acquired businesses into our operations
successfully may limit our growth.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An important part of our growth in the future may involve the acquisition of complementary
businesses or technologies. Our identification of suitable acquisition candidates involves risks
inherent in assessing the technology, value, strengths, weaknesses, overall risks and
profitability, if any, of acquisition candidates. We may be unable to identify suitable acquisition
candidates. If we do not make suitable acquisitions, we may find it more difficult to realize our
growth objectives.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The process of integrating new businesses into our operations poses numerous risks, including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>an inability to assimilate acquired operations, personnel, technology, information
systems, and internal control systems and products;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>diversion of management&#146;s attention;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>difficulties and uncertainties in transitioning the business relationships from the
acquired entity to us; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the loss of key employees of acquired companies.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, future acquisitions by us may be dilutive to our shareholders, and cause large
one-time expenses or create goodwill or other intangible assets that could result in significant
asset impairment charges in the future. In addition, if we acquire entities that have not yet
commercialized products but rather are developing technologies for future commercialization, our
earnings per share may fluctuate as we expend significant funds for continued research and
development efforts for acquired technology necessary to commercialize such technology. We cannot
guarantee that we will be able to successfully complete any acquisitions or that we will realize
any anticipated benefits from acquisitions that we complete.

<P align="left" style="font-size: 10pt"><B>Our revenue will be harmed if we cannot purchase sufficient reagent components we use in our
manufacture of reagents.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently purchase some of the components we use to manufacture coating reagents from sole
suppliers. If any of our sole suppliers becomes unwilling to supply components to us, incurs an
interruption in its production or is otherwise unable to provide us with sufficient

<P align="center" style="font-size: 10pt">8
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">material to
manufacture our reagents, we will experience production interruptions. If we lose our sole supplier of any
particular reagent component or are otherwise unable to procure all components required for our
reagent manufacturing for an extended period of time, we may lose the ability to manufacture the
reagents our customers require to commercialize our coating technology. This could result in lost
royalties and product sales, which would harm our financial results. Adding suppliers to our
approved vendor list may require significant time and resources since we typically thoroughly
review a supplier&#146;s business and operations to become comfortable with the quality and integrity of
the materials we purchase for use with our technology, including reviewing a supplier&#146;s
manufacturing processes and evaluating the suitability of materials and packaging procedures the
supplier uses. We routinely attempt to maintain multiple suppliers of each of our significant
materials, so we have alternative suppliers if necessary. However, if the number of suppliers of a
material is reduced, or if we are otherwise unable to obtain our material requirements on a timely
basis and on favorable terms, our operations may be harmed.

<P align="left" style="font-size: 10pt"><B>If we are required to disclose any material weaknesses in our disclosure controls and internal
controls, our stock price may be harmed and we may incur substantial costs to correct any such
deficiencies.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to filing our annual report on Form 10-K for our 2005 fiscal year, we will be required
to perform a comprehensive review of our internal controls in accordance with Section&nbsp;404 of the
Sarbanes-Oxley Act, and our independent auditors will be required to audit the completeness and
accuracy or our evaluation. If we discover any material deficiencies in our internal controls, we
will be required to disclose such deficiencies to the public. Effective disclosure controls and
internal controls are important to the production of reliable financial reports and in helping to
prevent financial fraud. If, as a result of the discovery of any material deficiencies in our
disclosure controls or internal controls, we determine we have not provided reliable financial
reports or prevented fraud, our business and operating results could be harmed, investors could
lose confidence in our reported financial information and the trading price of our common stock
could drop significantly.

<P align="left" style="font-size: 10pt"><B>Beginning with our 2005 fourth fiscal quarter, we will be required to account for equity incentive
grants under our stock plans as a compensation expense which will harm our financial performance.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in our 2005 fourth fiscal quarter, we will be required to comply with the Financial
Accounting Standard Board&#146;s Statement 123R, Share-Based Payment. Currently we record compensation
expense only in connection with option grants that have an exercise price below fair market value.
For option grants that have an exercise price at fair market value we calculate compensation
expense and disclose the impact on net (loss)&nbsp;income and net (loss)&nbsp;income per share in a footnote
to the consolidated financial statements. FASB 123R will require us to begin estimating and
recording the fair value of all equity incentive grants under our stock plans as compensation
expense in our consolidated statement of operations in a manner substantially similar to the
approach now disclosed in the footnote to our consolidated financial statements. As a result of
being required to record compensation expense for equity incentives under FASB 123R, our operating
margins may decrease, we are likely to experience increased expenses (including R&#038;D expenses) and
our tax rates may be affected.


<P align="left" style="font-size: 10pt"><B>Our stock price has been volatile and may continue to be volatile.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trading price of our common stock has been, and is likely to continue to be, highly
volatile, in large part attributable to developments and circumstances related to factors
identified in &#147;Forward-looking Statements&#148; and &#147;Risk Factors.&#148; The market value of your investment
in our common stock may rise or fall sharply at any time because of this volatility, and also
because of significant short positions taken by investors from time to time in our stock. In our
fiscal year ended September&nbsp;30, 2004, the closing sale price for our common stock ranged from
$18.60 to $28.30 per share. As of March&nbsp;21, 2005, the last reported sale price of our stock was
$32.72 per share. The market prices for securities of medical technology, drug delivery and
biotechnology companies historically have been highly volatile, and the
market has experienced significant price and volume fluctuations that are unrelated to the
operating performance of particular companies.


<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>USE OF PROCEEDS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the sale by the selling security holders of any of the
securities offered hereby.

<DIV align="left">
<A name="105"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>SELLING SECURITY HOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are registering the resale of 1,200,128 shares of common stock that may be offered and sold
pursuant to this prospectus by or on behalf of the selling security holders. We issued, and may
hereafter issue, the common stock as a result of our acquisition of all of the assets of InnoRx,
Inc. through the merger of InnoRx with and into SurModics in January&nbsp;2005. Prior to the date of
this prospectus, we issued 600,064 shares of common stock to the selling security holders, all of
which are covered by this prospectus. After the date of this prospectus, we may become obligated
to issue up to an additional 600,064 shares of common stock to the selling security holders upon
the achievement of certain development and regulatory milestones with respect to InnoRx technology
acquired by us. The exact number of shares that may be issued after the date of this prospectus
will be determined in accordance with the terms of the milestones. All 600,064 shares of common
stock that we may issue in the future to the selling security holders are covered by this
prospectus. Any shares of common stock covered by this prospectus that we do not actually issue to
the selling security holders will be deregistered.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are the names of the selling security holders, the number of shares of our
common stock beneficially owned by each selling security holder as of the date of this prospectus
and the number of shares that may be offered or sold hereby. To our knowledge, except as indicated
in the footnotes to this table, each person named in the table has sole voting and investment power
with respect to all shares of common stock shown in the table to be beneficially owned by such
person. Because the selling security holders may offer all or some portion of the shares, we have
assumed for purposes of the table below that all securities covered by this prospectus will be
sold. The common stock covered by this prospectus shall be deemed to include shares offered by any
pledgee, donee, transferee or other successor in interest of any of the selling security holders
listed below, provided that this prospectus is amended or supplemented if required by applicable
law. To our knowledge, based upon information provided to us by selling security holders, no
selling security holders are registered broker-dealers or affiliates of registered broker-dealers.
None of the selling stockholders has had any position, office or other material relationship with
us within the past three years, except that Dr.&nbsp;Eugene de Juan, Jr. has entered into a 2-year
consulting agreement with us in connection with our acquisition of InnoRx.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Common Stock Owned</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>After Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></sup></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offered</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Owned</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Hereby</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ana Carmen Chambers 1996 Irrevocable Trust(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">K.W. Michael Chambers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rosemary de Juan Chambers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eugene de Juan, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Elizabeth Robison de Juan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Elena Vaughan de Juan 2000 Irrevocable Trust(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Elizabeth Anna de Juan 2000 Irrevocable Trust(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Emily Rose de Juan 2000 Irrevocable Trust(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eugene de Juan, III 2000 Irrevocable Trust(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James Harris Oppenheimer 2000 Irrevocable Trust(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Johns Hopkins University(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nancy Carmen Oppenheimer 2000 Irrevocable Trust(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Otto J. Semrow Declaration of Trust(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard Candler de Juan 2000 Irrevocable Trust(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sarah Camille Chambers 1996 Irrevocable Trust(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">For each selling security holder, fifty percent (50%) of the shares listed are the shares
of common stock that may be issued to such holder upon achievement of certain development and
regulatory milestones with respect to InnoRx technology acquired by SurModics.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Assumes the sale of all shares being offered hereby.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Rosemary de Juan Chambers, as trustee, has sole voting and dispositive power over the shares.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Elizabeth Robison de Juan, as trustee, has sole voting and dispositive power over the shares.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Nancy Carmen de Juan Oppenheimer, as trustee, has sole voting and dispositive power over the
shares.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">William E. Snow, Jr., is the Treasurer of this selling shareholder and has voting and
dispositive power over the shares.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The co-trustees of the Trust have voting and dispositive power over the shares. The persons
exercising these powers on behalf of the Trust as co-trustees are Sherwin H. Leff, Carol S.
McCarthy and Eileen Nash.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(8)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">M. Richard de Juan, as trustee, has sole voting and dispositive power over the shares.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="106"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PLAN OF DISTRIBUTION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling security holders may sell the shares of common stock on the Nasdaq National Market
or otherwise at prices and on terms then prevailing or at prices related to the then current market
price, or in negotiated transactions. When used in this prospectus, &#147;selling security holder&#148;
includes donees, pledges, transferees or other successors-in-interest selling shares received from
the named selling security holders after the date of this prospectus as a gift, pledge, partnership
distribution or other non-sale related transfer. We will pay all expenses we incur associated with
registering the selling security holders&#146; shares. The selling security holders will pay any
brokerage commissions and similar expenses attributable to the sale of the shares and their own
legal fees. The common stock may be sold in:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>a block trade, where a broker or dealer will try to sell the common stock as
agent but may position and resell a portion of the block as principal to facilitate the
transaction;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>transactions where a broker or dealer acts as principal and resells the common
stock for its account pursuant to this prospectus;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>an exchange distribution in accordance with the rules of such exchange;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>ordinary brokerage transactions and transactions in which the broker solicits
purchases; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>in privately negotiated transactions.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common stock may also be sold through short sales of shares, put or call option
transactions, loans or pledges of the shares, hedging or similar transactions, or a combination of
such methods. The selling security holders may or may not involve brokers or dealers in any of
these transactions. In effecting sales, brokers or dealers engaged by the selling security holders
may arrange for other brokers or dealers to participate. The selling security holders may, from
time to time, authorize underwriters acting as their agents to offer and sell the common stock upon
such terms and conditions as shall be set forth in a prospectus supplement. Underwriters, brokers
or dealers will receive commissions or discounts from the selling security holders in amounts to be
negotiated immediately prior to sale. Offers and sales may also be made directly by the selling
security holders, or other bona fide owners of the common stock, so long as an applicable exemption
from state broker-dealer registration requirements is available in the jurisdiction of sale. The
selling security holders, underwriters, brokers or dealers and

<P align="center" style="font-size: 10pt">11
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">any other participating brokers or dealers may be deemed to be &#147;underwriters&#148; within the meaning of the
Securities Act in connection with these sales, and any discounts and commissions received by them
and any profit realized by them on the resale of the common stock may be deemed to be underwriting
discounts and commissions under the Securities Act. The selling security holders may agree to
indemnify any agent, dealer or broker-dealer that participates in transactions involving sales of
the common stock against liabilities, including liabilities arising under the Securities Act. We
have agreed to indemnify each of the selling security holders and each selling security holder has
agreed, severally and not jointly, to indemnify us against some liabilities in connection with the
offering of the shares, including liabilities arising under the Securities Act. The selling
security holders have advised us that they have not entered into any agreements, understandings or
arrangements with any underwriters or broker-dealers regarding the sale of their securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All or any portion of the shares of common stock covered by this prospectus that qualify for
sale under Rule&nbsp;144 under the Securities Act may be sold under Rule&nbsp;144 rather than pursuant to
this prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon being notified by a selling security holder that a material arrangement has been entered
into with a broker-dealer for the sale of shares through a block trade, special offering, exchange
distribution or secondary distribution or a purchase by a broker or dealer, we will file a
supplement to this prospectus, if required pursuant to Rule 424(b) under the Securities Act,
disclosing:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the name of each such selling security holder and of the participating broker-dealer(s);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the number of shares involved;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the initial price at which the shares were sold;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the commissions paid or discounts or concessions allowed to the
broker-dealer(s), where applicable;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>that such broker-dealer(s) did not conduct any investigation to verify the
information set out or incorporated by reference in this prospectus; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>other facts material to the transactions.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if required under applicable law or the rules or regulations of the Securities
and Exchange Commission, we will file a supplement to this prospectus when a selling security
holder notifies us that a donee, pledge, transferee or other successor-in-interest intends to sell
more than 500 shares of common stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the InnoRx merger in January&nbsp;2005, pursuant to which the selling security
holders acquired their shares of common stock covered by this prospectus, each selling security
holder agreed that the holder would not sell or otherwise transfer, directly or indirectly, whether
pursuant to this prospectus or otherwise, any of such shares until after July&nbsp;17, 2005 (180&nbsp;days
after the effectiveness of the InnoRx merger). Thereafter, until approximately the one year
anniversary of the effectiveness of the InnoRx merger, each selling security holder has agreed that
the holder will not sell pursuant to this prospectus during any single calendar month a number of
shares of common stock that exceeds in the aggregate one third (1/3) of the maximum aggregate
number of shares of common stock issued to such selling security holder by SurModics pursuant to
the InnoRx merger. We currently do not anticipate maintaining the registration covered by this
prospectus past the one-year anniversary of the effectiveness of the InnoRx merger. Accordingly,
after such time, any offers and sales by a selling security holder will not be done pursuant to
this prospectus but will be done pursuant to Rule&nbsp;144 or other exemptions that may be available to
the selling security holder.


<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that the selling security holders will offer for sale or sell any or all
of the shares of common stock covered by this prospectus.

<DIV align="left">
<A name="107"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>LEGAL MATTERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the common stock offered in this prospectus will be passed upon for us by
Fredrikson &#038; Byron, P.A., Minneapolis, Minnesota.

<DIV align="left">
<A name="108"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>EXPERTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements incorporated in this prospectus by reference from SurModics&#146; Annual
Report on Form 10-K for the year ended September&nbsp;30, 2004 have been audited by Deloitte &#038; Touche
LLP, an independent registered public accounting firm, as stated in their report, which is
incorporated herein by reference, and has been so incorporated in reliance upon the report of such
firm given upon their authority as experts in accounting and auditing.

<DIV align="left">
<A name="109"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and special reports, proxy statements and other information with the
SEC under the Exchange Act. You may read and copy this information at the SEC&#146;s Public Reference
Room, 450 Fifth Street, N.W., Room&nbsp;1024, Washington, D.C. 20549. You may also obtain copies of this
information by mail from the Public Reference Section of the SEC at prescribed rates. Please call
the SEC at 1-800-SEC-0330 for additional information about the Public Reference Room.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC also maintains a website that contains reports, proxy statements and other information
about issuers, including SurModics, Inc., that file electronically with the SEC. The address of
that site is www.sec.gov. You can also inspect reports and other information about us at the
office of the Nasdaq National Market, 1735 K Street, N.W., Washington, D.C. 20006-1005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; the information we file with it, which means
that we can disclose important information to you by referring you to those documents. The
information incorporated by reference is considered to be part of this prospectus, and information
that we file later with the SEC will automatically update and supersede this information. We
incorporate by reference the documents listed below and any future filings (File No.&nbsp;000-23837) we
will make with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of
1934:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>Annual Report on Form 10-K for fiscal year ended September&nbsp;30, 2004, filed
December&nbsp;14, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>Proxy Statement for the 2005 Annual Meeting of Shareholders filed December&nbsp;15, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>Quarterly Report on Form 10-Q for period ended December&nbsp;31, 2004, filed
February&nbsp;9, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Current Reports on Form 8-K filed February&nbsp;4, 2005, January&nbsp;24, 2005, November
19, 2004 and November&nbsp;17, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>The description of our common stock which is contained in our Registration
Statement on Form SB-2 filed December&nbsp;24, 1997.
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these filings, at no cost, by writing or telephoning us at the
following address or telephone number:


<P align="center" style="font-size: 10pt">Philip D. Ankeny, CFO<BR>
SurModics, Inc.<BR>
9924 West 74<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street<BR>
Eden Prairie, MN 55344<BR>
(952)&nbsp;829-2700



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement we filed with the SEC. You should rely
only on the information or representations provided in this prospectus. We have authorized no one
to provide information other than that provided in this prospectus. We have authorized no one to
provide you with different information. You should not assume that the information in this
prospectus is accurate as of any date other than the date on the front of the document.


<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>



<P align="left" style="font-size: 10pt">Item&nbsp;14. Other Expenses of Issuance and Distribution.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following expenses will be paid by the Registrant in connection with the distribution of
the shares registered hereby. The Registrant is paying all of the selling security holders&#146;
expenses related to this offering, except the selling security holders will pay any applicable
broker&#146;s commissions and expenses as well as fees and disbursements of counsel and experts for the
selling security holders. All of such expenses, except for the SEC registration fee, are
estimated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SEC Registration Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,683</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accountants&#146; Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Item&nbsp;15. Indemnification of Directors and Officers.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Statutes, Section&nbsp;302A.521, provides that a Minnesota business corporation shall
indemnify a person, who is made or threatened to be made a party to a proceeding by reason of the
former or present official capacity of the person with respect to SurModics, against judgments,
penalties, fines, including, without limitation, excise taxes assessed against the person with
respect to an employee benefit plan, settlements and reasonable expenses, including attorneys&#146; fees
and disbursements, incurred by the person in connection with the proceeding with respect to the
same acts or omissions if such person (1)&nbsp;has not been indemnified by another organization or
employee benefit plan for the same judgments, penalties or fines; (2)&nbsp;acted in good faith; (3)
received no improper personal benefit and statutory procedure has been followed in the case of any
conflict of interest by a director; (4)&nbsp;in the case of a criminal proceeding, had no reasonable
cause to believe the conduct was unlawful; and (5)&nbsp;in the case of acts or omissions occurring in
the person&#146;s performance in the official capacity of director or, for a person not a director, in
the official capacity of an officer, board committee member or employee, reasonably believed that
the conduct was in the best interests of SurModics, or, in the case of performance by a director,
officer or employee of SurModics, involving service as a director, officer, partner, trustee,
employee or agent of another organization or employee benefit plan, reasonably believed that the
conduct was not opposed to the best interests of SurModics.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Proceeding&#148; means a threatened, pending or completed civil, criminal administrative,
arbitration or investigative proceeding, including one by or in the right of the corporation.
Section&nbsp;302A.521 contains detailed terms regarding such right of indemnification and reference is
made thereto for a complete statement of such indemnification rights. In addition, Section
302A.521, subd. 3, requires payment by SurModics, upon written request, of reasonable expenses in
advance of final disposition of the proceeding in particular instances. A decision as to required
indemnification is made by a disinterested majority of the board of directors present at a meeting
at which a disinterested quorum is present, or by a designated committee of the Board, by special
legal counsel, by the shareholders, or by a court.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SurModics&#146; Amended and Restated Articles of Incorporation provide that a director is not
liable to SurModics or its shareholders for monetary damages resulting from a breach of fiduciary
duty as a director except to the extent provided by the Minnesota Business Corporation Act. As
authorized by the Minnesota Business Corporation Act, directors are not liable for monetary damages
regarding negligence in the performance of their duties, except for liability (i)&nbsp;for any breach of
the director&#146;s duty of loyalty to SurModics or its shareholders, (ii)&nbsp;for act

<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">or omissions not in
good faith or which involve intentional misconduct or a knowing violation of laws, (iii)&nbsp;under the
Minnesota statutory provision making directors personally liable, under a negligence standard, for
unlawful dividends or unlawful stock repurchases or redemptions, or (iv)&nbsp;for any transaction for
which the director derived an improper personal benefit. This does not affect the availability of
equitable remedies such as an injunction to present or remedy a director&#146;s breach of the duty of
care.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SurModics and the selling security holders listed herein have agreed to indemnify each other,
under certain conditions, against certain liabilities arising under the Securities Act.


<P align="left" style="font-size: 10pt">Item&nbsp;16. Exhibits.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit&nbsp;Index on page following signatures.


<P align="left" style="font-size: 10pt">Item&nbsp;17. Undertakings.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>Include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>Reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement (or the
most recent post-effective amendment thereof) which, individually or in
the aggregate, represents a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed
with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the
maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective Registration Statement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>Include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in
the registration statement;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:10%; font-size: 10pt">Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished to
the Commission by the Registrant pursuant to Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in the
Registration Statement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>That, for the purposes of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(3)&nbsp;&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by final adjudication of such issue.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes that:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>For purposes of determining any liability under the Securities
Act of 1933, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule&nbsp;430A and contained in a
form of prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(1) or (4)&nbsp;or
497(h) under the Securities Act shall be deemed to be part of this registration
statement as of the time it was declared effective.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>For the purpose of determining any liability under the
Securities Act of 1933, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act of 1933, each filing of the Registrant&#146;s Annual
Report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference
in the Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all the requirements for filing on Form S-3 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Eden Prairie, State of Minnesota, on March&nbsp;21, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SURMODICS, INC. <BR>&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="right">&nbsp;</TD>
    <TD colspan="1" align="left">By</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Dale R. Olseth
</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned each hereby constitutes and appoints any one or both of Bruce J Barclay and
Philip D. Ankeny his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign
and perform any acts necessary to file any or all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of SurModics, Inc. with all exhibits thereto, and any and
all registration statements, prospectuses, instruments or other documents as a part of or in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact
or his substitute may lawfully do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the requirements of the Securities Act of 1933, this Registration Statement
was signed by the following persons in the capacities and on the date stated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">/s/ Dale R. Olseth
<HR size="1" noshade color="#000000" align="left">
Dale R. Olseth</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman, Chief Executive
Officer and Director
(principal executive officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Philip D. Ankeny
<HR size="1" noshade color="#000000">
Philip D. Ankeny</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Chief
Financial Officer (principal
financial officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Loren R. Miller
<HR size="1" noshade color="#000000">
Loren R. Miller</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Controller
(principal accounting officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Bruce J Barclay
<HR size="1" noshade color="#000000">
Bruce J Barclay</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
President, Chief Operating
Officer and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Jose H. Bedoya
<HR size="1" noshade color="#000000">
Jose H. Bedoya</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ John W. Benson
<HR size="1" noshade color="#000000">
John W. Benson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Gerald B. Fischer
<HR size="1" noshade color="#000000">
Gerald B. Fischer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Kenneth H. Keller
<HR size="1" noshade color="#000000">
Kenneth H. Keller</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ David A. Koch
<HR size="1" noshade color="#000000">
David A. Koch</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Kendrick B. Melrose
<HR size="1" noshade color="#000000">
Kendrick B. Melrose</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ John A. Meslow
<HR size="1" noshade color="#000000">
John A. Meslow</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 21, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">18
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="center" style="font-size: 10pt">EXHIBITS<BR>
to<BR>
Form&nbsp;S-3 Registration Statement



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="center" style="font-size: 10pt">SurModics, Inc.<BR>
(Exact name of Registrant as specified in its charter)



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="center" style="font-size: 10pt">INDEX



<P align="left" style="font-size: 10pt"><U>Exhibit</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Restated Articles of Incorporation, as amended -- incorporated by reference to Exhibit</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 1999.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Bylaws, as amended -- incorporated by reference to Exhibit 3.1 to the Company's</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Quarterly Report on Form 10-QSB for the quarter ended December 31, 1998.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Opinion and Consent of Fredrikson &#038; Byron, P.A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Consent of Deloitte &#038; Touche, LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23.2*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Consent of Fredrikson &#038; Byron, P.A. (included in Exhibit 5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Power of attorney from directors (included on signature page of this Registration</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Filed herewith</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">19
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<DESCRIPTION>OPINION AND CONSENT OF FREDRIKSON & BYRON, P.A.
<TEXT>
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<P align="center" style="font-size: 10pt">Fredrikson &#038; Byron, P.A.<BR>
200 South Sixth Street, Suite&nbsp;4000<BR>
Minneapolis, Minnesota 55402<BR>
Telephone: 612-492-7000<BR>
Fax: 612-492-7077



<P align="right" style="font-size: 10pt"><B>EXHIBIT 5.1</B>



<P align="center" style="font-size: 10pt">March&nbsp;23, 2005



<P align="left" style="font-size: 10pt">SurModics, Inc.<BR>
9924 West 74<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street<BR>
Eden Prairie, MN 55344


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: EXHIBIT 5.1 to Registration Statement on Form&nbsp;S-3


<P align="left" style="font-size: 10pt">Ladies/Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are acting as corporate counsel to SurModics, Inc. (the &#147;Company&#148;) in connection with the
preparation and filing of a Registration Statement on Form S-3 (the &#147;Registration Statement&#148;)
relating to the registration under the Securities Act of 1933, as amended (the &#147;Act&#148;) of 1,200,128
shares of the Company&#146;s common stock (the &#147;Shares&#148;) which may be offered for sale by certain
selling security holders (the &#147;Selling Security Holders&#148;) named in the Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In acting as such counsel for the purpose of rendering this opinion, we have reviewed copies
of the following, as presented to us by the Company:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>The Company&#146;s Restated Articles of Incorporation, as amended (&#147;Articles&#148;);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The Company&#146;s Bylaws, as amended;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>Certain corporate resolutions of the Company&#146;s Board of Directors pertaining to the issuance
of the Shares by the Company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>The Registration Statement.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on, and subject to, the foregoing and upon representations and information provided by
the Company or its officers or directors, it is our opinion as of this date that:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Company&#146;s Articles validly authorize the issuance of the Shares registered pursuant to the
Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Shares to be sold by the Selling Security Holders named in the Registration Statement are,
or will upon issuance be, validly issued and outstanding, fully paid and nonassessable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the Registration Statement.


<P align="left" style="font-size: 10pt; margin-left: 50%">Very truly yours,


<P align="left" style="font-size: 10pt; margin-left: 50%">FREDRIKSON &#038; BYRON, P.A.


<P align="left" style="font-size: 10pt; margin-left: 50%">By /s/ David C. Grorud



<P align="center" style="font-size: 10pt">
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<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE, LLP.
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 23.1</B>



<P align="left" style="font-size: 10pt">Consent of Independent Registered Public Accounting Firm


<P align="left" style="font-size: 10pt">We consent to the incorporation by reference in this Registration Statement on Form S-3 of our
report dated December&nbsp;10, 2004, relating to the financial statements of SurModics, Inc., appearing
in the Annual Report on Form 10-K of SurModics, Inc. for the year ended September&nbsp;30, 2004 and to
the reference to us under the heading &#147;Experts&#148; in the prospectus, which is part of this
Registration Statement.



<P align="left" style="font-size: 10pt">DELOITTE &#038; TOUCHE LLP



<P align="left" style="font-size: 10pt">Minneapolis, Minnesota<BR>
March&nbsp;21, 2005



<P align="center" style="font-size: 10pt">23
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