<SEC-DOCUMENT>0001193125-11-164742.txt : 20110808
<SEC-HEADER>0001193125-11-164742.hdr.sgml : 20110808
<ACCEPTANCE-DATETIME>20110614160634
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-11-164742
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SURMODICS INC
		CENTRAL INDEX KEY:			0000924717
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				411356149
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9924 W 74TH ST
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344
		BUSINESS PHONE:		6128292700

	MAIL ADDRESS:	
		STREET 1:		9924 WEST 74TH ST
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BSI CORP
		DATE OF NAME CHANGE:	19970506
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Correspondence</TITLE>
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<IMG SRC="g198989corresp.jpg" ALT="LOGO"> </U></P>
 <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR AND FACSIMILE TO (202)&nbsp;772-9198 </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;14, 2011 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Jim&nbsp;B. Rosenberg, Senior Assistant Chief Accountant </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street
NE </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SurModics, Inc. </B></FONT></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-K for Fiscal Year Ended September&nbsp;30, 2010 </B></FONT></TD></TR></TABLE>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-Q for the Quarter Ended December&nbsp;31, 2010 </B></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No. 000-23837 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear
Mr.&nbsp;Rosenberg: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of SurModics, Inc. (the &#147;Company&#148;), we are responding to your letter dated
June&nbsp;6, 2011 setting forth the comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) on our response to your letter dated May&nbsp;12, 2011 regarding the Company&#146;s Form 10-K
for the fiscal year ended September&nbsp;30, 2010 filed by the Company on December&nbsp;14, 2010, and our Form 10-Q for the quarter ended December&nbsp;31, 2010 filed by the Company on February&nbsp;4, 2011. Our response to the specific comment is
set forth below. For the convenience of the Staff, the comment from the June&nbsp;6 letter is restated in italics prior to the response to such comment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-Q for the Quarter Ended December&nbsp;31, 2010 </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Overview, page 17 </U></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1. We note your response to comment 3 that refers to your discussions with a number of interested parties regarding the potential sale
of your Pharmaceuticals business and your expectations that these activities will be concluded by the end of calendar year 2011. You also have disclosed that in December 2010, your Board authorized you to explore strategic alternatives for the
Pharmaceuticals business, and you have retained a financial advisor to facilitate this process. Considering these activities, please tell us how you determined that this planned sale did not require classification of your Pharmaceuticals business as
assets held-for-sale at December&nbsp;31, 2010. As part of your response, please address how you considered the criteria set forth in ASC 360-10-45-9. </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As noted in your comment, the Board did authorize the Company to
explore strategic alternatives for the Pharmaceuticals business, including a potential sale, in December 2010. At that time, the Board authorized </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9924 West 74th
Street&nbsp;&nbsp;&nbsp;&nbsp;Eden Prairie, MN 55344&nbsp;&nbsp;&nbsp;&nbsp;phone 952-500-7000&nbsp;&nbsp;&nbsp;&nbsp;fax 952-500-7001&nbsp;&nbsp;&nbsp;&nbsp;www.surmodics.com </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">June 14, 2011 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 2
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the engagement of a financial advisor to assist with the various potential alternatives, which could include, among others, a spinoff, joint venture, operational changes to the business, and a
potential sale. Some of these alternatives could include significant continuing involvement in the operations of the Pharmaceuticals business. The Company stated in its 8-K filing on December&nbsp;17, 2010 that no decision had been made to enter
into any transaction at that time, nor was there any assurance that SurModics will enter into such a transaction (potential sale) in the future. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company considered the criteria set forth in ASC 360-10-45-9 to determine the proper classification of assets, and in our assessment the Company concluded that five of the six criteria were not met as
of December&nbsp;31, 2010, and since not all criteria were met the assets were not classified as held-for-sale as of December&nbsp;31, 2010. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company determined that the first criterion was not met, as the Company did not commit to a planned sale of the Pharmaceuticals assets in December 2010. The Company commenced an exercise to explore
strategic alternatives, including a potential sale of the Pharmaceuticals business; however, a sale was not the only strategic alternative to be explored, and it was certainly possible that no transaction would be undertaken. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We also determined that the third criterion was not met, as the Company had not committed to a plan to sell the assets of the
Pharmaceuticals business as of December&nbsp;31, 2010. The Company had just started the strategic alternatives process in December 2010, and as mentioned previously there were many possible outcomes, including a potential sale. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company assessed the fourth criterion and noted that it was not probable as of December&nbsp;31, 2010 that the potential sale of
assets would be completed within one year. The Company was unsure how long the process would take as of December&nbsp;31, 2010 and which strategic alternative would be in the Company&#146;s best interest. While we are committed to exploring
strategic alternatives, our strong liquidity position enables us significant flexibility regarding the timing of any outcome. To the extent we determined that operating the business and holding it for a year or more may increase its value either as
a result of new business and/or improved market conditions, we would certainly consider doing so. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We assessed the fifth
criterion and concluded it, too, was not met as of December&nbsp;31, 2010, as the Company did not have the assets actively marketed for a specific sale price. The Company&#146;s primary objective was to identify alternatives that would maximize
value for shareholders. The Company holds a substantial amount of assets in cash and cash equivalents and short- and long-term investments and also generates positive cash flow from operating activities, such that an immediate sale of the
Pharmaceuticals business, at any price, was not imperative. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company also concluded that the sixth criterion was not met as
of December&nbsp;31, 2010, as the plan of action authorized by the Board was the exploration of strategic alternatives, with the Board assessing feedback from its financial advisor. No commitment was made by the Board to a specific plan of action.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ASC 360-10-45-9 states that a long-lived asset group to be sold shall be classified as held-for-sale in the period in which
all of the six criteria are met. The Company&#146;s conclusion was that not all criteria were met as of December&nbsp;31, 2010, and thus the long-lived assets of the Pharmaceuticals business should not be classified as held-for-sale. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company performed an assessment of the criteria in ASC 360-10-45-9 for the quarter ended March&nbsp;31, 2011 and concluded that the
long-lived assets of the Pharmaceuticals business should not be classified as held-for-sale, as there were no substantial changes in the strategic alternatives process. While our financial </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">June 14, 2011 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 3
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
advisor became more active in identifying parties interested in various structures associated with the Pharmaceuticals business, not all of the criteria in ASC 360-10-45-9 were met at
March&nbsp;31, 2011. In connection with future filings, we will continue to monitor the information received from the strategic alternatives process as it relates to ASC 360-10-45-9. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As requested in the Staff&#146;s comment letter, the Company makes the acknowledgement that: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the
filing; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of
the United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you have any questions regarding this letter, or if you require additional
information, please contact me by telephone at (952)&nbsp;500-7015 or by fax at (952)&nbsp;500-7021. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SurModics, Inc.</I></B></FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Philip D. Ankeny</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philip D. Ankeny</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President and Chief Financial Officer</FONT></TD></TR></TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gary R. Maharaj, SurModics, Inc. </FONT></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bryan K. Phillips, SurModics, Inc. </FONT></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark A. Lehman, SurModics, Inc. </FONT></TD></TR></TABLE>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adam Krasnoff, Deloitte&nbsp;&amp; Touche, LLP </FONT></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Douglas Long, Faegre&nbsp;&amp; Benson LLP </FONT></TD></TR></TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
